A rug pull incident on the Avalanche network led to a decline in sentiment surrounding the network. How will AVAX react?
network grew materially over the last few weeks. However, despite the attention the Avalanche network is receiving, things could take a turn for the worse on the network.Sender, a memecoin project built on the Avalanche network, is under suspicion of executing a rug pull, marked by the disappearance of its X account utilized for fundraising and a significant 70% drop in its valuation.
In the case of Sender, approximately 93,000 AVAX, equivalent to around $5.3 million, was raised, yet only 20,000 AVAX was allocated to the liquidity pool upon the token’s launch. With funds seemingly untraceable and the project team failing to provide a clear explanation, apprehensions regarding a possible rug pull escalated. The drastic 70% decline in Sender’s value further highlights the volatility and speculative nature inherent in meme projects.
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