Solana-based memecoin M0N3Y plunged 99% on October 2 within minutes, with its market cap falling from $24 million to $170k as liquidity drained during a planned migration to ZERA. The sudden drop caused a stir, but developers reassured everyone that it was a migration event and not a rug pull.
Almost 97% of $M0N3Y holders successfully swapped their tokens at a 1:1 ratio using the MigrateFun decentralized app. This completed the planned transition into ZERA, a privacy-enhanced digital cash protocol built on zero-knowledge (ZK) technology.
During the facade, $20 million in liquidity was successfully recovered, with ZERA opening at $0.02 per token on October 3.
Market shock and on-chain data
DexScreener data shows the M0N3Y/SOL pair on Raydium crashed within hours, wiping out nearly all of its value. The token sank to about $0.0001550 after a 99.58% plunge, with selling far outweighing buying. Its total trading volume reached $2.8 million, including $1.7 million in sell compared to $1 million in buy while liquidity dropped to only $89,000, making the crash worse as sellers easily overpowered the few buyers left.
Even with thousands of trades, the price never bounced back after the crash. Instead, it stayed flat, showing that most investors had lost confidence.
Another Solana meme collapse
Besides M0N3Y, another Solana-based meme token, Avishkar, suffered a sharp fall the same week. The project, tied to 15-year-old activist Avishkar Raut, lost about $50,000 in liquidity soon after launch. On-chain evidence suggested a pump-and-dump scenario, which fueled debates across Reddit about risky meme-driven speculation.
Also Read: BNB Hits New High of $1,112 as Millions in Short Positions Liquidated
