Another Rug Pull Story: How Developers Took $1 Million from POPE Holders

POPE is a new memecoin inspired by a meme of Donald Trump dressed as the pope. Just hours after its launch, the developers of POPE allegedly withdrew nearly $1 million worth of investor funds, leaving many in the crypto community stunned and disappointed.

This incident is another reminder of the risks associated with investing in unverified tokens that gain attention mainly through memes and internet hype. 

While some investors saw quick gains, many others were left with tokens that rapidly lost value, underscoring the dangers of rug pull scams in the memecoin market.

What Happened with POPE?

POPE was launched with no official link to Donald Trump, despite its theme clearly drawing attention from a viral meme that depicted the US president as the pope. The coin quickly gained traction online, attracting a wave of speculative buyers who hoped to profit from its rising price.

According to blockchain data, the developers behind POPE created a new wallet just before the token went live. They used $100,000 in USDC to purchase 5.8 million POPE tokens and began selling as demand spiked. 

When the price of POPE hit approximately $0.286, they had already sold 1.5 million tokens and secured about $688,000 in profit. The wallet still holds an estimated $286,000 in remaining tokens.

What raised immediate concerns among crypto observers was the speed and structure of the sale. The developers were able to profit within just two hours, raising questions about whether the token was ever intended to be a sustainable project. 

Many in the crypto space now consider POPE a textbook example of a rug pull—a scenario where developers abandon a project after draining investor funds.

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Why Was POPE So Risky?

POPE was not backed by a credible team, nor did it have a clear use case. It relied entirely on internet virality and speculative hype. The connection to Donald Trump, while eye-catching, was unofficial and misleading. 

Such traits are common in high-risk memecoins, which often focus more on social media trends than actual blockchain development or user benefit.

The developers’ actions, especially creating a new wallet for the transaction and cashing out so early, suggest they never intended to build a long-term project. Investors, drawn in by the meme and the fear of missing out, ended up becoming the exit liquidity for the developers.

What is a Rug Pull?

A rug pull is a type of scam in the cryptocurrency world where developers launch a project, attract investors, and then suddenly withdraw all the funds, effectively abandoning the project and leaving token holders with worthless assets. 

Rug pulls are especially common with newly launched coins that lack transparency and regulation.

In the case of POPE, the rug pull was subtle yet effective. There was no dramatic shutdown or sudden disappearance. Instead, the developers executed calculated sell-offs during a price surge, collecting profits while the public was still buying in.

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FAQ

What is a rug pull in crypto?

A rug pull is a scam where developers abandon a project after withdrawing investors’ funds, leaving the token worthless.

Are memecoins a safe investment?

Memecoins are highly speculative and carry significant risk. Their prices are often driven by hype rather than real value or utility.

How can I avoid rug pulls?

Avoid projects without transparent teams, realistic roadmaps, or clear use cases. Always research before investing, especially in new or meme-driven coins.