TechFlow reports that on October 24, SHAR, a memecoin on the Solana ecosystem, launched last night and briefly reached a market cap of over $50 million before crashing to $3 million—a 95% decline. According to project documents disclosed by on-chain investigator ZachXBT, more than 50 top-tier KOLs were involved in the project.
In response, KOL 0XSun stated, "I did partner with this project. I chose to collaborate because after initially reviewing the materials, I believed the project was credible and presented profit potential—not merely for the promotional fee. Moving forward, I will contact CLS and others who might have information about the team to push for compensation and recovery for affected users. At the same time, I will strive to avoid such collaborations in the future. Any paid promotions I engage in going forward will be clearly disclosed to ensure transparency."
Earlier report: An insider sold 500 million SHAR tokens four hours ago, causing SHAR’s price to plummet by 96%.
