Launched 07AUG23 ~2000
Chart: Dexscreener $ADA
Allegedly was hyped and had enlisted whales to “hold the floor” and included many KOLs (Key Opinion Leader). A (KOL) is a trusted, well-respected influencer with proven experience and expertise in a particular field. Looks like these “KOLs” were funded via airdrops from the deployer wallet. More than 16% of supply was airdropped.
I was tracking this token via my new favorite tool, the TTF (Track The Funds) scanner bot. It scans the contract address for malicious code and determines whether the token is ‘safe.’ The code may be safe but there is never a guarantee that a project won’t rekt you because of shear incompetence or malicious actors. See the Figure 1 below to get an idea of what I saw.
Check out Figure 2 to see the alert I received when the token was basically dead. The deployer wallet sent its remaining tokens (5%) of supply to the contract address to be sold off and gained as tax revenue for the newly defunct “project.”
One of the amazing functions of this TTF bot is the capability to track team activity in the form of wallets and airdrops. I activated team tracking and noticed close to 30 minutes after launch the first airdropped wallet sold off his/her 1% of supply. This is never a good sign, especially so early in the life of a token. This first airdrop selloff basically signals (to me) that the KOL turds have lost confidence and probably won’t be spreading the good word (what they were paid to do). Instead of positive influencing, I found that first sale to be detrimental, bearish, and definitely a sell all signal.
Surely, this was the beginning of the end. A few minutes later I saw another 1% airdropped wallet sell their tokens, and then another, and another.
Something that started out with so much potential is swiftly decimated by shallow, fickle, worthless “KOLs” who let their greed get in the way of principle.
Last but not least, we show you this beautiful chart (Figure 3). So much promise yet falling amazingly short. The KOLs sold off before giving this one a chance and I have lost confidence in one more person from this wild space.