WELL3, which was originally scheduled to be issued in the first quarter, finally announced that it would be listed on three exchanges: Bybit, Bitget and Gate.io at 18:00 yesterday. For the "Lu Mao Party", although the time chosen was not ideal and it was not listed on Binance as expected, it could at least recover part of the "Lu Mao" funds. Therefore, when it was ready to receive the token airdrop at 17:30 yesterday, it was still It's a bit of expectation.
However, an accident happened. Although the opening time of the secondary market remained unchanged, the token collection time was postponed from the original 17:30 to 17:45, and then to 20:00. In the end, it was still not possible to receive the tokens smoothly. This delay triggered widespread dissatisfaction on social media among the "hair-raising party":
“The WELL3 project that was rolled out across the entire network was airdropped, but after working on it for so long, it didn’t even make a cent, and the team ran away first.”
"The airdrop of WELL3 has been rated as the most unscrupulous airdrop in history. The official announcement said that the token redemption will be changed to 8 o'clock. However, before the opening, the token WELL has fallen by more than 60% on CEX. Who is smashing the market?"
"It opened for collection at 8 o'clock, but when the time came, I went to the website and saw that it was not open at all. What was open was for public sale, and you need to spend money to buy it! The funniest thing is that someone who participated found that buying a $200 coin has to be divided into 24 months. Unlock it! It only costs $18 gas once you get it!”
“It’s not yet 8 o’clock, and there are only 10 Holders of WELL tokens. Most of them are exchange hot wallets and market makers. Who are the leaders?”
……
This time the $WELL token is launched, both YogaPetz NFT holders and users participating in the public sale will be at a loss based on the price at which they received the token; what is even more sad is that the tokens they received are not All tokens will be unlocked upon launch, and some tokens require a 2-year unlocking cycle, which can be regarded as "loss on top of loss" in terms of opportunity cost.
Below, Odaily Planet Daily will take you through the review of the bizarre opening of the WELL3 project.
Project Description
Source: official recommendation
WELL3 is an innovative Web3 health platform founded by crypto KOL "Keungz" that aims to revolutionize the way health data is managed. By integrating cutting-edge technologies such as Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID) and advanced AI analytics, WELL3 offers a unique health and wellness solution. The platform not only ensures the security and privacy of health data, but also rewards users for their active participation through an incentive mechanism.
Regarding financing, WELL3 is supported by a number of strategic partners, including Animoca Brands, Samsung, AWS, Decentralized Capital, Spartan, and others.
In terms of platform data, the WELL3 platform has attracted 900,000 users and 530,000 unique wallet addresses. The platform has facilitated 17 million transactions with a total locked value of $55 million. In addition, more than 324,000 users hold NFTs in the WELL3 ecosystem.
In the early stages, the WELL3 project was very popular, had a good user base, and incorporated the concept of “health + AI”. Why is it reversed?
Those "weird things" before and after the $WELL token opened
According to official information previously given, $WELL tokens were listed on Bybit, Bitget and Gate.io exchanges at 18:00 yesterday. Participants in the public offering and NFT holders can receive token transfers after the token application opens at 17:30. Go to exchange. However, a series of official operations later were “rare in the currency circle.”
First of all, two days ago yesterday afternoon, Discord announced that the token application time has been delayed to 17:45. This is not bad for community members. Although it is delayed, after all, it is before the exchange opens. Time is tight, 15 minutes is not harmful.
Source: Odaily Planet Daily token application time is delayed to 17:45
Secondly, at 17:42, WELL3 did not say that tokens would be claimed soon, but instead issued a long article explaining the future plans of $WELL tokens. Soon, at 17:45, community members used the official page and kept refreshing, but could not find the entrance to receive coins. For a time, many members below the post asked how to receive tokens, but the official did not reply to any message.
Source: Odaily Planet Daily had only 10 currency holding addresses when it opened at 18:00
After that, the secondary market opened at 18:00, and on the premise that no one in the entire community had received the token, the price of $WELL plummeted after hitting a maximum of around $0.023, with a drop of more than 60% in a short period of time, and the secondary market transactions were unexpectedly Up to several million pieces.
Source: Odaily Planet Daily token price continues to fall after opening
Response to the dispute over token claim
As the $WELL token collection is filled with all kinds of resentment on social media, community members are asking: Why is there a lot of selling when no one collects the tokens?
Picture source: Odaily Planet Daily community members questioned the WEL L3 project party’s dishonest behavior
In response, Keungz, the founder of WELL3, posted on the Calculated, the market value of $WELL exceeds the entire cryptocurrency market value.”
Image source: Keungz, founder of Odaily Planet Daily WELL3, responded to questions
Although the sell order for 6 million tokens at $80 should be just the exchange's data order, not the actual number of tokens, Keungz did not explain at all that the tokens dropped all the way without anyone claiming it at the opening, and the community's anger soared. To the extreme, some members even exposed information such as the location of the founder's company.
Whether it was secondary takeovers or retail investors who participated in the public offering and held YogaPetz NFT, they were collectively buried. "This wave is really a loss."
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "Deep Wave TechFlow"
Original author: Asher, Odaily Planet Daily
