📢 So today a huge dump happened where someone sold a considerable amount of tokens that caught everyone off guard, including myself. Me and our Admin RustyCamel have investigated and turns out it was tokens that were sent from the contract deployment wallet a long time ago. I traced it back to “Catnip”, the second founder and lead developer of Catjam token who minted the token and launched the project with me back in April. He has moved on since then and doesn’t check in on the community anymore. I still keep in touch with him though, because he is a friend. I called him today to ask if it was him who dumped the tokens and he admitted it was. He told me he sold a portion of his tokens that had been sitting in his wallet since launch to take out his initial investment that he put into marketing Catjam token back then, which was atleast 10 000$.
I also confirmed that he still had access to the dev wallets and asked him to cooperate to burn all the tokens from those wallets so he wouldn’t be able to sell any, including his personal wallet where he still had more tokens that he could have sold, but didn’t. I also transferred the tokens that the community has sent to one of the dev wallets for the migration to my own personal wallet and then burned most of those tokens, leaving enough tokens to sell when we have to take out the liquidity and move it to the Cardano DEX. The burning of these tokens as a precaution is the reason the market cap has fallen. Market cap = total tokens in circulation X current price of the token. The total supply of Catjam token will still be 1 Trillion when we launch on a Cardano DEX.
✅ At the end of the day, all is well because luckily this wasn’t a bad actor but one of the founders who obviously doesn’t care much about Catjam token anymore. It could have been worse: He could easily have sold ALL the tokens and rugpulled on us. Thank God this wasn’t the case. I am confident that we can take this beating and move on with such a positive community.
⏳ One of my main goals with Catjam token is to make it completely decentralized and invulnerable from bad actors. A true community meme coin. That is why I will donate many of my personal tokens to charity and use it for marketing after we launch on Cardano and keep the share of tokens that the staff and devs own altogether not more than 6.5% of the total supply. I will also lock both the charity wallet (10%) and marketing wallet (10%) with vesting for several years. Thank you for understanding and if you feel you’ve lost all trust in our project, I completely understand. I don’t think anything bad about community members who decide to move on to other projects but I hope we can turn Catjam token into a meme coin that you don’t have to trust but is truly decentralized and solid because of its token allocation and code, not because of the developers, and that you’ll soon return when that happens. Thank you everyone, love you.
🔥 Token Burn Details 🔥
Catnip wallet burn: https://bscscan.com/tx/0x839b408058a65bff5a87ac94c74bc7708db6f15a8e9d762968ac9e9605c5f48f
Exchange wallet burn: https://bscscan.com/tx/0xf3746f9dbe5c9309dcfd19baf851f4765dfc7a084860f7f8938209a89cc0712f
Contract deployer wallet burn: https://bscscan.com/tx/0x5d5a6868d73acc3eeb985171e5506be0a880a61bbd12c7a1033bc4401590281c
The Great Giveawaykening wallet burn: https://bscscan.com/tx/0x1629af9a7fcee70897e4a66bfb4fef6194de5b309fc71775a1ae9af2a0293a0e