HNUT, a memecoin traded on the Solana network, made headlines with a sharp drop that caused losses for investors.
According to GMGN, an on-chain tracking platform, recent price movements indicate that HNUT is experiencing a rug pull.
According to data, HNUT, which had risen to become the third most traded token on the Solana blockchain, has seen its price plummet by more than 99% in recent hours, falling from $0.07 to below $0.0003. This sharp decline has brought the token’s price close to zero.
The chart shows the recent rise and near-zeroing of the HNUT price.
Earlier in the day, HNUT attracted attention by recording a surge of over 700% in 24 hours, reaching a market capitalization of $70.94 million and briefly climbing to third place in daily trading volume rankings. However, following this rapid rise, several on-chain monitoring platforms, such as CryptoScope, detected abnormal liquidity movements and suspicious on-chain data patterns related to the token, warning investors of a potential rug pull risk.
Experts note that memecoin transactions have high volatility, largely shaped by market sentiment and short-term speculation.
*This is not investment advice.
