Doraemon (DORAE), a meme coin based on Solana, has fallen victim to a rug pull.

This incident has resulted in nearly 100% losses for DORAE holders, amounting to $1.45 million.

Doraemon Rugged For $1.45 Million

LookOnChain, a blockchain data analysis firm, reported that someone related to the Doraemon deployer dumped 2.5 million DORAE tokens for 10,538 Solana tokens, valued at $1.45 million. The perpetrator received 304 SOL from KuCoin and another wallet and used these funds to buy 2.5 million DORAE tokens.

This individual then dumped all the DORAE tokens for SOL within six hours. Interestingly, the deployer wallet later sent 215.7 million DORAE to another wallet. This chain of events led to a 99% price drop in Doraemon, with indications pointing to the project’s developer.

“From the on-chain data, it is clear that the wallet dumping 2.5M DORAE is related to the deployer of DORAE,” LookOnChain wrote.

Following the rug pull, the fully diluted valuation (FDV) and market capitalization of Doraemon now stand at only $140, according to DEXScreener data. This collapse highlights the volatility and risks associated with emerging cryptocurrency projects.

Read more: Crypto Project Security: A Guide to Early Threat Detection

Rug pulls have become a significant concern within the cryptocurrency market, especially in decentralized finance (DeFi). This scam involves developers abruptly withdrawing liquidity from a project, leaving investors with substantial losses. Such scams occur in projects where developers control liquidity pools or smart contracts, exploiting their access to drain funds.

The aftermath often leaves investors feeling betrayed and helpless, watching their investments vanish. This deceptive practice erodes trust in the crypto market and highlights the importance of thorough due diligence.

Doraemon mirrors previous events where notable figures faced backlash for promoting questionable projects. Recently, singer-songwriter Jason Derulo faced criticism for endorsing a meme coin that plummeted by 72% within minutes, raising scam allegations.

Animoca Brands, a leading force in the cryptocurrency gaming and metaverse sectors, has announced plans to go public early next year.

This decision follows its exit from the Australian Securities Exchange (ASX) in 2020. The company is currently considering either Hong Kong or the Middle East, regions known for their favorable stance towards cryptocurrency.

Animoca Brands to Go Public

Yat Siu, co-founder and executive chairman of Animoca Brands, indicated that the public offering could occur as early as 2025. The firm has started discussions with investment banks but has yet to finalize an adviser or a specific location.

This move will mark the company’s second attempt at going public. It follows its delisting from the ASX due to governance concerns and its involvement with crypto-related activities.

Animoca Brands’ initial delisting was prompted by issues flagged by the ASX in December 2019. These questions questioned the company’s governance and use of simple agreements for future equity (SAFEs) in its subsidiaries. Despite submitting a 39-page report to address these concerns, the ASX delisted the company on March 9, 2020.

Following its delisting, Animoca Brands continued operations without significant disruption. Shareholders retained ownership of their shares through the company’s share registry, Automic, and had the option to sell shares privately. Animoca Brands declined to buy back shareholder shares, citing the absence of a shareholder mandate.

Yat Siu later described the ASX delisting as a “blessing.” He noted that the regulatory framework in Australia would have limited the company’s growth. This perspective was shared in an April 2022 report, where Siu highlighted the restrictive nature of the ASX regulations.

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Animoca Brands, valued at $5.9 billion as of its last fundraising round in 2022, continues to explore avenues for expansion and shareholder value creation. The company’s upcoming public offering aims to secure a platform that aligns with its activities in the GameFi and metaverse spaces.

As Animoca Brands prepares for its next public listing, the choice of location will be crucial. Both Hong Kong and the Middle East offer regulatory environments that support cryptocurrency ventures, promising a more accommodating home for the company’s ambitious plans.

Animoca Brands’ journey reflects the challenges and opportunities within the cryptocurrency gaming and metaverse sectors, highlighting the importance of regulatory alignment for growth and success.

Internet Computer (ICP) price is at a six-month low at the moment as the broader market bearish cues took the altcoin down.

While the potential for recovery is visible, the heavy bearishness experienced by ICP could hinder it.

Internet Computer Witnesses Mixed Signals

ICP price is currently showing signs of potential upward momentum. This comes from the Moving Average Convergence Divergence (MACD) indicator, which is primed for a bullish crossover. 

MACD (Moving Average Convergence Divergence) is a technical analysis indicator that shows the relationship between two moving averages of a security’s price. It helps identify trend changes and potential buy or sell signals.

Such a development, expected for the first time in three weeks, typically sparks renewed optimism among traders and investors alike. This bullish signal on the MACD suggests a potential shift towards positive price action. It could potentially attract buying interest and reinvigorate market sentiment surrounding ICP.

However, despite this encouraging MACD signal, ICP continues to face significant challenges. This can be seen in the Average Directional Index (ADX), which points to a strong downtrend.

The ADX measures the strength of a trend, and generally, values above the threshold of 25.0 suggest a strong active trend. Its current reading of 48.8 suggests that the prevailing downtrend in ICP’s price is robust.

Read More: Internet Computer (ICP) Coin Explainer for Beginners

This could potentially counteract the bullish crossover on the MACD. This divergence between the two indicators highlights the importance of cautious optimism.

ICP Price Prediction: A Recovery Before Recovery

ICP price trading at $8.2 just bounced off the support at $7.6 support level and is attempting to breach $8.5. If this barrier is broken, the altcoin could have a shot at rising further. However, in order to initiate a solid recovery rally, the crypto asset would need to reach $10.8 first. 

Positive cues could support the altcoin’s rise once $10.8 is flipped into support. However, countering signals could keep it under $9.8, a resistance tested multiple times in the past, which might delay any potential recovery.

Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030

Furthermore, if the breach fails completely, a drawdown to $8.5 or $7.6 is possible. Losing the latter support would invalidate the bullish thesis, resulting in a drop to $6.0.