A serious Meme coin scam has recently been uncovered. An X user named ShittymikeSol, claiming to be a developer of PNUT, has been promoting Meme coins like HNUT with high-yield cases. At first glance, it seems tempting, but the reality is far from simple.

On-chain data shows that there are major issues with this. After HNUT launched, its price plummeted almost to zero. Even more outrageous, multiple early large holdings addresses have had fund transactions with this guy’s public wallet—clearly indicating insider personnel are dumping the tokens.

Tracking the flow of these funds reveals they all eventually converge to the same address, with a total amount of up to $3.7 million. In other words, this is a classic rug pull operation: first attracting retail investors with promises of high returns, then secretly transferring the funds out through the team’s address.

This pattern has repeatedly appeared across multiple Meme coins and has become a black industry chain. Every time a new project launches, someone uses the same tactics to scam investors. Before participating in Meme coins, always check: whether the developer’s identity is transparent, whether large address fund flows are traceable, and whether there are abnormal concentrated addresses. Don’t be blinded by promises of high yields; on-chain data never lies.