One of the co-founders of the controversial memecoin Libra says that the project itself “snipped” the token immediately after it was rolled out.
In Crypto -trade, Sniping refers to the practice of the use of trade bots or scripts to buy a newly launched coin prior to large transactions or the access of retail traders.
Snipers are given their lead by buying early in anticipation of a huge peak in trade volume with the arrival of other investors.
In a new interview on the Voidzilla YouTube channel, Libra employee Hayden Davis out He does not deny that portfolios linked to the project have shipped the memecoin on the launch day.
According to Davis, Libra had devoted a separate treasury to swallow the token and other investors in the front.
‘That money that we regard as ‘sniping’ is the money from the project. ”
Davis says that teams behind Memecoin launch often practice sniping others to “scare off” others to come in early.
“From the point of view of Sniping, usually when we snip, we try to prevent other snipers from entering.”
He explains that Memecoin projects have to sniff their own coins to increase the chances of survival by blowing up market capitalization to a high enough level that the market can absorb large sales orders from deep pocket investors.
Libra, a crypto project in the first instance reverse By Argentinan President Javier Milei, risen to a market capitalization of more than $ 4 billion on the launch day before he lost more than 95% of his value on the same day. Milei has since returned his support for the crypto assets. The people behind the team, including Davis, are in warm water in the midst of carpet and trade consensions.
But Davis denies some misconduct and says that Libra is a “plan that has become miserably wrong.” He also says that the team is for $ 100 million in the money of the project.
https://www.youtube.com/watch?v=eQIZJTBXAEM
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