Solana Memecoin ‘Runes’ Crashes from $28M to $500K as Developer’s X Accounts Suspended

The launch of a new memecoin called Runes on Solana has turned into a rollercoaster ride for investors. Created by Rune developer Runetoshi, the token initially soared to a staggering market value of $28 million shortly after its debut. However, the excitement was short-lived, as a rapid sell-off caused its market value to plummet to just $500,000 in a matter of hours. Adding fuel to the controversy, Runetoshi’s X account was unexpectedly suspended, raising concerns and sparking speculation about the project’s credibility. The dramatic rise and fall of Runes highlight the risks associated with volatile memecoins and leave investors questioning the transparency and future of this highly hyped token.