Su Zhu Launches Memecoin Three Arrowz Capitel
2024-09-30
Bittime - Su Zhu launched a new memecoin on September 27 with the price soaring to nearly $100 million within hours.
Attributed to Three Arrows Capital (3AC), this token sparked market speculation and manipulation concerns. To find out more clearly, read this article!
Su Zhu Launches Memecoin
On September 27, the new coin was launched, and within hours, its price soared to nearly $100 million after briefly topping $170 million.
According to its website, Three Arrowz Capitel claims to be a fund investing in high-risk projects, such as meme coins associated with “dogs,” “cats,” “China,” and even some controversial “racist” tokens.
However, considering the website's humorous design and nonsensical statements, it's hard to take this seriously as just an alibi for releasing his meme coin.
Three Arrowz Capitel Has 3AC Link
No doubt, Three Arrowz Capitel has a link to the trading page of 3AC, which is a meme token on the Ethereum blockchain with a maximum supply of 888.88 million tokens.
Its price has soared more than 5,000% since its launch, raising speculation about market manipulation.
Token Stock Locked in Some Wallets
According to Bubblemaps blockchain analysis, 80% of the stock of this token is locked in multiple wallets interconnected by ownership, indicating possible price inflation.
Read Also: Binance Launches Pre-Market Trading System
First Impression Three Arrows Capital
At first, Three Arrows Capital was the largest crypto asset venture capital fund with assets valued at $10 billion.
However, the fund was over-leveraged and went bankrupt due to the overall crypto market decline due to a number of inappropriate investment decisions.
Conclusion
The launch of memecoin by Su Zhu on September 27, which immediately soared to nearly $100 million, highlights the popularity of meme coins, even though they are fraught with risk and speculation.
Three Arrowz Capitel's ties to Three Arrows Capital (3AC), previously one of the largest crypto venture capital funds before going bankrupt, adds to the controversy.
Although the Three Arrowz Capitel website looks cute and is hard to take seriously, the memecoin price increase of up to 5,000% raises suspicions of market manipulation, especially since 80% of the token stock is locked in interconnected wallets.
This shows the potential for deliberate price inflation. The launch of this meme coin reflects 3AC's trail of risk and speculation in the crypto world.
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