4 days ago
10
Yesterday, the developer behind the crypto LIVE burned tokens worth $415,000 during a live stream on pump.fun.
He indeed burned 14.6 million LIVE tokens while filming himself live, and then showed on his computer screen the screenshot of the completed burn transaction.
The crypto LIVE on pump.fun
The crypto LIVE is a token on Solana created by Stream Guy.
The ticker of the token is LIVE, and it should not be confused with other tokens that have the same ticker.
The name of the crypto is Stream until 100M MC, and it is listed only on some DEX on Solana.
It was launched just yesterday, with an initial price below 13 thousandths of a dollar.
In a few hours, its price exceeded 16.5 thousandths, only to fundamentally return to where it started from.
Its supply is about one billion tokens, so the 14.6 million burned yesterday are really not much.
The live burn is fundamentally a propaganda initiative to promote the token, also because since the same Stream Guy created the tokens, the fact that he burned just under 1.5% of them is of very little interest.
The crypto pump.fun platform
The website pump.fun is a platform that allows the creation of tokens on Solana.
Those who create tokens on this site can then also stream live on a dedicated channel, as Stream Guy is doing.
It is not a coincidence that this token is called “Stream until 100M MC,” because its creator intends to stream live until it reaches a market capitalization of 100 million dollars.
At this moment, its LIVE token capitalizes about 13 million, so it will presumably still take quite a while before it can reach 100, if it ever reaches it.
On the Solana network, thousands of tokens have been issued lately, as the cost of their issuance is negligible, and the site pump.fun is playing a role in this bull.
The crypto Pump&Dump scheme
The scheme on which Stream Guy’s project to bring the market capitalization of his token LIVE to 100 million dollars is based seems like the classic pump&dump scheme.
After the launch of the token, the goal is to pump it as much as possible, and as quickly as possible, until the point where it can no longer be pumped.
At that point, the pump is abandoned, and the price generally undergoes a strong and deep dump almost immediately.
After the first small pump&dump yesterday, which however only brought the price back to where it had essentially started, today there was indeed a slight rise up to 13.6 thousandths of a dollar.
To reach a market cap of 100 million dollars, its price should reach 100 thousandths, and at this rate, it could take several days, unless there is a sudden pump.
On one hand, it becomes difficult to imagine what Stream Guy could do to pump it so much, and on the other hand, it becomes difficult to imagine that he could really manage to stay streaming until that moment.
The live
At this moment in live there are fewer than 2,000 people connected.
However, there are already more than 23,000 Solana addresses where LIVE tokens are held.
Note that the trading volume in the last 24 hours has already been over 100 million dollars, and this data raises some doubts about who is really behind this project.
To put it better, with fewer than 2,000 people following the live, how is it possible that the token has already moved more than 100 million dollars?
And if the total number of wallets is only slightly above 23,000, it means that on average a wallet holding LIVE has moved them for a value of $5,000.
They are not at all absurd numbers, but they still cast suspicion that those volumes have been artificially pumped.
Furthermore, the liquidity of the main trading pair is below one million dollars, and this adds doubts to the fact that volumes of more than 100 million have already been actually traded in less than 24 hours.
This remains, however, an interesting experiment, because it can give an idea of the real potential of similar tools, even if the initiative should be considered crazy and devoid of any real importance.
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