$TAKE On September 23, it recorded $630 million in trading volume in a single day, surging from 0.061 to 0.2147. That afternoon, the official X account even posted asking what was next.
A month later, the team's online marketplace shut down. The official account didn't mention it at all and kept posting about building.
This article answers three questions: what originally gave this coin value, whether those things still exist, and where the project's tokens went.
▍What originally gave it value
OVERTAKE is a game-asset marketplace on the Sui blockchain, where players buy and sell items, accounts, and in-game currency. When Sui's official blog featured it, it mentioned the background of two long-established Korean trading platforms, ItemBay and ItemMania, which together process around $700 million in transactions a year.
The story at launch was simple: the platform collected a 10% fee, 70% of which went into a pool to buy back TAKE. The busier the platform, the more buybacks.
So to assess TAKE's value, look at three things: whether the marketplace has trading activity, whether buybacks are real, and whether token holders have any actual rights.
▍Is the marketplace still active?
The last publicly reported trading figures I could find were in a Sui official blog post: as of August 2025, there had been more than 500 transactions during the testing period, worth about $120,000. I checked the official X account and white paper after that, but found no further trading volume figures.
In March this year, the team also launched Uptop, selling game top-ups and gift cards. The official introduction says it was made by the Overtake team, and by September 6 the official X account had posted about it at least 28 times. Its website in April said it had processed more than 50,000 transactions.
Uptop now opens to nothing but a shutdown notice: its operating agreement with the TAKE Foundation expired in August, and the service would close at the end of October.
I also can't open the item marketplace at overtake.market today; the domain no longer resolves to any server. The last working version in the web archive is from June 17. The TAKE website also no longer has an entry point to the marketplace.
The official X account hasn't mentioned Uptop since September 6, and I haven't seen any shutdown announcement. On October 27, the day after the service closed, the official account posted: "From marketplace to infrastructure."
To be clear, they may have a new website or product, and I haven't checked Discord. But based on what is publicly visible, I couldn't find a buying or selling interface that still works.
▍What do token holders get?
First, buybacks. A September 2025 research report said fees would be used for buybacks. The current white paper tells a different story:
· The foundation does not collect, manage, or receive any fees.
· The foundation does not operate any commercial platform or hold equity in one.
· Fees may go into a liquidity pool, which may buy TAKE.
· The white paper also states that the system does not rely on discretionary buybacks.
Buybacks have gone from a promise to a possibility. I couldn't find any publicly available record of a buyback.
Next, voting. The foundation's voting page has five proposals in total, all from late October to early November 2025. Each received only 4 to 9 votes, and there have been no new proposals in the past year.
Finally, staking. There are currently 4,087 wallets staking 4.94 million tokens, worth about $350,000—just 1.3% of the circulating supply. On October 19, the figure was still 6.41 million tokens, meaning it fell by 23% in two weeks. The page lists an annualized yield of 6.9% to 14.5%, but I couldn't find any record showing that this yield comes from fees.
▍What the project’s tokens were doing before and after the pump
I traced this part transaction by transaction through the vesting contract on Sui. Community, investors, team, ecosystem, marketing, and airdrops each have a receiving address, and the amounts match the white paper exactly. Following the trail:
· In the early hours of August 4, the five receiving wallets for community, airdrops, marketing, investors, and the ecosystem were emptied within two hours. 99.45 million tokens went into new wallets, with a small test transfer made first each time.
· At 03:15 that day, the deployment wallet called the contract and changed the receiving addresses to new ones.
· The tokens were then moved through several more layers of new wallets. The batches and timing line up on August 6, August 23, and September 19–22.
· On September 22, the day before the sharp pump, the final layer was in place.
The pump began at 13:00 on September 23. The official account posted at 16:42, and the price peaked shortly after 17:00.
To be fair, these wallets didn't sell at the top. By the time the first batch reached exchanges, the price had already been cut in half:
· At 23:58 on September 23, 13.19 million tokens went to a Gate deposit address, at a price of about $0.10.
· From 13:51 to 14:38 on September 24, 27.01 million tokens went to a Gate deposit address, at a price of about $0.066.
