Read on Twitter
1/ I’ll start with my experience with $hate . The “fake” rug pull. I had just ape’d in after seeing Heavens Gate listed on coingecko and had done some research...
2/ Crypto twitter showed a lot of interesting hits (folks with purple rugs on there head) but not much chatter. A NFT contest was going on. Total coins 1997. Price $350+, low market cap, ability to do sick NFT like $rope or $meme it was a no brainer. But they had one more: POG...
3/ proof of gate (POG): takes 2.5% of every transaction, holds till a certain threshold (1-5 $hate) then uses a defi Oracle to split the $hate into a equal $hate/$eth pair which is locked forever as liquidity in uniswap. So a deflationary token with $core properties...
4/ Again a no brainer. So I joined the tg. What a shit show. Tons of idiots with purple rugs on their heads talking about how the dev is going to rug pull us. Constantly. Maybe I was the idiot... but there must be more to this...
5/ I checked the contract. It was legit. POG was legit. Regardless of the nonsense the coin was solid. So here’s where the real craziness happens. Most of the tokens were given via airdrop but a portion was left for devs, nothing was left for liquidity (this was important)...
6/ The dev actually rug pulled us. All of a sudden the room was muted. All of the funds that were dedicated for the dev fund was actually provided as liquidity. They pulled all of it. The coin dropped immediately. Everyone panicked...
7/ The dev had more tokens. They started to sell dropping the price, everyone panicking, price down to $100. Within a moments notice the liquidity was returned, the price started to pump. Dev wallet was buying up more tokens and driving up the price.
8/ the $hate dev team call this a “inverse presale” only the strong hands survive. Weak hands dump who got the tokens for free from airdrop and dev gets at a cheap price. Good thing Al’s got strong hands. Brilliantly played $hate team.
@heavensgatefi @ @Hardwood_
@heavensgatefi @ @Hardwood_
