
Hey all,
Despite our work around developments, partnerships and marketing, over the past few days, various issues surfaced concurrently, which led to major sell offs of $INFI.
The issues which contributed to the sell pressure and large sell offs recently can be summarised as the following:
• MEXC API bots. These were prevalent during the first week of us going live on Mexc, we had foreign apis aggressively trading the token and selling on the dex.
• FUD around airdropped wallets selling. The team bought supply to airdrop KOLs, and when sells took place from those wallets, it was often deemed that the team itself was selling. This was not the case.
• Sell pressure from normal buyers who accumulated for several days and would continue to dump large holdings as the chart began to dip.
Despite how the chart looks, we wanted to remind everyone of what we did since we launched:
- Showed progress of our INFI testnet, with simulated data for our network
- Started work on the Omni device prototype
- Began to build our mobile dapp for our Omni devices
- Secured partnerships with Zebec and Paal AI
- Launched on MEXC
- Registered as a company in the UK
- Added 10e to liquidity
- Have done over 100k in buybacks
What we will do:
We plan to rebuild from where we are, which may take some time and patience, but we won't give up despite the state of the chart at the moment. As we are serious about development, we will continue to proceed with everything that we are doing and are confident that the chart will reflect a fairer picture of the work being done.
We will also add a 10% sell tax to attempt to minimise further downside risk, and those will be spent on buybacks. We will be sharing the transactions with you when we do so.
Appreciate your support and we're looking forward to continuing this journey.
English







