Solana’s Memecoin Cabals Take Shine Off Hottest Crypto Frontier

(Bloomberg) — Rug pulls. Sniping. Trading “cabals.” The niche world of memecoins on the Solana blockchain is rife with danger for those unfamiliar with the machinations that cause token prices to suddenly surge and then crash.

While the memecoin craze centered on the upstart network initially appeared organic during its onset two years ago, its rapid growth – fueled most recently by high-profile newcomers including Donald and Melania Trump, as well as Argentine President Javier Milei – has given rise to a web of covert participants who control a large slice of the now multibillion-dollar corner of the cryptocurrency market.