WolvesDAO's gaming and AI token, WOOF, launched on Avalanche and experienced a significant price crash within two hours. The price went from $0.041 to $0.009, a 78% drop. Some accused insiders and organizers of contributing to the price plunge. However, investor and gaming influencer Jonah Blake decided to buy the token despite the risk. Several large wallets sold off a significant amount of WOOF, but considering the market cap was $16 million at launch, the sell-off wasn't substantial. The token's price continued to decline over the weekend, reaching a low of $0.005 on Sunday. This price action is reminiscent of what happened with another gaming-related token, CGX. The founders of WolvesDAO, a gaming-focused Discord community, have real names and have been involved in the blockchain gaming space for a while. The token was intended to be an access token for WolvesDAO's upcoming AI agent for blockchain gaming data searches. One "Avax degen" suggested that the market, rather than the project itself, was responsible for the token's fast fall. Overall, launching a token is risky, and it's hard to predict the actions of the team, whales, or holders. Some people chose to sell their WOOF allocation to de-risk, while others held onto it.



Other News from Today