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Avalanche’s first memecoin SDOG ends in a $30M rugpull
Avalanche's first memecoin SDOG ends in a $30M rugpull
Avalanche’s first memecoin SDOG ends in a $30M rugpull | Headlines | News | CoinMarketCap
Avalanche's first memecoin SDOG ends in a $30M rug-pull
$20Million got rug pulled and no one is talking about it. SDOG a “SHIB killer” where investors were supposed to stake their tokens for 8 days and the developers will buy back at higher prices after 8 days. Well they dumped on them instead, dropped from $1500 to $100.
Transferring staked tokens to another wallet and staking rewards
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Mentions
should i get rid of my SDOG? i bought when it first released..
Those coins sketch me out. A buddy of mine convinced me to buy SDOG a couple weeks ago and barely got out before the rug pull.
SDOG claimed the interest would be “the biggest number you’ve ever seen” and people still bought 
They'll get more regulated of course, which is fine, they also need more regulation. Near-zero regulation is the wrong amount of regulation for pretty much anything. I tried and failed to think of an example of anything where it was the right amount ("Who you date"? But nope, children should be off the table for that one...) Like, Bitcoin has been the medium of most crypto scams, hacks, shady shit, and stupid preventable problems dollar for dollar, way more than SDOG... not proportionally but overall.
They took the word of SDOG’s marketing material, DD at its finest
If not on this rugpull he would have lost it in casino or any othery way. No one sane is putting their life into something called "SDOG"
SDOG is far from Avalanches first meme coin. wtf writes this shit
>Avalanche’s first memecoin SDOG ends in a $30M rugpull Just another Monday in crypto.
Ok, so I'm going to reply to this comment to explain what Snowdog was, as I think many of people think it's just another Dog Coin. Snowbank is a fork of Wonderland which is a fork of OlympusDAO. They launched on Avalanche a couple a weeks back, and generally I think the Olympus model is quite genius. Essentially the protocol sells bonds in order to bolster a treasury which acts as a backing to the coin. So, in theory one SDOG could be backed by $80 of value and therefore not trade lower than $80. Snowbank then forked their project to create Snowdog. Which was essentially the same thing, and Olympus fork which planned to build up a massive treasury and then use the treasury to buyback a lot of Snowdog from the open market. Now, this buyback would skyrocket the price to around $70k. This generated A LOT of hype, but of course you are going to get a lot of bots trying to optimise their strategy. Snowdog took and interesting approach. Instead of buying back on Trader Joe (Avax Uniswap), the instead forked Uniswap and created SnowSwap. They migrated liquidity onto SnowSwap and then did the buyback. Of course, everyone went into the game with the false idea everyone could win. I put $100 into Snowdog because I could afford to lose. Walked away with $11. There's a lot of debate on whether Snowbank frontran the buyback. There's some evidence which is convincing enough but in my opinion it doesn't make sense to create this elaborate scam to walk away with $10 mil over just taking the $40mil that was in the treasury in the beginning. Truthfully, I think people still managed to bot the buyback, and people with more at stake could whack up the gas to guarantee a quick mine. Unfortunately for this guy, he took a stupid bet and lost. Anyone with common sense should have been able to see that not everyone could win when the price shoots up 100x in less than a minute. Of course everyone wants to sell. Snowdog was a cool experiment, and it was fun. Was it a shitcoin? Maybe. But I wouldn't say they were at fault, unless concrete proof came out they did front-run the buyback.
Hah, I was airdropped 40k SDOG months ago for no reason and was never able to sell it anyways
I mean what else did u expect the SDOG to do?
I have zero proof of this but I feel like the loudest crypto Twitter celebrities crying about getting rugged on SDOG are the ones who actually pulled the rug. Idk 🤷♂️
$SDOG is a decentralized reserve currency that will last 8 days. Nice they kept true to their word.
Haha that was my thought too! Apparently SB might recover and it was that SDOG side project that messed it all up
https://twitter.com/snowdogdao/status/1463976421840326662?s=21 Here they announced how they will be buyback tokens at SDOG DEX but actually it was password protected and no one knew the password.
not necessarily in my portfolio, but Coin 8, 88 , SDOG, cryptoescudo , another one called 60 something yep + a few a don't remember the name anymore, , i got into a lot of failed /scams/whatever happened, thru the years lol still got most of those Wallets files saved lol