Raydium Launches Meme Coin CTO, Suffers Problems, Drops 75% in 24 Hours

Solana eco-dex Raydium launched the meme coin “CTO” on the X platform using makenow.meme yesterday. Some users found that makenow.meme deployed another “CTO” token, making it difficult for users to determine which CTO is the official token.

As a result, Raydium's official Meme Coin CTO plummeted by more than 75% in 24 hours, with a market capitalization of less than $1 million. After some users reported problems and loss of funds, the Raydium team said the experiment “didn't go exactly as expected.

As a result of the incident, the Raydium token RAY fell below 2 USDT, dropping 5.1% on the day to 2.05 USDT.