A newly launched memecoin has seen its creators cash out a seven-figure sum just 12 hours after its debut, sparking discussion over the project's legitimacy.
POPE, a token inspired by a recent meme featuring Donald Trump dressed as the pope, saw its developers quickly accumulate around $1 million.
The token launched on Thursday, with its creators funding it with $100,000 in USDC to buy 5.8 million POPE tokens.
But before POPE’s launch, the developers created a fresh wallet. From there, they began buying POPE as the price rose.
By the time POPE reached $0.286, they sold 1.5 million tokens, realizing nearly $688,000 in profit.
However, further inspection of the wallet reveals that it still holds about $286,000 in POPE tokens. This sparks concerns over the project's legitimacy.
While POPE is quickly gaining attention from Trump memes, it has no affiliation with the former president and carries significant risk for those investing in it.
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