The POPE memecoin, linked to recent jokes by Donald Trump about the papacy, captured attention after developers earned a significant sum in just two hours post-launch.
Launch of POPE Memecoin
Blockchain data indicates that developers created a new wallet ahead of the POPE launch and were the first to sell 5.8 million tokens, utilizing $100,000 in USDC. This raises concerns regarding the transparency and integrity of the altcoin.
Token Selling Strategy
After purchasing POPE tokens, the developers sold 1.5 million tokens as the price surged to $0.286. Through these sales, they secured a total profit of $688,000, while still holding $286,000 worth of tokens.
Origin of Memecoin and Associated Risks
The POPE memecoin was created following a joke by Donald Trump about wanting to become the next pope, on which the official White House X account shared an image of Trump in papal attire. Despite this, the memecoin bears no official ties to Trump and poses a high risk for investors.
The rise of memecoins like POPE raises questions about their reliability and transparency. Investors should exercise caution given the high risks associated with such assets.
