Candy Token Plummets 87% After Lena Network Rug Pull – Here’s What Happened
The Lena Network’s newly launched Candy token lost virtually all of its value on Wednesday shortly after the liquidity protocol seemingly rug-pulled the project.
Price data from Dexscreener shows that the token traded at a daily high of $3.08 at 12:48 am UTC, before falling to just $0.38 at 5:45 am UTC.
The token crashed when on-chain data showed that the Lena Network’s deployer address had sent 753.11 ETH worth $2.9 million to an address associated with the OKX exchange. Deposits to exchanges are typically interpreted as showing an investor’s intention to sell.
The 753 ETH nearly matched the 850 ETH (worth $3.2 million) raised by Lena network in its “Candy Initial Farm Offering” (IFO) announced last month, which ended on March 3.
Mere hours before the token went live earlier today, Lena publicly renounced ownership of the Candy token contract in the name of “trust and decentralization.”
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