DOYR Token Developer Linked to Profitable MEME Coin Issuance

According to GoPlus, the developer of the DOYR token issued nearly 10,000 MEME coins through associated addresses, profiting over $1.2 million, as reported on December 12th.

This event has impacted DOYR’s market standing, reducing its market cap from $30 million to $4 million, and sparked concerns over the MEME coin’s manufacturing practices.

Developer Profits $1.2 Million from MEME Coins

According to GoPlus, the developer of DOYR used three addresses to issue approximately 10,000 types of MEME coins, earning over $1.2 million in profits. The activity took place over a span of 187 days. The addresses also transferred funds to MEXC exchange, highlighting significant movement in the market.

The impact on DOYR was significant, with its market cap dropping from $30 million to $4 million. The issuance of over 6,000 types of MEME coins by two additional associated addresses resulted in combined profits of over $740,000. Market observers expressed concern over the volatility MEME coins introduce.

Despite the gains, there were no official statements or regulatory responses from figures like CZ (Chengdu’s CEO) or Binance’s representatives. However, Binance Square advised caution towards MEME coins, emphasizing:

DOYR Market Cap Plummets Amidst MEME Coin Surge

Did you know? The same address associated with DOYR tokens was responsible for issuing 3,333 types of MEME coins in under 200 days, highlighting the rapid expansion and influence these coins can have on the market.

Based on CoinMarketCap data, DOYR currently has a market cap of $4.19 million with a 24-hour trading volume of $6.92 million, showing a 67.19% decrease from the previous day. The current circulating and maximum supply remain at 1 billion tokens. Over the past 24 hours, the price has decreased significantly, marking an 11.55% drop.

The Coincu research team notes the challenges MEME coins pose to market stability and regulatory frameworks. With historical parallels to prior MEME coin surges, such events could prompt new regulations to protect investors while monitoring similar risky issuance practices. For example, China’s crackdown on virtual currencies aims to increase oversight and regulation.