$COOL Token Launch Controversy: 40,000x Surge, $67M Volume, Promised Buybacks

Apr 29, 2024, 02:55 PM

The launch of the $COOL token by Coolman's Universe has sparked controversy and accusations of unethical practices. More than 80% of the token supply was reportedly sniped before the contract address was publicly shared, leading to a significant dump of over $2 million in tokens. The token experienced a dramatic price surge, increasing 40,000 times from its launch price before beginning a descent towards zero. This event has raised concerns about market manipulation, as insiders allegedly made over $1.68 million from selling the token within an hour, holding 55.1% of the total supply in just 2 wallets. Despite these issues, $COOL has generated over $67 million in trading volume and maintains a market cap of $29 million, with Coolman's Universe NFTs down 57% to 0.03 ETH. In response to the backlash, Coolman's Universe has announced plans for significant token buybacks and promises more clarity moving forward.