According to @0xSisyphus on Twitter, Cirrus token reportedly experienced a severe liquidity event where the developer allegedly launched the project, drove its market cap up to $6 million, and then withdrew liquidity, causing the token's value to collapse to $50,000 as he sold his own holdings. This incident underscores the urgent need for traders to perform due diligence and monitor on-chain liquidity flows before entering low-cap or recently launched tokens (source: @0xSisyphus on Twitter).