GOAT opened the ceiling and market dream rate of meme on Solana chain with a market value of 700 million in one week. Just when the market funds were ready to move, the familiar large-scale Pump & Dump came back.

Last night, a token called SHAR rose from zero to 60 million US dollars in market value in less than seven hours, and then fell from 40 million US dollars to 3 million US dollars with a needle, completing a "gorgeous" rug of the golden dog on the chain, building a high building while you are still asleep, and breaking the dream while you are still awake.

Appeared out of nowhere and flashed by

On the evening of October 23, SHAR appeared out of nowhere, opening with a market value of 9 million US dollars, and instantly pulled to 20 million.

Soon, SHAR’s contract began to spread rapidly in major communities. Although the market value of 20 million is not low, considering the high opening and extremely violent pull, coupled with the recent surge in sentiment on the chain, the market is still willing to believe that a new meme of 20 million can at least double.

Soon, the chain detective ZachXBT leaked a screenshot of the deck, which introduced SHAR’s narrative, team background, and the most important behind-the-scenes KOL. But unexpectedly, this FUD did not affect SHAR. The market seemed to think that the so-called Cabal could have such a lineup, which was convincing enough, and the market value soon reached 50 million.

With the FOMO sentiment, the market value of SHAR soon approached 60 million US dollars. At 2 a.m., the market value was almost halved to 24 million US dollars. Then, with the "increase in buying", the market value rebounded to 43 million US dollars. Until 5 a.m., conspiracy address a big negative line.

This address collected 500 million SHAR from more than 100 addresses in less than 2 minutes, and sold it in one transaction, making a profit of nearly 20,000 SOL, more than 3 million US dollars. The SHAR pool was emptied directly, and the market value dropped sharply from 40 million US dollars to 3 million US dollars.

Bubblemaps said that 60% of SHAR was collected and dispersed to more than 100 addresses, which means that in order to manipulate the market price, the SHAR project transferred tokens between different addresses to create the illusion of active trading volume and attract the attention of retail investors.

Less than an hour after the pool was emptied, SHAR’s official Twitter account published an article saying that due to FUD, the project no longer had funds to continue operating, and that they were able to provide evidence that they had communicated with every KOL listed in the deck, "Although we have never claimed to have reached a final agreement with everyone, we have received quotes and transactions from everyone on the list." Combined with the SHAR official Twitter handle being SolanaKol, it seems like they are trying to put the blame on the KOLs.

At 7am, 0xSun, a Chinese KOL who promoted SHAR last night, posted a post explaining the details of its cooperation with SHAR, saying that SHAR could not continue to cooperate with CEX partners because of ZachXBT’s tweet, saying that SHAR “will refund and compensate the affected users after the calculation is completed. It is unclear whether they are just perfunctorily delaying time or really doing so.”

Meme death knell?

From the meme pre-sale boom to Pump.Fun’s on-chain sitting, it is hard not to call the past six months a meme cycle. Everything happened too fast, and the hot spots were changing all the time, from where the internet celebrity animals are to what cult memes are, and now it has evolved into dancing with AI bots. Since the denunciation of VC coins, the discussion about the meaning of meme has never stopped. Some people have always questioned whether meme is a zero-sum game, but some people say that it is this zero-sum feature that allows meme to go further.

Obviously, the failure of SHAR will not wipe out the market's enthusiasm for pursuing possibilities, because meme has the possibility of getting rich, even though it is an extreme 28 game. But because the project party is hidden, the so-called decentralization and empowerment of retail investors are just another kind of encirclement and suppression. The key is that the "reverence" for the conspiracy group makes everyone think that meme should be like this, but they don't know that when you stare into the abyss, the abyss is also staring at you.

Ironically, SHAR's official Twitter bio says, "It's all about experiences." Perhaps this is the most realistic interpretation of the meme craze.

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