- POPE memecoin soared to a $400M market cap before crashing over 70% as early whales dumped and retail traders absorbed massive losses.
- Despite a 385% 24-hour gain, POPE’s plunge exposed insider dominance with 90% supply held by the team and fresh wallets dumping millions.
- POPE’s meteoric rise, influencer hype, and instant crash highlight Solana’s volatile memecoin culture driven by speculation and manipulation.
POPE, a conclave-themed memecoin on Solana, experienced a dramatic boom-and-bust cycle within hours of launch. At its peak, the token reached a $400 million market cap before crashing over 70%. Early buyers saw massive returns, while latecomers suffered losses. One trader burned $111K in minutes after FOMO-buying $200K in POPE, only to sell during a sharp dip for just $89K.
Besides this, influencers played a major role in fueling the hype. remyygill claimed to turn $7,100 into $70,000, offering a giveaway of 50 SOL (~$7,500). His post coincided with POPE’s meteoric rise, pushing engagement even further. However, the aftermath revealed warning signs that many overlooked.
Coordinated Hype and Rapid Dump
The launch appeared well-timed with political headlines and even received a nod from Solana DEX Orca. Trading surged at noon, forming a steep green spike followed by a massive red plunge. POPE’s volume hit 92 million USDC over five hours, reflecting intense speculation. At its high, the token hovered near $400M in market cap.
However, on-chain data told a different story. Fresh wallets aped in early with $10–20 million, then dumped $300–400 million. Additionally, over 90% of POPE’s supply remained under team control. These metrics strongly suggested manipulation behind the scenes. Moreover, rumors swirled that POPE’s devs might be linked to the $TRUMP memecoin project.
Technical Breakdown and Market Metrics
After the spike, POPE entered a clear downtrend. Price action formed small consolidation ranges before dipping lower. At the time of analysis, POPE traded at $0.08342, marking a 13.16% drop in one hour. Liquidity sat at $9 million, with a fully diluted valuation matching its $83.5 million market cap.
Interestingly, POPE still showed a 385% gain on both 6-hour and 24-hour timeframes. Hence, early buyers remained in profit despite recent losses. The asset recorded 19,422 transactions, with 12,493 buys versus 6,929 sells.
Buyers slightly edged out sellers in volume at $25.9M to $23.8M. Consequently, POPE became another example of Solana’s high-risk memecoin culture. Despite bullish beginnings, the token’s future remains uncertain amid growing scrutiny and investor caution.
