Either a rugpull or massive communication failure ends in disaster for most holders of SnowdogDAO's token
SnowdogDAO creators say they didn't rugpull, but that the coin plummeting over 90% was a "game-theory experiment" that went wrong. The project was intended to only last for eight days, and when the developers began the planned buyback of SDOG tokens, value crashed. The developers never made it clear to the community that only 7% of tokens could be sold above market price before the buyback, and hundreds of people lost most of their funds. Three addresses made between $3.3 and $10 million from the buyback, and many believe they belong to people who are connected to the development team. In total, about $30 million was lost.
- "Avalanche’s first memecoin SDOG ends in a $30M possible rugpull", Cryptoslate
- "OlympusDAO Fork Snowdog Hit By 90% Crash", Crypto Briefing