Informed Crypto News
3AC founders’ Three Arrowz Capitel memecoin crashes faster than 3AC
Headline, three AC founders, three arrows capital memo coin crashes faster than three AC, published at 6.50 pm UTC, October 1, 2024 on protos.com. Three arrows capital, three AC co-founders Suju and Kyle Davies have decided to launch their own meme coin, three arrows capital. The duo previously led a hedge fund that blew up, had its dwindling assets frozen by court order, and still owe billions of dollars to creditors. Authorities in Singapore arrested Ju last year for failing to comply with court instructions. Branded under a purposeful misspelling of their failed hedge fund and retweeted from their official social media accounts, the duo are now promoting a trading focused telegram channel to go with the newly minted ERC-20 token. Unfortunately for their mostly retail audience, up to 84% of its supply was held by insiders as of yesterday afternoon. 71.8% is now in a team and insider wallet. The token also imposes a punishing 1% tax on every buy and sell. The duo claims they will recirculate this tax to help their community swap the token for other bags. Finally, insiders control another eight wallets with generous allocations, bringing their total insider ownership to approximately 84% as of yesterday afternoon. Subheading three arrows capital trading near a nickel. From its 0.192 all-time high on September 27, the coin has lost over 70% of its value. It now trades near a nickel and the token's price chart since inception traces a classic pump and dump formation. Only 9.3% of the token supply is available for liquidity on Uniswap and non insider traders own a single-digit percentage. It has also lost over one-fifth of its value in the past 24 hours. The launch of their new memo coin has raised concerns about Ju and Davies' focus. Despite the serious nature of their alleged harm to former investors, they have decided to launch a misspelled memo coin and post-brain rot to a telegram channel. This recording was AI-generated. Get more crypto news at Protos.com.