Snowdog (SDOG)

An Avalanche OlympusDAO-style 'reserve memecoin' run as an 8-day experiment (Nov 2021). When its promised treasury-funded 'buyback' opened on a private AMM, SDOG crashed 90%+ in seconds; only ~7% of supply could sell at a profit and insiders reportedly back-ran it for ~$10M. The team called it a 'game-theory experiment'.

Also known as: Snowdog, SDOG, Snowbank

Summary

Snowdog (SDOG) was an Avalanche OlympusDAO-style "reserve memecoin" run as an eight-day experiment in November 2021 by the Snowbank team. It promised that, on day eight, the treasury (reported around $40M+) would fund a "massive buyback" at a higher price. ^[1]^[3]

The collapse

When the buyback opened, liquidity was moved from the Trader Joe DEX to a private AMM whose trades required a secret "challenge key." SDOG's price crashed more than 90% within seconds; analysts noted only about 7% of supply could be sold at a profit, and reported that insiders who knew the key back-ran the buyback for around $10 million. ^[1]^[2]^[3]

Team response

The team published a post-mortem calling the episode a "game-theory experiment" gone wrong due to poor communication and bot-prevention measures, denying a deliberate rug pull — an explanation many holders rejected. ^[2]^[3]

Bracketed numbers refer to the numbered sources listed below.

Linked scams & cases

BALD (Base memecoin)RelatedTokensA memecoin on Coinbase's Base network that surged in late July 2023, then collapsed ~90% when its pseudonymous deployer removed liquidity — a rug pull. Reported liquidity removed ranged from about $23M to $25.6M.

Sources (3)

OlympusDAO Fork Snowdog Hit By 90% Crash — Crypto Briefing
SnowdogDAO Allegedly Falls Victim to Largest Rug-Pull in Avalanche History — U.Today
The SnowdogDAO Case Report — Lossless