SnowdogDAO (SDOG), the first memecoin to launch on Avalanche, lost over 90% of its value yesterday in what many believe was the platform’s largest rug pull.
Despite millions of dollars in investments lost, the SnowdogDAO team maintains that the event wasn’t a rug pull, but a “game-theory experiment” gone wrong.
Insiders front-run a token designed to avoid front running
SnowdogDAO, a decentralized reserve memecoin based on Avalanche, failed spectacularly yesterday after being live only 8 days. Launched as an 8-day experiment scheduled to end with a giant buyback, SDOG attracted a lot of attention in the crypto community.
The development team said that they created the “game theory experiment” to create awareness for Snowbank.
“We believed that the combination of a decentralized reserve meme coin that would die after 8 days, with the perspective of a giant buyback would create interest and bring exposure to the Snowbank project.”
The pinnacle of the experiment
We współpracy z: https://cryptoslate.com/avalanches-first-memecoin-sdog-ends-in-a-30m-rugpull/
