KOLs manipulated the token pre-sale to cut $150,000, and the social experiment behind the crash of the meme market

Original author: @StarPlatinumSOL
Original compilation: zhouzhou, BlockBeats

Editor's note: This article tells the story of two crypto KOLs – Books and Shillin Villain – who used the token presale to conduct a "social experiment." The majority of the supply of the tokens they launched, such as $COPE and $POGE, was controlled by the team, causing the token price to crash quickly after the launch. They have also launched an early access pass (0.5 SOL, 1000 supply) to provide an opportunity for users who want to participate in the token offering in advance. The duo repeatedly manipulated the market by controlling the supply of tokens, which eventually caused the price of the token to plummet, causing investors to lose.

The following is the original content (the original content has been edited for ease of reading and comprehension):

A group of KOLs seem to be launching tokens and selling them to their fans.

Nobody talks about it, but it's happening.

To understand this confusion, we need to talk about the main people involved in these token offerings:

• Books, also known as @DaoKwonDo

• @ShiLLin_ViLLian

Both have a long and controversial history in the crypto space.

Shillin Villain was CT's most popular Spaces host.

Together with Bark, he launched DeFi Apes,

But the project eventually collapsed, losing 22K ETH and shutting down.

His biggest scandal was Network Token,

In a failed release, he allegedly crippled his own community, resulting in millions in losses.

Books has been active in this circle since 2021.

He has been involved in a number of NFT projects that have failed.

His latest turmoil is $POX,

A failed Solana project.

He built momentum for the project, but problems came to light after the launch.

Another token that could be related to Books is $WILDNOUT.

It was promoted by @NickCannon, who is a tuba with 4 million followers.

But insiders hold most of the supply.

This makes it easy to manipulate the market, sell it, and then disappear.

Sometime this year, the two KOLs joined forces during a live stream.

Books runs a fee-based Alpha group that shares investment advice for $25.

That's when they started conducting a "social experiment" that involved a token presale.

• 31% allocated to the team

• 31% is allocated to market making

One of the first tokens they launched was $COPE. Most of the supply is held by the team.

At one point, they even locked up some of their tokens, but after the launch, the token price quickly collapsed.

The next token to be launched immediately after the $COPE crash was $POGE. These two KOLs seem to control 95% of the supply, which gives them complete control over the price, and the result is the same.

Another of their "social experiments" is the Early Access Pass. The total supply is 1000. Mint Price: 0.5 SOL. This is for those who want to participate in the token offering in advance.

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