Concerns mount over unusual activity during Edel Finance token launch, with 30% of EDEL token supply, worth $11M, accumulated by cluster of 160 wallets before trading opened, as reported by Bubblemaps. Sniping, using bots to buy tokens at launch, alleged. Wallets funded with ETH, dispersed among secondary wallets. Market cap falls 62%.
Edel Finance co-founder denies sniping claims, stating team planned to acquire 60% of supply, locked into vesting contracts. Tokenomics show only 12.7% allocated to team. Bubblemaps calls response a “Hayden Davis defense.” Davies previously launched memecoins with insider supplies, leading to crashes. Bubblemaps challenges explanation.
Bubblemaps questions Edel Finance’s explanation, referencing past memecoin crashes due to insider supplies. Response deemed insufficient. 50% of EDEL token supply in vesting schedule unrelated to alleged sniping. Edel Finance contacted for comment. Market cap down 62%. Concerns over transparency raised.
In response to allegations of sniping during Edel Finance token launch, co-founder denies claims, citing tokenomics and vesting contracts. Bubblemaps challenges explanation, comparing situation to past memecoin crashes. Market cap drops 62%. Verification sought from Edel Finance. Sniping tactics under scrutiny.
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2. Ethereum price surges to over $2,000 as demand for decentralized finance (DeFi) projects grows.
3. Tesla announces acceptance of Bitcoin as payment for its products, further legitimizing the cryptocurrency in mainstream commerce.
4. NFT (non-fungible token) art sales surpass $1 billion in the first quarter of 2021, signaling a growing trend in digital collectibles.
5. Blockchain technology continues to gain traction in various industries, with companies exploring its potential for supply chain management and data security.: Edel Finance-Linked Wallets ‘Snipe’ 30% Token Supply, Bag $11M: Bubblemaps