Written by: Asher, Odaily Planet Daily
WELL3, which was originally scheduled to issue tokens in the first quarter, finally announced that it would be listed on Bybit, Bitget and Gate.io at 18:00 yesterday. For the "money-grabbing party", although the timing was not ideal and it failed to be listed on Binance as expected, at least some of the "money-grabbing" funds can be recovered, so when preparing to receive the token airdrop at 17:30 yesterday, there was still a little expectation.
However, an unexpected event occurred. Although the opening time of the secondary market did not change, the time for collecting tokens was postponed from the original 17:30 to 17:45, and then to 20:00. In the end, it was still not possible to collect them smoothly. This delay caused widespread dissatisfaction among the "Mao Party" on social media:
“The WELL3 project that was popular on the Internet has just been airdropped. After working on it for so long, not even a cent was left. The team even ran away.”
“The WELL3 airdrop has been rated as the most unethical airdrop in history. The official tweet said that the token redemption will be open at 8 o’clock. However, before the opening, the WELL token had fallen by more than 60% on CEX. Who is dumping the market?”
“It was supposed to be available at 8 o’clock, but when I checked the website at the appointed time, I found that it was not open at all. It was a public sale and I had to pay to buy it! The funniest thing is that someone who participated found that buying $200 worth of coins had to be unlocked in 24 months! It also costs $18 in gas to get it once!”
“Before 8 o’clock, there are only 10 holders of WELL tokens, most of which are hot wallets and market makers of exchanges. Who is dumping the market, leaders?”
……
With the launch of the WELL token, both YogaPetz NFT holders and users participating in the public offering are in a loss-making state if calculated based on the price of the tokens received; what is even more sad is that not all the tokens allocated are unlocked when they go online. Some tokens require a 2-year unlocking cycle, which is a "loss on top of loss" in terms of opportunity cost.
Next, Odaily Planet Daily will take you to review the bizarre opening of the WELL3 project.
Project Description
Image source: Official Twitter
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 analysis, WELL3 provides a unique health and wellness solution. The platform not only ensures the security and privacy of health data, but also rewards users' active participation through incentive mechanisms.
Regarding financing, WELL3 has received support from many strategic partners, including Animoca Brands, Samsung, AWS, Distributed Capital, Spartan, etc.
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 US$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 integrated the concept of "health + AI". Why did it reverse?
The "weird things" before and after the WELL token opening
According to official information, WELL tokens were listed on Bybit, Bitget and Gate.io at 18:00 yesterday. Public offering participants and NFT holders can claim tokens at 17:30 and transfer them to the exchanges. However, the subsequent official operations are rare in the cryptocurrency circle.
First, yesterday afternoon, Discord announced that the token claim time was delayed to 17:45. This is not a big deal for community members. Although it is delayed, it is before the exchange opens. 15 minutes is not a big deal.
Token claim time delayed to 17:45
Secondly, at 17:42, WELL3 did not say that the tokens would be available for claiming, but instead published a long article describing the future plans for WELL tokens. Soon, at 17:45, community members used the official page and kept refreshing it, but still could not find the entrance to claim the tokens. For a while, many members asked under the tweet how to claim the tokens, but the official did not respond to any of the messages.
At 18:00, there were only 10 addresses holding coins.
Afterwards, the secondary market opened at 18:00. Without anyone in the entire community receiving tokens, the price of WELL hit a high of around $0.023 and then plummeted, falling by more than 60% in a short period of time. In addition, the number of transactions in the secondary market reached several million.
Token prices continue to fall after opening
Response to the Token Claim Dispute
As social media is full of complaints about WELL token redemption, community members are asking: Why is there a massive sell-off when no one is claiming the tokens?
Community members questioned the WEL L3 project's market-smashing behavior
In response, Keungz, the founder of WELL3, posted on the X platform: "We deeply apologize for the delay in the application website today. And the rumor of 'sell order for 6 million tokens at $80 per unit' is not true. If calculated at this unit price, the market value of WELL exceeds the entire cryptocurrency market value."
WELL3 founder Keungz responds to questions
Although the sell order for 6 million tokens at $80 was probably just a data order from the exchange rather than the actual number of tokens, Keungz did not explain why the tokens fell all the way after opening without anyone claiming them. The anger of the community soared to the extreme, and some members even exposed information such as the location of the founder's company.
Whether it is the secondary takeover or the retail investors who participated in the public offering and held YogaPetz NFT, they were all buried. "This wave of losses is really numb."
