The Korean blockchain game project Delabs had its token generation event (TGE) this afternoon on Binance Alpha. After observing for several hours, I noticed that the token price has held fairly steady, with a slight increase in between.
This is not easy; it is clear that the project team, major holders, and investors have not sold off to cash in, and they are actively managing the market cap. The retail investors who participated in the TGE have sold off their tokens, which did not significantly impact the token price. Currently, the fully diluted valuation (FDV) is still at 48 million USD, which means this project has managed to stabilize.
Now, I have to bring up another underperforming Korean blockchain game project, Gomble Games, for comparison. It also launched on Binance Alpha, but Gomble launched its token in April at a better timing, and its current market cap is 11 million USD. This is what I meant when I said that selling all the tokens was not enough compared to the 10 million USD investment made by large funds like YZLabs and Spartan at a valuation of 100 million USD last April. Gomble Games' official Twitter account has not been updated for 5 days and is no longer being maintained.