Solana Memecoin AURA Surges 8,500% Despite Rug Pull Claims

Solana-based memecoin AURA skyrocketed by 8,500% on Wednesday, jumping from $0.001 to $0.086, according to CoinGecko data. The rally pushed its market cap to $41.6 million, with daily volume spiking over 115,000% in just 24 hours.

However, the explosive surge has raised eyebrows. Crypto sleuths and on-chain analysts have flagged signs of a potential rug pull, citing AURA’s troubled past and unusual token activity. With no official updates from the team and growing suspicion of insider involvement, many believe the memecoin’s rally may not be entirely organic.

Is AURA’s Surge Driven by Insiders?

Some believe the sudden spike may be tied to a major buyer reportedly linked to SPX, another memecoin on Solana. This individual is said to have purchased $500,000 worth of AURA just before the price surge, a move that may have drawn in opportunistic participants and added momentum to the rally.

As AURA gained attention, some early holders began to take profits. Data from the on-chain analytics platform Lookonchain shows that one wallet offloaded 2.87 million AURA for roughly $104,000. The same wallet had initially spent $24,000 on the tokens five months earlier, netting a 433% return.

Despite the excitement, not everyone trusts the sudden price action. Crypto investigator David posted a warning on X, raising red flags about the token’s legitimacy. He described AURA as a potential pump-and-dump scheme, possibly managed by insiders and disguised as the next viral memecoin.

Concerns Over AURA’s Past Collapse

In his post, David highlighted that AURA has been around since May 30, 2024, yet the project has shown no meaningful development or visible progress. He also noted that this isn’t the token’s first breakout. AURA previously reached a $70 million market cap before collapsing to just $500,000 within two months. David believes the sharp decline was caused by the founder removing liquidity from the pool.

Beyond price history, David pointed to signs of centralization in the tokens’ on-chain activity. His analysis showed that several large wallets held significant portions of AURA, but these tokens weren’t acquired through open-market purchases. Instead, they appear to have been moved between wallets in a way that suggests insider coordination.

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