There's an incredible amount of tokens out there where an overwhelming amount of supply are held by core team and market makers.
If you can't track the end to end provenance of token supply, you can assume there's a good amount of concentration and obsfucastion involved.
Top 250 is littered with these.
Broke: just posting the $OM chart
Woke: posting the chart and pointing out that it was a Polkastarter project and farming Polkadot mindshare
For those not in the know - Mantra Network was formerly Mantra DAO…and they used Polkastarter to effectively IDO years ago, masquerading as a future parachain on Polkadot.
The problem is that Polkastarter basically just mooched on the Polkadot branding for a long time and has a sordid history of IDOing pointless rug projects…with basically none of them actually ever becoming DOT parachains.
There’s a trail of social media comments spanning years exposing Starter as not actually being affiliated with Polkadot despite Starter implying it with their marketing. Commentators point to the fact that Starter wasn’t written in Substrate, and the POLS token is actually an ERC-20
Long story short - nobody uses Mantra. There’s barely any TVL or txn volume.
The rumor is the team holds most of the supply and MMs alongside some rich dude in Dubai have been manipulating the chart up for months crushing perp shorts because literally no one had tokens to sell. Seems like they decided it was time to dump the chart. Kind regards. -6bn FDV in a single daily candle
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