AVAX Lore Dump Week 7
"No crying in the casino" edition
What a nice little week of gambling we had! Massive AVAX price swings, tokens going straight up and straight down, just a great time to be alive. I hope my readers are doing well. If not, hang in there and I’m sure things will get better soon enough. Always another chance! Unless of course you’re the type to send money to every presale you see, then you’re either broke already or heading there soon. More on that later! Let’s dive in.
AIVAX Utility??
You may remember Ghost from our Week 5 Tweet of the Week section. A little known fact is that he actually has a token on AVAX called AIVAX. You probably didn’t realize this as he hasn’t mentioned it on twitter in 2 months and it’s nowhere to be found in his twitter bio. A friend in his whale chat sent me some messages and I thought it would be fun to discuss.
Like you, I completely forgot about this token and popped open the telegram chat when someone told me it might be good content. Normally I’d feel bad about posting chats, but let’s be real it costs like $100 to get into there now. As of writing, the coin is literally at an all time low. If you’re holding it (like me for some reason) I’m sorry to be the one to break this news to you.
It seems some of the members of the chat have voiced concerns about the lack of utility provided by the project. This recently came to a head when Ghost opened up deposits for a test run of some kind of AI trading bot. Holders were complaining that the deposits were not open long enough, and as a result not much money was sent in. That led Ghost to fire back in the above message about how he’s finally providing utility and now nobody wants to take advantage of it.
There’s a lot to unpack here, but I think if you entered into this project for “utility” you were probably never making money. Sorry! Utility is a scam! Especially if it has something to do with AI. That meta is mostly over, and even in the height of it the AI part was just a buzz word.
Being a token founder is a fool’s errand. There’s basically nothing you can do that will make people happy. My esteemed colleague TR has many times opined that the best way to launch a token is not to launch one at all, and I completely agree.
On some level I feel bad for Ghost as he’s been given an impossible task. But on the other hand, he is the one who gave himself the task and he was rewarded handsomely (I assume) so my sympathy only goes so far.
The part about Moonbags disappearing also is interesting as I had no idea how that Fiz Social thing ever fit into the plans to begin with—I wouldn’t think pivoting should be that hard. Moonbags is probably busy working on Juicy. I still have no idea what Juicy is and at this point I’m too afraid to ask. I thought it was OnlyFans on chain, but apparently this is no longer true.
It’s definitely still OnlyFans adjacent, right? They have something called “Lounges” now I guess. Maybe it’s also a token launcher? No clue. Best of luck to Moonbags on this endeavor!
The Rise and Fall of Arena Szn
The Arena launcher saw some action as two people who are apparently well known in the app launched tokens that both failed spectacularly.
The first was $RICHY from Patrick Defiguy. I don’t really know the specifics here, but he launched it and then started selling right away from multiple wallets.
One of our Avalore reporters, Bear, went straight to the source and DM’d him for his side of the story. This is some hard-hitting journalism you don’t get from other weekly gossip rags, folks!
If you liked $RICHY, you’re going to love $LUDUS from Kairon. You might have missed this one as it almost immediately went to zero. Paper hands strike again! It’s hard to launch a token with people selling so quickly these days.
Oh? You were the top trader of your own token by a huge amount? Wow! He posted some nonsense manifesto about how the token was destined for 100M but issues with the Arena Launcher’s WL feature tanked it.
I don’t have much to add here—this a clearly a very rational human we’re dealing with. The WL issues were of course found to be user error. Everything was working as intended from the whitelist/sniper prevention side. However, as is always the case when the Arena products see any amount of actual usage, the site was very hard to use. Lots of people were saved by the fact that the Arena webpage stopped functioning.
Arena founder Jason quickly announced that Kairon (the founder of this token, you’ve probably forgotten his name already) has had his Arena privileges revoked after rugging.
I found this to be of particular interest, as HakikiCEO continued to receive support from Arena after pulling liquidity of his BOI token (sorry, “rebalancing liquidity”) shortly after launch. CEO also publicly doxxed Wink founder Chef Goose, as well as threatening him, sending messages like “I will find where you live.” He insinuated that he would come and harm both Goose and his fiancée (congrats on the engagement). Seems like a tough person to support and have on your platform. Perhaps the Arena was a sponsor of the Boi Mall?
Regardless, it’s hard for me to understand why people would ever invest in these projects in the first place. I assume if you’re reading this you’re probably smart enough to be marked safe from both of those, but if not maybe let’s try and be a bit more careful about what we invest in moving forward.
That’s all for this week, folks! Looks like Blaze is beginning their rollout so hopefully that will give us some fun news for next article. That’s an example of a project from someone people have heard of, so it would be an acceptable investment. I’m not saying you should invest (NFA!) but it would at least be reasonable. I won’t make fun of you for it.
Tweet of the Week
Chopper spotted!
Man, never a dull week in abbax. Kairon got his 15 seconds of fame (notoriety) for sure.
Thx for the weekly summary. 🫡