$ABC The project team began careful planning and extensive promotion at the end of 2023. During January to February, they attracted many 'free riders' (commonly known as 'luzis' in the industry) to participate, using various incentive methods to encourage them to boost project data.
The operations carried out by these 'luzis' are not complicated. They log into the project's designated monitoring platform daily, connect their wallets to scan, initially compatible only with BTC and SOL networks, primarily checking for any abnormal trading activities or money flows in their wallets. Afterward, they accurately answer a few preset questions and share them on social media platforms like Twitter to earn the so-called 'energy points.'
As time moved to April and May, with the active 'assistance' of the 'luzis', the project data appeared quite impressive. The project team then used this data to seek investment; however, the actual amount of funds raised was far less than publicly claimed, with the publicly advertised fundraising amount being several times or even over ten times the actual amount raised.
By the end of 2023, the project team took the opportunity to launch a blockchain security detection tool.
On March 15, 2024, the project token was officially launched, with a total supply set at 8 billion tokens, of which the airdrop share accounts for 4%. Approximately 1.3 million addresses met the eligibility criteria for receiving tokens, with a 30-day claiming period set. By April 10, about 2.5% of the airdrop share had been claimed, and the remaining 1.5% was reclaimed due to expiration with no claims. This means 120 million tokens are distributed among 1.3 million addresses, with each address receiving an extremely small number of tokens. Even considering the project team's backup accounts, most addresses received only about a hundred tokens, which, at that time's price, would only be enough to buy a hamburger.
On April 20, the project launched a staking reward activity, and a week later, over 8 million tokens were locked.
The known circulation is 15.45%, with Binance large holders possessing 4%. The tokens controlled by the project team amount to 8.95% (15.45% - 4% - 2.5%). A significant portion of these 895 million tokens is used to pay listing fees to major exchanges, with some also distributed to early investment institutions.
When the news broke that Binance was about to launch this project, retail investors rushed in to buy, driving the coin price from around $0.11 to $0.23, only to be met with fierce selling, which forced the price down to the range of $0.16 - $0.18. Subsequently, Binance officially launched trading, and the price plummeted all the way down, currently falling below $0.08, with a decline of over 60%. Considering various indicators, it seems clear that those holding large amounts of tokens could maliciously dump the price, and the truth behind this appears to be quite evident.