· From 22:09 on September 24 to 01:34 on September 25, three wallets split the tokens into thousands of transactions on Sui and sold them for USDT. 23.27 million tokens were exchanged for $1.38 million, at an average price of $0.0593.
In total, 63.47 million tokens, worth about $4.5 million—16% of the circulating supply—over a period of 26 hours.
I traced all 40.2 million tokens sent to Gate back to their source: about 20.67 million from the investor side, 13.43 million from marketing, and 6.1 million from the ecosystem. The tokens sold on-chain mostly came from the community rewards pool, which the white paper says is meant to reward buyers, sellers, and developers. About $740,000 of the stablecoins received from selling tokens also went to Gate.
Sending tokens to an exchange doesn't mean they were all sold; I can't see what happened inside the accounts. Investors have the right to sell their tokens after they unlock, and the ecosystem pool was supposed to include liquidity for exchanges. But three things are worth noting: the tokens passed through dozens of single-use wallets before reaching exchanges, and only after the sharp pump; tokens meant to reward users were converted into stablecoins; and none of this was announced.
The team’s wallet trail is relatively clean. Team tokens only began unlocking in August. Of the 13.33 million tokens unlocked so far, about 11.9 million have yet to enter the market.
▍The receiving addresses were changed again
From the afternoon of October 25 to the early hours of October 26, around the time Uptop shut down, a new wallet that had only been activated on September 16 called the contract and changed all five categories of receiving addresses again. The 19.75 million tokens unlocked in October went to the new address and have not moved since.
This indicates that control of the contract changed hands. The timing lines up with the protocol expiration mentioned in Uptop’s announcement. The team and foundation may have been handing things over, but that is my inference—the official account has never said so.
It also shows one thing: the administrator can change who receives the unlocked tokens whenever they want. The lock is on the timing, not the recipient.
▍The numbers add up
· 608 million tokens remain in the vesting contract, with 19.75 million released on the 25th of each month. The next release is November 25, worth about $1.39 million.
· The circulating supply of 391.8 million matches the contract exactly, but about 88 million of those tokens are still in wallets related to these project categories.
· The largest amount is the 34.77 million tokens remaining in the airdrop pool. They were transferred to a new wallet on September 22 and have not moved since.
· At the current price of $0.0702, the circulating market cap is about $27.5 million, and the fully diluted value is about $70.2 million.
· The project has not disclosed the revenue behind this valuation.
▍Who's supporting the price now?
· Contract positions total 75.1 million tokens, worth about $5.27 million, or 19% of the circulating supply.
· 74% of all accounts are long. The funding rate is +0.029% per 4 hours, meaning longs are paying.
· Binance smart money: long positions of 20.6 million tokens at an average price of $0.0606, and short positions of 9.17 million tokens at an average price of $0.0649.
· Median 20-day trading volume is $2.34 million. Within 10% of the order book, there are only $230,000 in buy orders and $140,000 in sell orders.
With liquidity this thin, the price can still be pushed up in the short term. I also couldn't find any product news corresponding to September 23. But this kind of rally is driven by capital and token supply, not by how much money the token can earn.
The historical numbers don't look good either: among 63 tokens with perpetual contracts but no spot market that have been listed for 400 days, only one—AGT—has reached 10x within 90 days. TAKE has been listed for 425 days.
▍What to watch next
· After the November 25 unlock, do the five new receiving addresses transfer tokens out?
· Any movement from the wallet holding 34.77 million tokens would be the clearest signal.
· Will the official account explain what happened with Uptop, the item marketplace, and buybacks?
· Contract positions and funding rates: if longs pull out, this order book can't absorb it.
My take: TAKE is now basically only good for trading. There’s no visible product entry point, buybacks are not a commitment, no one uses the voting system, and project-side tokens are flowing into the market. I see no evidence of accumulation in this rally; what I see is the project side reducing its holdings. The price may still rise, but that would be a capital-driven rally, not a return to value.
The marketplace is closed, the official account says nothing, and the token price is still 20% higher than a month ago. Who do you think is buying? Share your thoughts in the comments.
The above is a compilation of on-chain and publicly available data and does not constitute investment advice.