Author: Xiyou, ChainCatcher

Editor: Nianqing, ChainCatcher

"From zero to a market value of $6,000 in just one hour, but it took only one minute to drop from a market value of $400 billion to $3 million, ending its life with FUD just seven hours after launch" can summarize the brief life of the new Meme project Sharpei (token SHAR, abbreviated as "SHAR") on the Solana chain, from soaring to crashing.

As a new Meme project, the SHAR team leveraged endorsements such as "supported and backed by over 50 top crypto KOLs, the team successfully operated Meme projects like MEW and MANEKI…" to attract widespread attention and market heat in a short time, but ultimately ended in a crash, once again revealing the opacity and manipulation in the Meme coin market and the collusion between KOLs and project teams.

The Rise and Fall of SHAR: From $0 to $6,000 in 1 Hour, Down to $3 Million in Just 1 Minute

At 10 PM on October 23, the SHAR token burst onto the scene, surging from an opening price of $0.00056 to $0.059, with a market value rising from zero to $60 million within one hour, an increase of nearly a hundred times.

While the entire community was shocked by the surge, expecting it to be the next Meme hit project to surpass a market value of $100 million, on-chain detective ZachXBT published a post indicating that the new Meme project SHAR was involved with a conspiracy group and KOL manipulation, pointing out that the project team listed collaborations with 50 top KOLs in a leaked business plan (Pitch Deck), including the BONK project team and media outlets like Cointelegraph and The Block.

Soon, the project teams, media, and KOLs listed came forward to clarify that they had not reached any cooperation with SHAR. Among them, BONK core co-builder Kadense responded immediately, stating that the SHAR team had never communicated, discussed, or reached any cooperation with BONK; WuBlockchain, TraderSZ, and others also commented below that they had not cooperated and requested the project team to remove them from the collaboration list.

These negative news caused SHAR's price to nearly halve by midnight, but many community users believed that the negative news would not significantly impact the project and chose to increase their positions. For instance, crypto KOL Yelo, who had participated in multiple meme projects, publicly expressed optimism about the project and marked his buying point, causing SHAR's market value to rebound to around $40 million.

By 5 AM, an internal address dumped 500 million SHAR tokens worth $3.3 million all at once, reportedly accounting for 50% of the supply, causing SHAR's price to plummet over 90%, leading to a market value drop back to $3 million.

In response, Bubblemaps analysis indicated that 60% of SHAR's supply was aggregated and dispersed across over 100 addresses, with the SHAR project team manipulating market prices by transferring tokens between different addresses.

Subsequently, SHAR's official Twitter account stated that the project had been prepared for over three months before launch, and now due to FUD, the project team no longer had funds to continue operations. They also emphasized that they could provide evidence of communication with the KOLs listed in the business plan and offered quotes and transactions.

After this FUD tweet, SHAR's official account posted again, stating that they would continue to develop the Sharpei project, and 10% of SHAR tokens had already been burned.

Currently, SHAR's market value remains at $2.3 million, with addresses continuously buying in.

"Endorsed by 50 Top KOLs, the Team Successfully Operated MEW and MANEKI, with Detailed Market Value Growth Management and Listing Plans"

Compared to the FUD surrounding the SHAR project, community users are more focused on the content revealed in SHAR's business plan (Pitch Deck), as it provides insights into a Meme coin's narrative expansion plan, token distribution, market value management, and listing expectations. Similarly, the disclosed SHAR project business plan includes project narrative, token distribution, market value management, and listing plans.

In terms of project narrative, Sharpei is centered around a dog travel food blogger, similar to "Midnight Diner," using food to connect with people from different cultures, becoming a gathering place for Web2 and Web3 communication. The total issuance of the SHAR token is 1 billion, with 90% of the liquidity to be sold at launch and 10% airdropped to the community.

SHAR's plan states that over 50 top KOLs in the crypto industry are involved in the collaboration, listing KOL avatars such as 0xSUN and Yelo. Additionally, a dedicated group has been created for crypto industry KOLs supporting project development, with over 40 whales and Degen users collaborating with them. This undoubtedly provides strong backing for SHAR's promotion and market heat.

The team consists of over 20 members, with 10 in the marketing team, who have previously led Meme projects MEW and MANEKI.

SHAR's market value growth management from $50 million to $100 million includes detailed market-making and listing plans. The document states that after KOL presales, the market value will reach around $5 million, and then within a few hours of launch, it is expected to reach between $30 million and $50 million, with listings on exchanges like MEXC and Gate.

In terms of market-making, they will collaborate with DWF on CEX and have received assistance from CLS on DEX.

Crypto KOL Jason remarked that the SHAR project team is a group with deep operational experience, very skilled in narrative, operations, marketing, and, more importantly, market value management and listings.

The Deck mentions that the main team members come from the recently launched Meme coin MEW, which has a market value of $900 million, and MANEKI (also a cat-themed Meme, but with a market value of only $60 million, not ruling out that MEW and MANEKI are from the same group), so the SHAR team possesses mature Meme operational experience.

In addition, the Deck reveals that the SHAR team has support from many external communities and media, such as bark meta, and they enhance the project's influence and attractiveness through activities like AMAs.

In terms of market value management and listings, the team also has mature experience, clearly planning in the Deck the specific paths for achieving certain market values and listing on specific exchanges. More ingeniously, they have defined the involvement methods and timelines of partners (including media, communities, exchanges, etc.) for each step of this process, making the entire plan intricately linked and cleverly designed.

He concluded: Meme coins are not merely driven by the community as ordinary retail investors imagine; they are essentially project teams or another form of VC coins. The "certain address bought xxx at the opening, earning 9999 times wealth myth" we see in the media is often just a carefully planned gimmick by the project team to support publicity.

Unveiling the Collusion Between KOLs and Project Teams

As a new Meme token, SHAR attracted widespread market attention right from its launch, thanks to the project's claim of having 50 top industry KOLs supporting it, which undoubtedly provided strong backing for SHAR's promotion and market heat. The crash of SHAR has once again sparked controversy over the collusion between crypto KOLs and conspiracy groups in market manipulation.

Some crypto community users believe that SHAR's crash was not coincidental but rather the result of collusion between KOLs and conspiracy groups manipulating the market. KOLs used their influence and fan base to attract a large influx of investors into the market through promotion and publicity, thereby driving up SHAR's price. However, once the price peaked, these KOLs and conspiracy groups chose to quickly sell off their tokens, leading to a market crash, with investors suffering heavy losses.

Some KOLs admitted to collaborating with SHAR and playing a promotional role in the project, but this has also been criticized as using their influence and fan base to manipulate market prices. For instance, crypto KOL @0xSun acknowledged cooperation with SHAR, with the project team providing 1 million tokens; another English KOL @Yelo publicly expressed optimism during SHAR's decline, stating that many big KOLs like @dohertyjackk, @Cented7, and @yoxics were optimistic.

It is worth mentioning that SHAR's market maker CLS is one of the members arrested and prosecuted in the FBI's phishing enforcement action in October, accused of collaborating with project teams to manipulate the prices and trading volumes of various crypto assets.

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