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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Altcoin Developer Creates Meme Coin, Price Disappears: Twitter Suspended! - Coin Bulletin
Runetoshi, the developer of Rune, launched a new memecoin called Runes on the Solana network yesterday.
In the early hours, Runes, which attracted great attention, quickly reached a market value of 28 million dollars. However, this rise was replaced by a sharp decline with a sudden wave of selling. The token's market value quickly fell to 500 thousand dollars.
The suspension of Runetoshi's Twitter account has raised suspicions about the token. Some users interpret this situation as an attempt of “rug pull” and express that the trust in the project has been completely shaken. Losses experienced by investors and reactions to the project are among the top agenda on social media.
The collapse of Runes once again highlights how risky the memecoin market is. Investors are reminded that projects of this kind, which rise rapidly with speculations, can also plummet just as quickly.