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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.44 T

Solana’s New Project Minette Raises Red Flags with Launch

Solana Minette

The projects that have been able to make millions of dollars in a short period of time through the tokens that have been released on the Solana network have been expanded to include a new one. A total of 2.5 million dollars was invested by the individuals who initiated the project known as Minette. Their first contribution was 3.89 million dollars, which is equivalent to around 600 dollars.

Following the withdrawal of 3.89 SOL tokens from the Binance exchange, it was brought to everyone’s attention that the individuals who purchased 2.4 billion Minette tokens, of which 2.89 were purchased, made their purchases in the block in which the developer added liquidity. The team working on the project made 153 thousand dollars from the sale of one billion of the Minette tokens that they had purchased for 999 SOL when the subsequent price increase occurred.

It is still the developer team’s responsibility to hold 1.42 billion Minette tokens in their possession. It would appear that the token worth 2.5 million dollars is still not lucrative.

It is common knowledge that in projects, the team would typically burn the LP tokens, which are tokens that are added to the pools from the very beginning. This is done in order to introduce additional liquidity. Despite the fact that these tokens have a certain liquidity, it can be observed here that they are not burned.

A “rug pull” risk is further created for the project as a result of this. Additionally, it is unmistakable that the organization anticipates the price of the token to increase much further. Because of this, it is possible that a significant number of the tokens have not been sold. In the event that the price goes up, it is highly probable that the team will make a profit by selling in large quantities, while those who purchased at a high level would suffer a significant loss.

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