Watch Out: Another Manipulation Alert for an Altcoin—Scammers from Other Altcoins May Be Involved

VDOR, one of the memecoins traded on the Solana ecosystem, has recently attracted attention with its remarkable price movements. According to on-chain data, VDOR’s market capitalization has surpassed $15 million, registering an increase of approximately 10% in the last 24 hours. During the same period, its trading volume reached $1.9 million.

According to data shared by GMGN, VDOR’s price has been exhibiting a gradual and unidirectional upward trend since March 21st. However, the data points to a striking concentration in token distribution. It is suggested that more than half of the assets held by the top 100 wallets come from addresses controlled by the same team and starting with “G2YxR”. This raises suspicions that the price movements may not be organic.

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The team in question is alleged to have previously carried out a similar manipulation on UGOR, another memecoin based on Solana. UGOR’s market capitalization rose to $23 million on March 19th before rapidly falling below $5 million, and it was reported that the team sold its shares on March 21st. The launch of VDOR on the same day and its rapid rise above $5 million strengthened suspicions of a connection between the two projects.

Experts state that these sharp rises and falls seen in the memecoin market are mostly due to speculative movements. While these assets, which have no real use case or intrinsic value, can experience rapid price changes depending on investor interest and market hype, users are advised to be cautious about such projects.

*This is not investment advice.

Continue Reading: Watch Out: Another Manipulation Alert for an Altcoin—Scammers from Other Altcoins May Be Involved