{"id":30242,"date":"2024-10-01T23:30:30","date_gmt":"2024-10-01T20:30:30","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30242"},"modified":"2024-10-01T19:07:17","modified_gmt":"2024-10-01T16:07:17","slug":"pike-finance-faces-backlash-after-token-launch-crash","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/pike-finance-faces-backlash-after-token-launch-crash\/","title":{"rendered":"Pike Finance Faces Backlash After Token Launch Crash"},"content":{"rendered":"

Early Pike Finance<\/strong> investors worried about Monday’s token-generating event since the organization only supplied $10,000 in initial liquidity on the Aerodrome distributed market on Base.<\/p>\n

Based on DEXScreener statistics, the token’s price rapidly decreased to roughly $0.0035\u2014a reduction of almost 90%. Launch had low liquidity.<\/p>\n

In its March 2024 token presale, Pike Finance<\/strong> raised just under $6.5 million. Participants paid between $0.0280 and $0.0374 for tokens. Given the initiative had generated so much money, several investors were dissatisfied at how the coin could launch with such a limited initial liquidity allocation.<\/p>\n

Early investors complained about the project among the price decline, and some even asked blockchain sleuth ZachXBT to look into things.<\/p>\n

“I paid $1500 into the @PikeFinance<\/strong> pre-sale. Right now, it is worth 61″<\/em>. One user on X going by Picolas Cage wrote: “The pool was seeded with $10k and instadumped in the first 30 minutes.”<\/em><\/p>\n

\"\"<\/p>\n

Following the token-generating event, Pike Finance<\/strong> wrote a message on X<\/a> outlining that the incident had happened and that the token had been used on the Base network. The Pike crew also said they “are implementing a new playbook for the Pike token launch.”<\/em><\/p>\n

Another post on X had a screenshot of Terryljm, one of the founders of Pike Finance<\/strong>, trying to cool off buyers in a Discord channel for presale attendees.<\/p>\n

Terryljm wrote in it that the team intends to buy Pike<\/strong> tokens from the open market and “use the remaining circulating collateral from the restitution supply” to increase liquidity. Terryljm remarked it will be a “progressive effort” done over several months.<\/p>\n

The team behind Pike Finance<\/strong>, Nuts Finance, created a number of additional cryptocurrency initiatives like Taiga Protocol, Tapio Finance, and ACoconut. Launched in 2021, ACoconut witnessed a comparable sharp drop; the project’s website is already unavailable and the price never recovers.<\/p>\n

The newest challenge Pike Finance<\/strong> has encountered since its founding is the token launch. Two hacks aiming at flaws in its smart contracts followed its presale. Security company Halborn estimates that the attackers stole around $1.6 million in one event and $300,000 in another, therefore causing a total loss of roughly $1.9 million.<\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Early Pike Finance investors worried about Monday’s token-generating event since the organization only supplied $10,000 in initial liquidity on the Aerodrome distributed market on Base. Based on DEXScreener statistics, the token’s price rapidly decreased to roughly $0.0035\u2014a reduction of almost 90%. Launch had low liquidity. In its March 2024 token presale, Pike Finance raised just<\/p>\n","protected":false},"author":6,"featured_media":30243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[8859,8858],"class_list":["post-30242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-pike","tag-pike-finance"],"yoast_head":"\nPike Finance Faces Backlash After Token Launch Crash - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/pike-finance-faces-backlash-after-token-launch-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pike Finance Faces Backlash After Token Launch Crash - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Early Pike Finance investors worried about Monday’s token-generating event since the organization only supplied $10,000 in initial liquidity on the Aerodrome distributed market on Base. 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