Solana decentralized exchange (DEX) Raydium has seen its RAY token slump overnight following yesterday’s abortive attempt to launch a meme coin using a Twitter token launchpad.
Per data from CoinGecko, Raydium is currently priced at $2.06, down 5.1% on the day and 12.9% on the week, after dropping to a local low of under $2. The token remains up over 11% on the month, however.
Yesterday, Raydium attempted to launch a meme token, CTO, using makenow.meme, a Twitter account that automatically spins up Solana-based meme coins in response to a tweet.
The experiment “didn’t exactly go as expected,” the Raydium team posted on Twitter, after Raydium interacted with the Twitter account and spun up a CTO token—only for eagle-eyed users to spot another token deployed by Makememe.now using the same ticker.
Oops, that didn’t exactly go as expected
Started with an idea to highlight a new protocol, now we’re here…
With all new technology, boundaries will be pushed – or inadvertently stumbled over 😓#undotest
— Raydium (@RaydiumProtocol) August 1, 2024
All hell broke loose as traders struggled to work out which CTO token was the real deal, causing the official Raydium CTO meme token to plunge by over 75% in 24 hours, to a market cap of less than $1 million.
“With all new technology, boundaries will be pushed – or inadvertently stumbled over,” Raydium tweeted in the aftermath, to a flurry of irate responses from users claiming to have been left out of pocket.
“We get an oops tweet like clowns,” one member of the Raydium Discord said. “No apology, no refund, no money put back into the coin that got dumped. Just a tweet saying oops.”
The makenow.meme account itself was briefly suspended by Twitter early Friday morning, with its tweet to mint function and replies restored soon afterwards. The project said afterward that the team’s developers had to “change some parameters.”
Solana itself is currently trading at $163.85, down 2.6% on the day, per data from CoinGecko.
Edited by Stacy Elliott.
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Source: https://decrypt.co/242877/solana-dex-raydium-ray-twitter-meme-coin
