Solana Memecoin ‘Runes’ Crashes From $28M To $500K As Developer X Accounts Are Banned

The launch of a new memecoin called Runes on Solana has turned into a rollercoaster ride for investors. Created by Rune developer Runetoshi, this token has skyrocketed to a staggering $28 million market cap shortly after its initial launch. However, the euphoria was short-lived as brisk selling sent the market price down to $500,000 within hours. Adding further fuel to the controversy, Runetoshi X's account was unexpectedly suspended, raising concerns and raising speculation about the project's credibility. The dramatic rise and fall of Runes highlights the risks associated with volatile memecoins and investors question the transparency and future of this highly overrated token.