The launch of memecoin Pond0x has led to millions of dollars in losses for investors, according to multiple reports on social media. Data from the Maestro trading app shows that the Pond0x (PNDX) token reached a price of $0.36 before collapsing to near zero in a span of five minutes.
The launch of Pond0x was announced on July 28 by Jeremy Cahen, the founder of Not Larva Labs who is better known by his Twitter username “Pauly.” Not Larva Labs is the developer of a nonfungible token trading app for CryptoPunks and for a separate parody collection called CryptoPhunks. It is not associated with Larva Labs, the creators of CryptoPunks.
Pond0X token launch snafu leads to millions of dollars in losses
