World Record Egg's Two Crypto Tokens Leave Investors Scrambled
Famous egg from Instagram faces harsh criticism in its crypto ventures
The World Record Egg, once an Instagram sensation, has dived into the crypto world with disastrous results. The brand, acquired by French entrepreneur Mustafa El Fishawy, now faces heavy scrutiny due to the failure of two Solana-based tokens launched under its name. While El Fishawy hasn't confirmed his involvement in these ventures, both tokens have sparked controversy and accusations of insider manipulation.
The first token, "Just An Egg," was launched on Solana in March 2024, boasting a $2 million presale. It briefly soared to a market cap of $150 million before crashing. Allegations surfaced that a small number of wallets manipulated the token’s value. Blockchain records revealed that 90% of the supply was bought by three wallets linked to a single Binance withdrawal.
The second token was introduced shortly after the first’s collapse but has also struggled. Despite fewer accusations of manipulation, its market cap plummeted from $30 million to under $1 million by late September. Community members have been left in the dark as the project's Telegram group remains filled with unanswered questions, and the roadmap remains vague.
The situation worsened with the revelation of a prior failed Ethereum token under the same "Just An Egg" brand, leading to further skepticism. Investors are now rallying for legal action, accusing the team of defrauding them. Sensey, an investor, is spearheading a social campaign to gather victims and pursue justice.
The once-iconic World Record Egg has now become a cautionary tale in the crypto world, leaving investors frustrated and searching for answers.
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