The token WAPUSDT recently showed clear signs of a rug pull. The price first surged from $0.00018 to $0.00367, a 1938% increase. This rapid rise was likely caused by coordinated buying to attract investors. Shortly after peaking, the price crashed to $0.00101, a 72.5% drop. Later, it fell further to $0.00018, losing 95% of its value from the highest point.
If the scammer held a large supply, like 1 million tokens, they could have made thousands by selling at the top. The more tokens they controlled, the bigger their profit possibly tens of thousands. On the other hand, investors who bought near the peak lost almost everything. For example, a $1000 investment at $0.00367 would be worth just $49 after the crash.
This case highlights the risks of meme coins with no real purpose. Many turn out to be scams where early holders profit at the expense of regular traders.