Contd:
The 17% token allocation, unlocked at launch, allowed early backers to sell $3.3 million worth of tokens immediately.
This created overwhelming sell pressure and set off a chain reaction.
If we look closely, of the 285 wallets participating in the presale:
- 89 wallets sold 100% of their tokens immediately.
- 47 wallets sold more than half their holdings.
- 19 wallets sold less than half their holdings.
- Only 130 wallets retained any tokens post-launch.
On top of these things, a 15% trading fee, marketed as a deterrent against snipers, generated over $2 million in revenue for the team within 24 hours.