Avalore Dump Week 15
Pacifism Edition
Day after day, price is dump! Vibes have gotten even worse since last week as Bitcoin and our beloved red coin are speedrunning to zero. Everyone is fighting everyone, which honestly is what we love to see here. In order to keep myself sane I have decided to try to play the optimistic arbiter this week. Let’s make some peace! If morale continues to degrade so will that optimism. I give it one more week.
$Nothing goes to Nothing
I missed this whole arc because when people shill coins in tweet replies with AI art I tend to ignore them. Shoutout Crypto Wizard for his summary as that’s where I got all my info. I will try to distill it down simply for you, dear reader. You’re smart, so you probably don’t know about this coin and didn’t lose money on it, right? RIGHT???
The short of it is that the founder of the coin, NFT God 666 (if that name wasn’t a red flag I can’t help you) was mindlessly shilling his coin, $NOTHING, under people’s tweets for months.
Eventually people gave in and bought the coin, so it had a small community with a group chat. The community grew a bit over time, and the token price started to reach respectable (for us) levels of $100k+ mcap.
At this point, one holder (EYE) told the chat he was going to sell because it has “0 enthusiasm.” This guy had built up around 9% (!) of supply, so it would obviously hurt the token.
The dev then took it into his own hands to “save the community” by dumping 60% of the supply first. In the wise words of Patrick Defiguy, “God forbid a man can trade his own token like everyone else!”
He then follows this up with the plan to “CTO” his own token! Wow!
Honestly I don’t think this was malicious, I think he just realized someone was about to sell 9% of his token and is a bit of an idiot so didn’t know how to handle that. He has (allegedly) bought the tokens back or something.
I will leave you again with the immortal words of Chopper:
Dano Still Tries to Noose the Goose
This is a sensitive subject for me because I happen to like both Dano and Goose (sometimes). This is the pacifism article! Let’s make peace!
Dano is still mad at Goose for Wink going to zero. I have talked in this space many, many times about how stupid it is to launch a token and how they all go to zero, so this really shouldn’t be a surprise.
I believe the main reason why Dano (and others) are still mad at Goose for Wink is due to his Go To Market strategy (please DM Arielle if you want help with GTM strategies).
Goose tends to hype up launches with a very holier-than-thou attitude. His projects will be the best, or at least better than what you’re used to. The art will be the best, they will be the most organized, well thought-out projects you’ve seen.
I don’t knock him for this strategy personally—it works. It worked for Wink, it worked for OOPA, it worked for Bruskies. People want to hear that the project they’re investing in will be better than the others.
I can sympathize a bit with Dano being upset that the project didn’t actually turn out to be world-changing. Goose was selling a well oiled machine, but he’s a crypto founder just like everyone else and there have been delays and roadblocks. That being said, I think it’s important to do some self reflection.
The reality is that the coin was at 100m for multiple weeks and there were plenty of opportunities to take profit. The entire market had a massive crash that brought the coin down and it never recovered. As far as I’m concerned, Goose did his job here.
He has been paying artists and devs to do shit this entire time. Obviously that doesn’t show since it has been delayed forever and is now moving to a different chain, but I can say that he is actually working on it.
Can’t we just get along?
Avalabs vs Everybody
Ok this will be my toughest case yet, but I will attempt to keep the peace.
Price is down so the people are getting restless! There have been many think-pieces about what Avalabs is doing wrong, and tons of advice offered. I think the above Grok summary hits the nail on the head—AVAX has always been focused on institutional onboarding, and the community has decided this is not good for price (the only thing we care about).
When price goes down people will naturally look towards things to blame. It’s easy to dismiss something like this by saying “eVeRyThInG iS tAnKiNg” which is fair, but the reality is that AVAX went from a top 10 coin to 21st (at time of writing) so clearly it is also underperforming relative to its peers.
I’m obviously biased here—part of the reason I started this newsletter was to talk about news that actually matters to the community rather than the 1000th institutional partnership. This institutional focus has not played out in a meaningful way for the community (yet?). I don’t have a crystal ball though, and Avalabs clearly seems to think it will pay off in the future as the price does matter to them as well.
Speaking of price mattering to them…
What Goose is referencing here is that people have started to track the movements of Avalabs/FDN funds and saw some large deposits of AVAX into Coinbase accounts. This is the origin of the “Send 30 million to Coinbase” memes.
In an attempt at good-faith discussion here I will point out that we have no real way of knowing that these transfers led to sells. I know that some people even have traced these transactions and found that the money came back on chain to a different address (for some of them, not all).
Even Luigi came out of the woodwork himself to discuss this as it became so popular on the timeline.
It’s fair to assume that they are selling some of this, but probably unfair to assume they are selling ALL of these transfers. I won’t pretend to know how their machine works, but I do think it’s reasonable that they could be moving money from one accounting wallet to another, etc etc.
To be clear, I don’t want to let them off the hook. I think the community has a lot of valid concerns, and this is just the cherry on top as price continues to trend downwards. This is another issue that could probably be fixed by clearer messaging. Ambiguity is something that has constantly angered the AVAX community, and it seems like the team is either unwilling or unable to give straight answers.
You’re selling to pay people’s salaries? Fine! Tell us! You’re transferring to CB then sending to a different wallet for better accounting? Fine! Tell us!
Since this is an attempt at a positive article this week, my copium take is that they’re transferring funds to use to crime up some coins again. Bring back the crime!
That’s all I’ve got for this week! I’m in a good mood because I just arrived in Sicily to get married so I felt like attempting to broker some peace this week. If the situation is still this dire two weeks from now while I’m sipping margaritas in the Maldives in two weeks on honeymoon, I will have no issue rage-posting from an overwater bungalow. Never forget to take profits!
Tweet of the Week
