Original | Odaily Planet Daily (@OdailyChina)
Author｜Nan Zhi (@Assassin_Malvo)
At 19:00 tonight, GM (gm.ai), which had been pre-sold for nearly half a year, finally started airdrops and token trading. However, GM briefly touched $0.13 and then plummeted within minutes. As of 20:00, it was quoted at $0.025, a drop of 80% in one hour.
The average distribution of the token during pre-sale was about 1 SOL for 1,500 GM tokens. Based on the SOL price of 190 USDT during pre-sale, the loss ratio was as high as 80%.
Huge pre-sale, turned to Binance
Pre-sale of 155,000 SOL in half an hour
Since BOME started the trend of decentralized pre-sale fundraising in early March, a number of projects with super high fundraising amounts have emerged one after another, and the fundraising limit has gradually increased from BOME's 10,000 SOL to tens of thousands.
On March 18, dexter, the founder of Whales Market, posted a message on the X platform (to prevent others from transferring in again, the tweet has been deleted) to start the pre-sale of an AI project, setting the hard cap at 30 million US dollars (about 150,000 SOL). Although there were several cases of high-raised funds running away at that time, because Whales Market was in full swing at the time and Whales Market had formal projects such as Loot before, dexter received 155,000 SOL in just half an hour.
Transfer to Binance and sell
However, the next day, some users discovered that Dexter had deposited pre-sale funds of approximately 159,802 SOL, worth US$27.64 million, into Binance.
In response, Dexter said in a statement that the transfer to Binance was for the purpose of selling it into stablecoins to avoid a sharp depreciation of SOL. It also promised to allocate the funds reasonably.
Long seasons: from spring to fall
The project is progressing slowly, so I made a pump replica
In the following two weeks, Dexter announced the general situation of the project several times in succession, and stated on April 9 that the GM token would be launched soon, but there has been basically no substantial progress since then.
On the contrary, at the end of May, Dexter launched the pump imitation whales.meme, but because the product was so poorly made, except for the short-term surge of the first token GMCAT, basically no one used it and its lifespan was less than a day.
Pre-market: On the brink of payback
At the end of June, dexter launched the pre-market market for GM tokens on its product Whales Market. The floor price on the second day of launch was about US$0.08. According to the distribution of 1,500 GM tokens for 1 SOL, it was equivalent to 0.83 SOL.
Finally, on July 29, Dexter announced that it would airdrop tokens on August 14. The pre-market price of GM on Whales Markets briefly exceeded $0.14, and the investment was successfully recovered on paper, but in reality the daily transaction volume was only a few hundred thousand dollars, and the hedging space was extremely limited.
Collecting taxes, swallowing coins, and breaking the issue price
The token economics of the gm.ai project token GM shows that there will be a 6% two-way transaction tax on the purchase and sale of the token. Subsequently, founder Dexter said in response to this matter: "All taxes on Meteora will be added back to liquidity, and when CEX listing begins, taxes will be canceled within a few weeks. In the early stages of the project, this tax setting is only valid on DEX."
At 19:00 today, GM tokens started trading, and users also "understood" why GM needed to collect taxes to add liquidity. Dexter collected a total of 150,000 SOL in the pre-sale, but only added 14,000 SOL to the liquidity pool of GM tokens. As of the time of posting, Dexter has not provided any explanation on the whereabouts and use of the remaining tokens.
Long delays, unclear project prospects, and the founder’s continuous outrageous actions have caused the majority of users to lose confidence in gm.ai and the token. The token fell below its issue price at the speed of light, and there is still no obvious sign of bottoming out or rebounding.
