DEED token plunges 98.7%; on-chain monitoring points to a suspected Rug Pull
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AT A GLANCE
The DEED token on Robinhood Chain is suspected of having undergone a Rug Pull, with its market capitalization declining by 98.7%.
Article
The DEED token on Robinhood Chain is suspected of being a Rug Pull, with the deployer profiting nearly $900,000
BlockBeats reported that on September 23, according to monitoring by Onchain Lens, the DEED token on Robinhood Chain was suspected of having undergone a Rug Pull.
The token’s issuance was highly concentrated. At its peak, 110 related wallets controlled approximately 86% of the supply and cumulatively extracted approximately $700,000 in funds. Project wallets also claimed 68.5 ETH in creator fees, worth approximately $188,900.
DEED’s market capitalization has fallen from a peak of $4.23 million to approximately $55,000, a decline of 98.7%.
Original link: https://m.theblockbeats.info/flash/368530
Key points
01
At their peak, 110 related wallets controlled approximately 86% of the DEED supply.
02
The related wallets cumulatively extracted approximately $700,000 in funds.
03
Project wallets claimed 68.5 ETH in creator fees, worth approximately $188,900.
04
DEED’s market capitalization fell from a peak of $4.23 million to approximately $55,000, a decline of 98.7%.
05
BlockBeats said the information was based on monitoring by Onchain Lens.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This means that a small number of related wallets once controlled most of the token supply and extracted funds. DEED’s market capitalization then fell sharply, leading to suspicions that a Rug Pull occurred.
Why it matters to readers
The highly concentrated token supply and sharp decline in market capitalization may increase the risk of losses for holders.
Beginners should understand that when a small number of wallets control a large portion of the supply, concentrated selling or fund transfers may cause the price to fall rapidly.
Risks and unknowns
The Rug Pull remains suspected, and the evidence does not state the conclusion of any final investigation.
The evidence does not provide the specific identities of the deployer or project team.
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Related concepts
Rug Pull
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