The high token density in some private wallets has always been a concern in various altcoin projects. There are allegations that the Evmos co-founder, who left the project due to some disagreements, is selling the tokens. This caused panic among the community members.
The co-founder has sold 144,000 Evmos tokens so far!
Evmos is an Ethereum Virtual Machine (EVM) project based on the Cosmos ecosystem. According to Web3 data analysis, co-founder Jessica has sold more than 144,000 tokens since April 30. However, of the 9.4 million Evmos sold on decentralized exchange (DEX) Osmosis, the co-founder’s sale only accounts for 1.5% of the total tokens sold during the timeframe. According to experts, the rest of the selling pressure is likely due to the community panicking over the co-founder’s activities.
In a Twitter thread, the Evmos team confirmed that a departing co-founder had sold from a wallet containing more than 34 million tokens. At the time of writing, the co-founder’s assets were over $4.9 million.
Community disappointed, altcoin price dropped!
By the way, the team of the altcoin project did not name the co-founder. However, from a GitHub link shared in the thread, it looks like they’re talking about Akash Khosla. In this regard, Evmos wrote:
We are actively working with this person to transfer the tokens back to the Evmos Foundation. This is just one of the concerns raised by the community that we want to actively address now and in the days ahead with our transparency initiative plan next week.
Meanwhile, Khosla’s sales coincided with a sharp drop in Evmos’ token price. Evmos’s value fell more than 50% in May, from $0.30 at the beginning of the month to now $0.14. The Evmos team stated that Khosla left the project due to “operational incompatibility and disagreements over accountability.” Also, the Evmos team noted that Khosla’s wallet remains the largest delegate in the Evmos network. He said he has currently staked 11.5 million ($1.6 million) tokens.
However, one disappointed community member stated on Twitter:
Wow. Maybe you shouldn’t be giving 34 million tokens to a co-founder in the first place, huh? It would be a good way to avoid this. First, there was an erroneous launch. Some airdrop buyers were unable to claim, while others enjoyed a crazy APR. We are witnessing this now. The Cosmos L1s have a lot to learn about cryptoeconomics and human nature.
The EVMOS token is trading at $0.1407, down about 6.57% in the last 24 hours according to press time.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.