Hakka Finance is a decentralised finance project that warped spacetime with cryptocurrency assets. Per Chinese media, the official token of Hakka Finance, HAKKA rose almost 200 times its value prior to its listing in the Uniswap cryptocurrency exchange. Unfortunately, followed by the spike, its price plummeted by almost 90% of its spike in just a few minutes and reached an abysmal low of 0.00004 ETH which is roughly equal to $0.0017. The token was valued at $0.001 during its sale and the total supply of the HAKKA tokens was approximately 21.47 billion.
40% of the Total HAKKA Finance Supply Available for Liquid Mining
HAKKA initially emerged in 2019 as an engineering team which was focused to research and develop the decentralised finance sector. Currently, a single HAKKA token is trading at $0.035601 and the 24 hours trade volume stands at $1,483,370. The token has been ranked 2212 based on its market capital.
Meanwhile, the HAKKA/WETH pair in the Uniswap exchange is trading at $0.032363. The token distribution announced by Hakka Finance declared that only 40% of the total Hakka tokens allotted for liquid mining. And the remaining 60% is set aside for ecosystem funds, the HAKKA core team members and consultants.
Founder Admits The Mistake Of Issuing The Tokens Prior to its Listing Announcement
In response to these sharp fluctuations in its market value, the HAKKA declared that the trade of the team owner’s stock including that of core developers was not involved at all. The founder of HAKKA, Chen Ping said that the main motive behind the issuance of HAKKA token was to decide a legitimate price for it before it was up for liquid mining. He also admitted that he made a mistake by issuing the tokens prior to its announcement of the Uniswap listing. As a result, many investors bought the tokens from HAKKA’s fund beforehand. It is also believed that some of the early community members sold the HAKKA stocks soon after the spike, which resulted in a steep decline in its price.
In a tweet, Ping has fully accepted the fault of the company and its team regarding the recent price oscillation. Link to the tweet:
Ping also apologized to the investors who had to buy the tokens at a very high price and had to face a big loss while selling it.
