BATDOG is a meme token that was created on Solana using the SPL Token Standard. The token became popular after it surged more than 9,000% in just two hours since its launch today. 

However, the token quickly went down by more than 99%  in just one hour after the accusation arose that the team behind this token was rug-pulling their holders. 

Accused of Rugpull

The accusation started going around after a Twitter account named Kakashi shared information regarding this token. 

Kakashi found that the team behind this project was snipping more than 85% of the overall supply creating a pump-and-dump scheme after the launch. 

The team used three different wallets to snipe this token, essentially gaining control of the overall price movement. 

The team managed to successfully pump the token upwards of 9,000% in just under one hour which made it trending on popular platforms like Dexscreener. 

Kakashi's Tweet / Source: Twitter

The price manipulation managed to help BATDOG reach the number one spot in terms of daily price gain after its launch, which helped it to become more popular. 

The Kakashi Twitter account later found out that after the price surged, the team rugged their holders by selling more than half of the token supply, creating a huge correction of more than 99% in just one hour. 

This left many holders abandoned as the transaction volume significantly decreased, where according to Dexscreener, there are currently around 9,000 holders still stuck holding BATDOG, which is ironic considering the token rugged after it surged more than 9,000%. 

Will it Go Up Again?

Holders can still trade the token, however, there is not much movement in the price. Currently, the price is still consolidating in a small range, which means that the token was not entirely forced to shut down as people can still trade them. 

The transaction volume of this token reached $1.5 Million in less than a day, which is a huge accomplishment considering that it has little to no marketing. 

But, to answer the question of will the token go up again, looking at the current condition the chances are slim, which means that it is better to sell the token at a loss. 

The probability of this token going up again was erased after the accusation of rug pull went viral, which means that there will not be any new volume going into the token. 

However, if the team behind this project decides to come back, then there is a probability that the token can go up again. 

But this means that the team will control everything, essentially following their pump and dump scheme, which makes the token not worth it to trade and has a high risk that is not worth it. 

For those who are still holding the token, it will be better to not have any hopes for a price recovery as the team has run far gone with the money. 

This is also a reminder that not all meme projects can be profitable as some can deceive traders, even in less than a day since it was launched. 

Investor Caution 

While the meme coin journey has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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