Charles Hoskinson, founder of Cardano, released Quinelings, a project featuring code that transforms into living creatures. A Solana meme coin with the same name saw its price crash by over 90% within hours. Scalpers exploited the attention generated by the announcement to create a token with the same name before massively selling off, triggering the steep price collapse. This pump and dump phenomenon regularly occurs following high-profile announcements in the crypto ecosystem.
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