Solana DEX Raydium's Meme Token Launch 'Didn't Exactly Go as Expected

Published: 2024-08-21 06:37:25 pm

 

Decentralized exchange Raydium's launch of a new meme coin, CTO, encountered significant issues when using a new crypto launchpad, Makenow.meme. The rollout did not go as planned, leading to the creation of two identical tokens and a dramatic 92% drop in value for the initial token.

Raydium, a leading DEX on Solana with a daily trading volume exceeding $300 million according to CoinGecko, introduced the CTO token through Makenow.meme, which generates tokens via tweets. The process started with a tweet from Raydium: “Test. $CTO wen? @Makenowmeme,” which led Makenow.meme to create a token named CTO.

However, before Raydium's official announcement, a token with the same name and ticker appeared, created by Makememe.now, causing confusion among users trying to purchase the token early. This initial token quickly surged to a $7 million market cap but then plummeted 92% in 10 minutes to a market cap of $488,000 as the real CTO token was introduced.

The official CTO token was minted 30 minutes after the first one, but it also struggled, reaching a market cap of $6.7 million shortly after launch before falling 70% to $2 million in the following 40 minutes. As of now, the official CTO token has a market cap of approximately $1.9 million.

Raydium's official response on Twitter acknowledged the mishap, stating, “Oops, that didn't exactly go as expected. Started with an idea to highlight a new protocol, now we're here... With all new technology, boundaries will be pushed—or inadvertently stumbled over. #UndoTest.”

The apology has not been well-received by investors, who expressed frustration over the lack of resolution or compensation. One Discord user criticized the response, saying, "We get an oops tweet like clowns. No apology, no refund, no money put back into the coin that got dumped."

When Decrypt inquired further, a Raydium Discord moderator could only provide the information already tweeted, leaving many questions unanswered. Decrypt has reached out to Makenow.meme for additional comments and will update the article if a response is received.


source: https://decrypt.co/242773/solana-dex-raydiums-meme-token-launch-didnt-exactly-go-as-expected

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