X $1M Article Winner Faces Allegations of $600K Profits from Solana Memecoin Rug Pulls

The winner of X’s $1 million creator competition, known by the handle @beaverd, is facing allegations of profiting roughly $600,000 from Solana-based memecoin rug pulls, according to blockchain analytics firm Bubblemaps. The claims focus on a public wallet allegedly linked to the account, which was connected to the launch of the SIAS token on Pump.fun, a Solana memecoin creation platform.

Bubblemaps reported that SIAS briefly reached a market capitalization of $6 million before collapsing to zero shortly after launch, with its social media presence deleted. The analysis further suggested that multiple wallets tied to the same entity may have accumulated positions across dozens of similar memecoins, all of which ultimately lost value.

Response and Solana Memecoin Market Trends

The account holder responded on X with “cry me a river,” denying wrongdoing and downplaying the claims, stating that the tokens cited were “not even the top 5 greatest hits.” No independent verification of wallet ownership has been provided, and the allegations remain unproven.

Solana’s memecoin ecosystem has cooled since its January 2025 peak, with lower daily transaction volumes and fewer speculative token launches. Analysts attribute the shift to a move from high-risk memecoin speculation toward more stable transactional and micropayment use cases on Solana, signaling a maturing phase in the network’s token economy.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.