POPE Token Plummets After Frenzied Pump Leaves Traders Reeling

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 DumpThe 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 MetricsAfter 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.The post POPE Token Plummets After Frenzied Pump Leaves Traders Reeling appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.