"Acceptable PVP, but absolutely intolerable RUG."

Written by: Asher, Odaily Planet Daily

Last night, the Solana ecosystem meme project SHAR launched today, with its price briefly approaching $0.06 and a market cap reaching the $40 million range. Subsequently, on-chain detective ZachXBT pointed out that the project is involved with a "conspiracy group" and KOL manipulation. According to leaked documents, the project claims to have 50 "first-tier" KOLs on board.

ZachXBT: The Solana ecosystem meme project SHAR is involved with a conspiracy group and KOL manipulation.

Upon hearing this news, major meme communities were not immediately affected by this FUD; instead, they seemed to believe that having such a lineup was convincing enough to push the market cap rapidly up to $50 million.

Driven by FOMO sentiment, SHAR's market cap once approached $60 million. However, by 2 AM, the market cap plummeted nearly half, dropping to $24 million; then, after a surge in buying, the market cap rose again to $43 million, only to sharply drop from $40 million to $3 million by 5 AM, currently sitting at a market cap of $3.5 million.

SHAR price trend

From a market cap of $40 million to $3 million, who dumped the tokens?

According to on-chain data, the address CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E collected 500 million SHAR from over 100 addresses in less than 2 minutes, then sold it in one transaction, profiting nearly 20,000 SOL, worth over $3 million. This sale directly drained the liquidity pool of the SHAR project, causing the market cap to plummet from nearly $40 million to $3 million.

At the same time, according to Bubblemaps monitoring, previously 60% of SHAR was collected and dispersed to over 100 addresses, indicating that the SHAR project team manipulated market prices by transferring tokens between different addresses to create a false impression of active trading, attracting retail investors' attention.

Bubblemaps data

Responses from some KOLs after being exposed by on-chain detective ZachXBT

After on-chain detective ZachXBT exposed the members of the "conspiracy group" behind SHAR, some of the implicated KOLs responded immediately:

• 0xSun: "I'm shocked, I even made two trades of SHAR before bed, and it turned out to be a direct RUG. I did accept a collaboration with this project, but the reason I chose to collaborate was that I thought the project was relatively reliable after reviewing the materials and there were opportunities to make money, not just for promotional fees.";

• joji: "I didn't participate in the announcement of this project at all. The SHAR team added me without contacting me, and I have asked them to remove me from it.";

• Wizard Of SoHo: "Today I messaged 4 KOLs on the list, telling them not to promote this project because they are a scam team.";

• PattyIce: "I never mentioned SHAR in my tweets."

Regarding the KOLs mentioned by on-chain detective ZachXBT in relation to SHAR's promotion, some KOLs responded, denying their involvement in the "conspiracy group" behind SHAR, while others denied participating in SHAR's promotional activities.

Community sentiment

The SHAR project has sparked mixed discussions in the community regarding the "conspiracy group" behind meme coins:

• "Seeing such a sudden surge in trading volume for a meme project, whether it's from a conspiracy group or not, if you didn't get in early, just move on to the next one. Missing out is better than being stuck and cursing.";

• "As always, those KOLs have already issued risk warnings. So, this won't affect their continued rise to fame.";

• "I don't FUD this type of project; at least they can genuinely drive up the coin price. Even if you're not part of the conspiracy group, getting in early can still provide opportunities to make money, which is better than VC coins that crash right after launch.";

• ……

At the same time, due to the "conspiracy address" draining SHAR's pool in a short time, many retail investors who bought in at high prices saw their funds instantly go to zero, leading to a surge of resentment in the community, with some even forming groups to seek compensation:

• "Acceptable PVP, but absolutely intolerable RUG.";

• "Although the hope for compensation is slim, I really want to go after this project team.";

• "The project team that controls the private keys is Russian, as I've contacted some exchanges about listing, and they are now unreachable.";

• "Although the project team said they would compensate KOLs, it's basically impossible. Retail investors seeking compensation from KOLs is also not feasible; the best solution now is to communicate with CLS."

Some community members summarized that similar meme projects released by "conspiracy groups" have the following characteristics:

• Distribution time is in the evening or even early morning;

• A large number of high-value single transactions appear in a short time, causing trading volume to exceed $100 million within hours;

• The released meme projects ride on current hot topics and trends;

• "Get rich quick" myths flood social media.

Opportunities are always present. Therefore, for meme projects with surging trading volumes and heated social discussions, you either participate when "no one is paying attention," or invest risk-capable funds when "the crowd is roaring," so you can survive in this market.

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