Avalanche (CRYPTO: AVAX)-based meme coin Snowdog (CRYPTO: SDOG), themed after Dogecoin (CRYPTO: DOGE), which was meant to last only eight days has ended in a rug pull.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
What Happened: As per a tweet from the project’s handle, on the eighth day after the launch of the coin, a “massive buyback” was to be orchestrated.
3/ Day 8: All assets from the Treasury (except the SDOG-MIM LP) are sold for MIM. At a random time during day 8, all the MIM is spent to orchestrate a massive buyback of $SDOG from the SDOG-MIM liquidity pool. $SDOG bought will be burnt. Staking rewards will be paused.
— Snowdog (@SnowdogDAO) November 14, 2021
The buyback was not successful and a single address rugged over $10 million by swapping SDOG for other cryptocurrencies.
So $SDOG @SnowdogDAO just rugged $10.392+ Million in $MIM. https://t.co/jhmkeYMTHx pic.twitter.com/I5owBGO9Jw
— James (@JamesCliffyz) November 26, 2021
The same address purchased nearly $190,000 worth of SDOG with Magic Internet Money (CRYPTO: MIM) in a span of three hours. Then, the person(s) controling the address staked those SDOG and executed the pull of nearly $10 million a day later. Two other wallets took $7.7 and $3.397 million through a similar methodology, as per Twitter handle “James.”
So $SDOG @SnowdogDAO just rugged $10.392+ Million in $MIM. https://t.co/jhmkeYMTHx pic.twitter.com/I5owBGO9Jw
— James (@JamesCliffyz) November 26, 2021
SDOG declined 97.14% over a seven day period and was trading 11.11% lower over 24-hours at $57.59.
The token touched an all-time high of $6,031.98, registering an eye-popping 99.04% fall in value since those levels.
See Also: How To Buy Avalanche (AVAX)
Why It Matters: The project’s team published a blog on Medium giving an explanation, which is no longer available as the account is “under investigation” by the publishing platform.
An archived copy available here states that Sunday’s events were a “game theory experiment.” The blog…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
