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SnowdogDAO (SDOG) - first meme coin Rugpull on Avalanche (AVAX)



There is now a meme coin on the Avalanche blockchain. However, SnowdogDAO (SDOG) lost a large part of its value within a few days. The incident could well be a rug pull, a scam.


What is a rug pull? On Alexandria we read:


“A rug pull is a fraudulent maneuver in the cryptocurrency industry in which crypto developers abandon a project and run away with investors' money. Rug pulls typically happen in the Decentralized Financial Ecosystem ( DeFi ), especially on Decentralized Exchanges (DEXs), where fraudulent individuals create a token and list it on a DEX and then link it to a leading cryptocurrency like Ethereum . "


An everyday rug pull

Let's take a look at the Snowdog course. Snowdog launched on November 18, 2021 at a price of $ 6,030. Within a few hours, the Snowdog price went down to under $ 2,000. The Snowdog price stayed in this range until November 26, 2021, when it plummeted to US $ 100. The trading volume for the last 24 hours was 1,844,574.25 US dollars - for comparison: the Bitcoin trading volume for the last 24 hours was 35,648,813,920 US dollars.


Snowdog is currently on position 3094 according to market capitalization, the maximum supply of coins is 34,134 SDOG coins.


Rug pull attracts interest in Avalanche

On the Snowdog website we read in relation to the roadmap that the Snowdog project started with a five-day minting period. From day 8 the swap for MIM tokens started. The plan was to swap SDOG for MIM in order to then start a massive buyback of SDOG from the SDOG-MIM liquidity pool.



Now the Snowdog price drop looks like a rug pull. The uncertainty about what was going on at Snowdog led to record-breaking Google searches for Avalanche / AVAX


A highlight of the Snowdog project should be the gigantic buyback of the tokens, while Snowdog's "treasure trove" rose to a total of 44 million US dollars within 8 days. It has not yet been finally clarified whether the subsequent course was actually a scam or simply a failure of the team. What is clear, however, is that many investors have lost a large part of their money. Only one Snowdog address profited greatly and was able to look forward to a profit of 10 million US dollars .


The anonymous developer @artoriamaster explains that part of the SnowdogDAO contract was known to at least one person. As a result, the sale of the SDOG tokens began even before the official buyback.

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