According to blockchain data, a newly launched memecoin named POPE has sparked controversy after its developers allegedly made around $1 million within two hours of launch.
This coin is inspired by a viral meme featuring Donald Trump dressed as the Pope, which helped its creators quickly profit.
Before the launch, the developers created a new wallet, using $100,000 USDC to purchase 5.8 million POPE tokens and started selling as the price surged.
They sold 1.5 million tokens when POPE hit $0.286, reaping nearly $688,000 in profit. The wallet still holds about $286,000 in tokens, raising questions about the legitimacy of the project.
Although POPE attracted attention from the Trump meme, it has no official connection to the former president and poses significant risks for investors.