A Solana meme coin promoted by crypto influencers skyrocketed to a market cap of $54 million in under an hour—but soon after, the price dramatically collapsed in a matter of seconds as a clutter of wallets sold $3 million worth of tokens in one fell swoop.

Sharpei (SHAR) launched on Wednesday and was promoted with cartoonish artwork of a Shar Pei dog. Combined with a push by Crypto Twitter influencers—also known as “key opinion leaders” or KOLs—the meme coin quickly ran to a $54 million market cap.

As this peak was hit, the project’s pitch deck leaked with claims that the project’s creators had onboarded “50+ tier 1 KOLs,” and had plans to partner with exchanges and other projects. Some of the influencers named in the document have denied any involvement with the project.

The leaked deck claimed that a strategic partnership with leading meme coin BONK would come once SHAR hit a $100 million market cap—which was denied by Bonk core contributors Kadense and
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Author: Ryan Gladwin