- Crypto mined by Solana has been rejected by several traders in the community
- Animal character NFTs to be given away by in the game being developed by SolChicks
- CHICKS are well-know for pump and dump strategy by several investors in the market
A Solana-fueled crypto token peddled by rapper Ice Cube has sunk like a stone – over 80% in one month – as financial backers understood its tokenomics slant intensely in the play-to-acquire task’s approval.
Play-to-procure (P2E) gaming startup SolChicks, which professes to be working with the South Korean dev studio behind well known games Maple Story and PUBG, gave its local symbolic CHICKS last December with an initial dex offering (IDO).
In those days, SolChicks opened exchanges at around $0.25. Today, it exchanges under $0.05, which means any individual who purchased $1,000 worth of CHICKS five weeks prior now holds just $200.
Live gaming channel on SolChicks demo
The SolChicks group says it’s fostering a game which rewards players with creature character NFTs. It has a demo total with an arcade and club, pushed by means of publicity ridden official statements stuck across crypto media toward the end of last year.
SolChicks has lost four-fifths of its worth in the past couple of weeks. Token-controlled P2E games detonated in prevalence alongside NFTs all through the pandemic, driven by Vietnam-based Axie Infinity.
Be that as it may, miniature cap digital forms of money like CHICKS are notable for their vulnerability to siphon and dumps. What clearly empowered mass financial backer departure is the undertaker’s unbelievably unified inventory.
Ends up, the SolChicks group delivered scarcely over 2% of its complete stock in its IDO. The task most likely designs to deliver and exchange the other 98% over the long haul to support its turn of events.
Rather than being gradually unloaded on by an astute crypto startup over the course of the following ten years, CHICKS financial backers basically escaped.
Crypto Platform leased on Cameo
SolChicks more than once claims to be the quickest developing play-to-procure game in history in its official statements, which it paid crypto outlets to distribute close by news.
In the event that all tokens are completely given, a cryptographic money’s market cap will rise to its completely weakened value and its flowing stockpile will match its aggregate.
To empower holders (there are around 36,000) to quit unloading, SolChicks opened markings a week ago. It guaranteed 150% Annual Percentage Rate (designated in CHICKS) on tokens locked for something like 60 days.
Twitter detectives likewise assert that SolChicks ran a phony showcasing effort on Reddit and put its site and other promotion materials with false cases and fake sponsors.
Indeed, the Ice Cube joint effort SolChicks boasted about was a non-starter, as shown by a stash of inward archives spilled in December by what the startup named a displeased previous representative.
Among other improper conduct, The Solchick Papers uncovered the organization’s promoting group just leased Cube on Cameo. The 3D shape straightforwardly addresses SolChicks’ central executive William Wu in the video.
To be sure, the task’s Twitter account is as of now running advancements absolutely irrelevant to its downfall – a K-Pop NFT project called SeoulStars. SolChicks’ online media group has additionally deserted posting game advancement updates of late.
- Elwood Technologies Secures Funds From Goldman Sachs and Barclays - May 16, 2022 6:21 am EDT
- Terra to Restarts Blockchain as LUNA crumbles to the ground - May 15, 2022 10:00 pm EDT
- Coinbase claimed a massive outage in the midst of a crypto price crash- Users are facing these problems - May 15, 2022 9:30 pm EDT