WolvesDAO’s WOOF Token Plummets 78% Within Two Hours of Launch
WolvesDAO's gaming and AI token WOOF launched on Avalanche but experienced a rapid price decline. Key points include:
- Launch occurred at 10 AM ET; price dropped from $0.041 to $0.009 within two hours, a 78% decrease.
- Accusations emerged regarding early selling by insiders contributing to the crash.
- Whales sold approximately $143,000 worth of WOOF shortly after launch.
- Market cap at launch was around $16 million; subsequent trading activity included sales by smaller investors as well.
- By Sunday afternoon, the token hit a low of $0.005, marking a further 42% drop over the weekend.
- WOOF is intended as an access token for WolvesDAO’s upcoming AI agent focused on blockchain gaming data searches.
- The market sentiment remains cautious, with other tokens such as KAITO also experiencing declines.
Co-founders acknowledged the challenging market conditions but expressed commitment to developing their project. They plan to host real-life events to engage the community.