Did the conspiracy group behind SHAR cause a rapid drop in market value from nearly 40 million to 3 million in just 1 minute

Coin World News Report:
“Accept PVP but never tolerate RUG.”
Written by: Asher, Odaily Planet Daily
Last night, the Solana ecosystem Meme project SHAR went live today and its price briefly reached nearly $0.06, with a market cap reaching the range of $40 million. Subsequently, blockchain detective ZachXBT posted an article pointing out that the project involves a “conspiracy group” and KOL manipulation. According to leaked documents, the project claims to have 50 “first-tier” KOLs joining.


ZachXBT: Solana ecosystem Meme project SHAR involved in conspiracy group and KOL manipulation
Upon hearing this news, major meme communities were not immediately affected by this FUD (fear, uncertainty, doubt), but rather believed that having such a lineup was convincing enough to drive the market cap quickly to $50 million.
Driven by FOMO sentiment, the market cap of SHAR briefly approached $60 million. However, by 2 am, the market cap plummeted by nearly half to $24 million; then, after a surge in buying, the market cap rose again to $43 million. Until 5 am, the market cap sharply dropped from $40 million to $3 million, and currently stands at $3.5 million.


Price trend of SHAR
Who caused the market cap to drop from $40 million to $3 million?
According to on-chain data, the address CHj3vHyMhF6DF3VkwhzgK833o7uvsN7CrPVyUdmbFo5E collected 500 million SHAR coins from over 100 addresses in less than 2 minutes, and then sold them, earning nearly 20,000 SOL tokens worth over $3 million. This sale directly drained the liquidity pool of the SHAR project, causing the market cap to plummet from nearly $40 million to $3 million.
At the same time, according to Bubblemaps monitoring, 60% of the SHAR tokens were collected and dispersed to over 100 addresses, indicating that the SHAR project team manipulated the market price by moving tokens between different addresses, creating the illusion of active trading to attract the attention of retail investors.


Bubblemaps data
Response from some KOLs after being exposed by blockchain detective ZachXBT
After blockchain detective ZachXBT exposed the members of the “conspiracy group” behind SHAR, some of the KOLs who were exposed responded immediately:
0xSun: “I can’t believe it, I invested in SHAR before going to bed, but it turned out to be a RUG. I did cooperate with this project, but the reason I chose to cooperate was that I thought this project was more reliable and had opportunities to make money, not just for promotion fees”;
joji: “I didn’t participate in the announcement of this project at all. The SHAR team added me without contacting me, and I asked them to remove me from it”;
Wizard Of SoHo: “Today, I messaged 4 KOLs on the list, telling them not to promote this project because they are a scam team”;
PattyIce: “I never mentioned SHAR in my tweets.”
Regarding the KOLs mentioned by blockchain detective ZachXBT in his promotion of SHAR, some KOLs denied being members of the “conspiracy group” behind SHAR, while others denied participating in the promotion activities of SHAR.
Community sentiment
The discussion in the community about the “conspiracy group” behind the Meme coin SHAR has received mixed reviews:
“When I see Meme projects with sudden surge in trading volume, whether it’s from a conspiracy group or not, I’ll move on to the next one if I haven’t invested early. It’s better to miss out than to be trapped and curse”;
“As always, those KOLs have already issued risk warnings. So, this won’t affect them from continuing to rise to fame”;
“I’m not spreading FUD about this type of project. At least they can genuinely raise the coin price. Even if you’re not a member of the conspiracy group, there is still an opportunity to make money by getting in early. It’s better than VC coins that plummet right after listing.”
…
At the same time, due to the “conspiracy address” draining the SHAR pool in a short period of time, many retail investors who bought at high positions saw their funds instantly reduced to zero. The community was filled with resentment, and even established a rights protection group in an attempt to seek compensation:
“Accept PVP but never tolerate RUG”;
“Although the hope of compensation is slim, I really want to go after the project team”;
“The project team, who holds the private keys, is Russian, and because they have contacted some exchanges for listing, they are currently unreachable”;
“Although the project team promised compensation to the KOLs, it’s highly unlikely. It’s also impossible for retail investors to ask KOLs for compensation. The best solution at the moment is to communicate with CLS.”
Some community members have also summarized the characteristics of similar Meme projects released by “conspiracy groups”:
Distribution time is in the evening, even late at night;
A large amount of high-volume transactions occur within a short period of time, resulting in trading volume exceeding $100 million within a few hours;
The released Meme projects ride on current hot topics and themes;
“Get rich quick” myths flood social media.
Opportunities have always existed. Therefore, when it comes to Meme projects with skyrocketing trading volume and heated social discussions, either you participate when there is no attention, or you invest risk capital when there is a lot of buzz, so that you can survive in this market.