Solana protocol Percolator drops pump.fun token to fund new launch, prompting rug allegations
Solana perpetual futures protocol Percolator announced it is completely stepping away from its original pump.fun token to raise $250,000 on MetaDAO Backable for a new token, triggering an approximately 90% price collapse and allegations of a rug pull by on-chain sleuth ZachXBT.
Solana perpetual futures protocol Percolator announced in a post titled 'Percolator Trade: The Next Chapter' that it is stepping away from its original pump.fun token, PERCOLATOR, to prepare for its mainnet launch. To fund development, the protocol plans to raise $250,000 on MetaDAO's permissionless Backable platform, creating a new token dubbed PERC.[2][1][3]
Existing PERCOLATOR holders will receive no token airdrop or swap into PERC, according to reports by SolanaFloor and DEGEN NEWS. Instead, old holders are limited to a $50,000 reserved allocation allowing them to buy into the new raise at the same price as other backers. Following the news, PERCOLATOR plummeted approximately 90%, falling 89.85% over 24 hours to $0.0002636 with a market capitalization of $254,000 amid $1.1 million in trading volume.[2][1][3]
The announcement triggered immediate backlash across crypto communities. On-chain investigator ZachXBT said the team 'rugged all holders of the old token,' asserting that the developers chose to abruptly raise funds for a replacement token without compensating existing holders or seeking community input. In its defense, the Percolator team noted that its own allocation of 10 million PERC will be locked for 18 months.[1][3]
Key facts
- Percolator Trade announced it is completely abandoning its pump.fun PERCOLATOR token to raise $250,000 on MetaDAO's Backable platform for a new token, PERC.
- Existing PERCOLATOR holders will receive no airdrop or token swap, receiving only access to a $50,000 paid allocation slot in the new raise at standard backer pricing.
- The price of PERCOLATOR fell around 90% following the announcement, dropping 89.85% within 24 hours to trade at $0.0002636.
- ZachXBT stated that Percolator 'rugged all holders of the old token' by pivoting to a new token raise without compensating holders or seeking community consensus.
- The Percolator team stated that its own allocation of 10 million PERC will remain locked for 18 months.
Sources · 3 sources
- DN
DEGEN NEWS@DegenerateNewsPost on X ·
NEW: @zachxbt SAYS @PercolatorTrade "RUGGED ALL HOLDERS OF THE OLD TOKEN" SOLANA PERPS TEAM DROPPED ITS @Pumpfun TOKEN TO RAISE $250K FOR A NEW ONE VIA @MetaDAOProject Old holders get no airdrop or swap, only a paid slice of the raise https://t.co/jEu3QDXHfr
Open source - SO
SolanaFloor@SolanaFloorPost on X ·
NEW: @Solana perps protocol @PercolatorTrade faces backlash after abandoning its https://t.co/L2TwQmPMFf token, which fell 90% following the announcement, to launch $PERC through a planned $250K @MetaDAOProject Backable raise. Existing holders receive no swap or airdrop but can access a $50K reserved allocation at the same price as other backers.
Open source - JU
jussy@jussy_worldPost on X ·
CT is going CRAZY about Percolator right now - Toly quoted @PercolatorTrade twice this month - Last night, the team said holders of their old pumpfun token, $PERCOLATOR, get nothing in the new token - It dumped 94% in a few hours, from $2.5M to $150K MC - Now they're raising $250K on @MetaDAOProject for a new token, $PERC - Old holders get no airdrop and no swap, only a $50K slot to buy into the raise - @zachxbt replied with a "SCAM" meme and says the team "rugged all holders of the old token" - @AgentChud says the team pushed the old token on its website and X for months The team says its own 10M PERC is locked for 18 months What you think about it?
Open source