The post Solana’s CABAL Token: A Bold Social Experiment Turns Sour as Influencers Dump $10,000 Airdrop appeared on BitcoinEthereumNews.com.

A recent experiment involving the Solana blockchain has raised eyebrows in the crypto community. The CABAL token, designed as a social experiment, ultimately faced severe backlash from its intended influencers. “I don’t know why they expected to hand someone $10,000 and have them not sell,” one influencer remarked, reflecting the project’s unexpected fallout. The CABAL token, a recent entrant in the meme coin market on Solana, has sparked controversy following its influencer-led airdrop that yielded unintended dumping behavior. Influencer Participation and Response The CABAL token, launched on the Pump.fun platform, engaged in a unique marketing strategy by airdropping 20% of its supply—valued at approximately $10,000—to ten prominent figures in the Crypto Twitter realm. This move was branded as one of the largest social experiments on the Solana network. However, the results were far from what the developers anticipated. Most influencers quickly liquidated their airdropped tokens within days of receiving them, signaling a significant disconnect between the project’s expectations and the behavior of the influencers. The Concept of a ‘Cabal’ in Crypto The term ‘cabal’ typically refers to a clandestine group wielding considerable influence, often seen in the context of political or business dealings. In the crypto landscape, it has been used to denote select insiders who band together to promote certain assets. The CABAL project aimed to instigate such a phenomenon by incentivizing influencers to guide their followers towards the token. Nonetheless, the rapid sell-off contradicted this intent. Notably, only three influencers remain engaged with the token after initial interest fizzled out. The dynamics underlying this dismissal hinge on key mistrust within the community and the perception of quick profits overshadowing long-term investment motivations. Market Reaction and Current Standing The aftermath of the CABAL token’s release saw a dramatic decline in its market cap. Initially peaking at approximately $848,000, the…

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Filed under: News - @ August 28, 2024 11:25 pm