Solana-based meme token soars by almost 5,000% in a short span, defying rug pull accusations
Heyo! A meme coin called Aura (AURA), built on Solana, just went wild! In less than 4 hours today, it skyrocketed from a $1 million market cap to a whopping $50 million. But hold up, crypto gurus are sounding the alarm bells.
According to CoinGecko data, Aura, as of now, is still goin' strong, boasting a 4,130% increase over the past 24 hours, trading at around $0.042. Man, that's some serious growth! However, the question remains, what fueled this pump? Apparently, some investors suspect a big player connected to SPX, a popular Solana culture coin, might've been behind it.
Reports say this SPX whale scooped up half a mil worth of AURA shortly before the rally, catching attention and possibly igniting a frenzy. Some folks even managed to score a profit – one whale cashed out 2.87 million AURA tokens, walkin' away with a cool $104,000 in profit, that's a 433% return on an initial investment of $24,000 made about five months ago!
But while it's all glitz and glamour on the surface, things start to smell fishy. Known crypto scam analyst David flagged this as a possible organized rug pull. In a June 11 post, he claimed Aura is a well-articulated scam cooked up by insiders.
He pointed out that Aura's been around since May 30, 2024, but since then, there's been no news or updates about development or added utility. Plus, this ain't the first time Aura's pumped. Back in the day, it reached an all-time high market cap of $70 million before crashing to just $500,000 within two months, most likely 'cause the founder pulled the liquidity.
Further investigation shows Aura's token supply is tightly controlled, with top wallets holding huge bundles of tokens. Many of these weren't bought on the open market, instead transferred or split from other wallets. Sounds shady, doesn't it?
David also noted that many of these top holders are new and not long-term supporters, which makes the whole price action seem more like a setup than a real rally.
"It's not got a utility function," David added, "so we can't say insiders would know something - like a partnership or anything."
So, with no clear reasons for the pump and suspicions over manipulation, it's best to tread carefully. AURA's still trade-showing below its all-time high at press time, but given its highly concentrated holder base, it's vulnerable to steep drops if major wallets decide to dump their tokens.
Now, remember, this isn't investment advice. It's all for educational purposes. Be smart, be skeptical, and always be on the lookout for sketchy stuff in the crypto world!
Investors are suspecting a possible link between Aura's sudden surge and a significant player associated with SPX, a popular Solana culture coin. Reports suggest this SPX whale purchased half a million dollars worth of AURA tokens just before the rally, potentially triggering a frenzy. However, crypto scam analyst David has flagged Aura as a potential organized rug pull, pointing out the token's lack of development updates since its launch and its tightly controlled supply held by a few large wallets. Given these concerns and the absence of clear reasons for the pump, it's advisable to exercise caution when investing in AURA.
