In summary: What is the real meme here? Token distribution.
Written by: 0xLouisT
Compiled by: TechFlow
Three days ago, 3AC launched a meme fund called $3AC. Users of @bubblemaps quickly discovered that 80% of the supply was concentrated in a single cluster.
But curiosity drove me to dig deeper - what on earth were Su and Kyle up to? Could these two former billionaires really make a comeback?
Pre-sale
The on-chain trajectory shows that the team raised 750 ETH (about $2 million) from about 25 investors in a private pre-sale. The participating wallets are closely associated with the bobocoineth team, Milady team, izebel_eth, maybebectrlfreak and Pandora_ERC404, as well as the OXFUNHQ team, which is not surprising.
issued
The 3AC token launch was quite attractive. The 3AC team split the proceeds from the private sale roughly in half. They allocated 317 ETH ($850,000) for liquidity on Uniswap V2 and locked it for a year. The remaining 336 ETH ($880,000) was spread across eight wallets that belonged to teams that bought $3AC first into the listing. These wallets are currently earning between 10x and 30x their cost basis.
Another front-runner, likely alerted by an insider, used @BananaGunBot (nice product!) to snap up $320,000 worth of $3AC, which surged to $1.23 million at its peak. He cashed out at the high, but changed his mind and re-purchased the same amount a few minutes later. Now, the value of those $3ACs has dropped by more than 50%.
Token Economics
If you think the "low circulation, high FDV" model is bad, wait until you see 3AC's "low circulation, high concentration" model.
In addition to those eight team wallets snapping up a sizable portion of the supply early on, 3AC allocated 50% of the supply to itself at token genesis.
Wallet Address:
0x9aA17AF45fE866f88A9a82Eb55fA250c2fF43597
The token also charges a 1% tax on every buy and sell, with the money going into a tax wallet that has accumulated over 7% of the total supply.
Tax wallet address:
0x9B427aC936B8B25266Cd9DA54C667A8ba2353C5B
Most (but not all) of these wallets were merged into one main Team & Insiders wallet a few hours ago.
Insider wallet address:
0x60244d0DD5FDebE73E2E25577d78Ad1Ad07f2430
All in all, we get this striking graph, with tokens held by insiders marked in red, and community and liquidity marked in green:
8% Community
8% Liquidity
84% Team and insiders
Pre-sellers have already started receiving distributions of 3AC tokens, ranging between $25K and $100K per wallet. It’s worth noting that less than 25% of pre-sellers have sold their first 3AC distribution. However, several pre-sellers have cashed out several five-figure sums.
By this point, it should be obvious that buying this token means placing your trust in a small group that controls over 84% of the supply. Some might even call it a centralized token. The choice is yours: decide if you want to play the game or not.
In summary: What is the real meme here? Token distribution. Are these former billionaires really going to make a comeback?
