Despite achieving a high score of 223 points in the previous EDGEN project, the Alpha project debuted at its lowest historical price—just 30 USDT. The Fly project, which received a similar score, also launched at 30 USDT. (Note: This excludes the ETH-based project due to gas fee considerations.) These results have made the concept of “high score, low value” feel all too real.
On-chain data reveals troubling behavior: an investor appears to have offloaded a large amount of tokens before the market officially opened. Trading was set to begin at 21:00 Beijing time, but this individual received 140,000 USDT worth of tokens early and sold them at $0.93—just two minutes before the official launch. When retail investors were finally able to access the market, the price had already dropped to $0.75, and only $66 worth of tokens were sold initially.
Many early users, myself included, attempted to sell at $66 but stopped because the price was already too low. Now, that value has been cut in half. I had assumed 60 USDT would be the bottom, but apparently, there’s no floor at all.
And it doesn’t end there. The team later claimed their network was "attacked," using this as a reason for not distributing the airdrop to early users. Frankly, that sounds more like an excuse than a valid explanation.
If this is the standard behavior for Alpha projects moving forward, this entire initiative might as well shut down. In quality projects, investors are subject to a six-month lock-up, with tokens unlocking over the course of a year. But here, it feels like the project is actively competing against retail investors. There’s no transparency, no fairness—and clearly, no limits.