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7 Oct 2023 11:00:32 UTC
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million-token-(mm)-good-news-techlead-is
Million Token is hot. All around you can hear this is a scam, this is a scam. Let's see what's really going on here.
First, the price dropped from $ 223 to $ 39. The decline was expected for the usual reasons. The token is new, early investors started selling to make a profit, and so on. But unlike other tokens, Million has one feature that is not common.
At this stage of development, the fate of the token really depends on only one person.
As you know, YouTuber, Techlead created this token and promoted it in a different way. There are only 1 million tokens and Techlead has put his million dollars in the liquidity pool, which should guarantee that the price of the token cannot fall below 1 dollar.
This is his claim. But the claim is not supported by any contract because those million dollars are not locked. So, he can withdraw that money whenever he wants, and whether he will keep his word and buy all the tokens at the price of 1 dollar, if there is a need for that, remains to be seen.
For now, he constantly withdraws that money from the liquidity pool, and then returns it.
So, this whole story about his million dollars was propaganda. He uses that money as a liquidity provider and profits from it.
But I'll tell you it doesn't matter. When you buy this token for $ 100 or $ 200, or even for $ 1,000 or $ 2,000, being able to sell it for $ 1 means nothing. Huge money is lost.
That is why this token should be viewed like any other. The chance of success will depend on the development of its utility.
So, is Techlead to blame for such a drop in price? Yes and no.
Since he is the only major liquidity provider, the price depended on how he used the money in the liquidity pool.
When the price jumped, Techlead withdrew money from the pool because he did not want to buy Million Token for such a high price. All the others who bought were not strong enough to prevent the price from falling.
Just when everyone thought they were scammed again, you can see how Upshod, another YouTuber who created his coin, took the money from his viewers and escaped, Techlead returned the money to the liquidity pool.
So, if we think of him as the person responsible for this token, then guilt can be found in him. On the other hand, no one can expect him to work in a way that will bring him a loss of money. Besides, even if he wanted to buy tokens at such a high price that it would generate a loss for him, he didn't have enough money for it. Once again, this token should be viewed like any other token that has no fundamental value. At least not yet. Techlead is, in this case, just one of the whales, albeit the largest, that can help or harm the token. However, since Million is tied to his name, he is more likely to try to do something good to make the token thrive.
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https://www.youtube.com/watch?v=pahFLcM86Ow
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