Shiba Inu (SHIB) with a corresponding meme token of Clifford Inu (CLIFF) The 97% drop in its value in one day brought along allegations of fraud in the altcoin community.
PeckShield, a tracker reporting fraud and suspicious activity in the cryptocurrency market, shared the situation at the last minute. In addition, many crypto influencers also stated that the token may have been the scene of a rugpull scam.
However, as the truth emerged, the accounts in question deleted their Tweets.
Altcoin Developers Announced All Tokens Will Be Sold On Dec. 21
According to the statement made on the official Twitter account of the company that distributes the CLIFF token, the reason for the token price drop is actually a network change. The official account of the token actually made a post about this development on November 22:
“Cliff will continue to be traded throughout the transition period, allowing the community to decide whether they would prefer to hold or sell their positions.
Once the transition is complete, we will sell the rest of the Cliff tokens from multisig to cover liquidity for Red’s launch.
To be fair to everyone, this roundup will run until December 21st.
After the expiry date, all Cliff/Red tokens sent to the following wallets will be invalid. The new tokens will be airdropped directly to each relevant address.”
Relaunch details 🚀
Cliff will remain trading during the migration process, which allows the community to decide if they would rather hold or sell their position.
— RED (@red_tokens) November 22, 2022
All CLIFF tokens were sold on December 21, the deadline set by the altcoin team. The team argued that this sale was to provide liquidity for the new token.
However, many cryptocurrency Due to the fact that the user did not know about this situation and caused damage, the team reported that the said period was extended until January 1st. Users with CLIFFs prior to the big drop will be eligible for the airdrop if they complete the transaction by January 1st.
FORM- https://t.co/ZpBtR8zP4c pic.twitter.com/OhN2nY4Hwr
— RED (@red_tokens) December 21, 2022
*Not investment advice.
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