$ME down 99% from launch. Not a rug pull in the criminal sense, but a textbook case of token holder dilution through strategic pivot.
Launched Dec 2024 at $5.63. Pitch: multichain NFT marketplace across 10 chains, DAO governance, staking, buybacks. Current price: $0.058.
Feb 2026: CEO killed Bitcoin and Ethereum marketplaces. Consolidated to Solana only. Pivoted to Dicey, a crypto casino. Multichain thesis dead.
DAO governance delayed 9 months. Revenue share and buyback mechanisms altered then scrapped. Wallet infrastructure forced key storage with no deletion option.
June 2026: Class action filed in NY. Former employee publicly called it a rug.
Company raised $157M from institutional VCs. Still operational. No funds stolen. Legal structure intact.
The issue: token sold on specific utility promises. Business model changed. Token holders left holding worthless governance rights to a different company than what they bought into.
This is how you lose 99% without committing fraud. VCs got equity. Retail got tokens tied to abandoned infrastructure. Standard playbook when token economics don't align with actual business incentives.
Launched Dec 2024 at $5.63. Pitch: multichain NFT marketplace across 10 chains, DAO governance, staking, buybacks. Current price: $0.058.
Feb 2026: CEO killed Bitcoin and Ethereum marketplaces. Consolidated to Solana only. Pivoted to Dicey, a crypto casino. Multichain thesis dead.
DAO governance delayed 9 months. Revenue share and buyback mechanisms altered then scrapped. Wallet infrastructure forced key storage with no deletion option.
June 2026: Class action filed in NY. Former employee publicly called it a rug.
Company raised $157M from institutional VCs. Still operational. No funds stolen. Legal structure intact.
The issue: token sold on specific utility promises. Business model changed. Token holders left holding worthless governance rights to a different company than what they bought into.
This is how you lose 99% without committing fraud. VCs got equity. Retail got tokens tied to abandoned infrastructure. Standard playbook when token economics don't align with actual business incentives.