Developers Cash Out $1 Million Hours After Launch of Viral Memecoin
A newly launched memecoin has caused a stir after its developers walked away with a seven-figure profit just hours after going live.
A recently launched memecoin called POPE has sparked controversy after its developers reportedly made around $1 million within two hours of its debut, according to blockchain data.
The token, inspired by a viral meme featuring Donald Trump dressed as the pope, saw its creators quickly accumulate profits.
Before launch, the developers created a fresh wallet, used $100,000 in USDC to buy 5.8 million POPE tokens, and began selling as the price surged.
They offloaded 1.5 million tokens when POPE hit $0.286, securing nearly $688,000 in profit. The wallet still holds about $286,000 worth of tokens, raising red flags over the project’s legitimacy.
While POPE draws attention from the Trump meme, it has no official connection to the former president and presents significant risk for investors.
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