The SolCondoms project, the creator of the memcoin with the ticker CONDOM on the Solana network, collected 4,965 SOL as part of the presale and then deleted its page on X (formerly Twitter).
The funds raised are estimated at $906,000. The number of subscribers to the project was more than 50,000. As reported by Whale Insider, the community suspects the SolCondoms team of committing the so-called rug pull. This is when developers suddenly abandon a project and sell or remove all of its liquidity. The name comes from the phrase “to pull the rug out from under (someone),” that is, to remove support.
Rug pulls are more often associated with decentralized finance projects that provide liquidity to decentralized exchanges.
Earlier, Ethereum co-founder Vitalik Buterin said that memcoins rise and fall in price too often without having any value. According to Buterin, meme tokens are becoming a problem, and it is worth considering how to find better uses for these digital coins.
Source: Cryptocurrency
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