Earlier this month, the Save the Kids Token debuted on the Ethereum network. The Project’s anti-whale system was changed after it was pumped by Influencers, the Market value dropped immediately after launch, and more. These are all significant issues with the Save the Kids token, and this article will examine the most significant ones. Read on to learn more about its future. After all, we’re helping the kids!
Influencers pumped and dumped their $KIDS tokens
The Save The Kids cryptocurrency token was promoted by several “influencers” on YouTube and other social media. The cryptocurrency token was widely hailed as being “unruggable,” “liquidity-locked for one year,” and protected from a “pump and dump” scheme. Its creators even marketed the cryptocurrency as having transaction limits of 0.5% per transaction, which would make it difficult to make large purchases.
The $KIDS token had a huge hype following its launch in June. Influencers like FaZe Clan and Rice Gum encouraged fans to invest. Influencers helped to boost the value of the $KIDS token, but its value crashed shortly after the token’s launch. As a result, many people accused Save the Kids of pump and dump. Meanwhile, some of these influencers claimed to have been unaware of the scheme and sold their tokens before the big dump.
According to Mashable, the scammers pumped and dumped the price of their altcoin. However, these “influencers” did not report their activities to any organization. This means that those who invested in the altcoin did not get the reward they were promised. The scammers used fake accounts to boost the price of their tokens, which was then dumped and sold for large profits.
While cryptocurrency is slowly finding acceptance in mainstream society, its value is not regulated and is unregulated. The Save the Kids cryptocurrency was launched by an esports team called the FaZe Clan, and the organization suspended four members for their promotion of the cryptocurrency. They later released an apology video, claiming they are innocent. And as a result, the team members have been booted from the company.
Project’s anti-whale system was modified
EverGrow has an anti-whale system that limits sale amounts to 0.125% of the circulating supply. EverGrow aims to develop different products within its Ecosystem, including the Binance smart Chain-based NFT marketplace and the Content Subscription Platform. The Project’s team understands the importance of utilities. For this reason, they’ve changed the way they sell their crypto assets.
Market value of $KIDS tokens plummeted after launch
The $KIDS cryptocurrency is a crypto charity project that was launched in May. This altcoin was marketed by FaZe Clan founder Xavier Banks, and rose in value after his promotion, but then plummeted 90% after early investors started selling off. In its promotional video, $KIDS was positioned as a charity token, promising to redistribute wealth. Many fans invested in the altcoin because it had a similar concept to BankSocial.
Founders of the Save the Kids initiative were criticized by investors for encouraging investors to invest in their project. Influencers such as RiceGum, FaZe Clan, and Faze Nikan encouraged their fans to invest in the crypto currency. As a result, large numbers of pre-sale tokens flooded the market and prompted accusations of pump and dump scams. The project’s brand ambassadors also faced a PR crisis.
The altcoin was launched with a total supply of 1 billion tokens. Initially, its operators told investors that they did not pay ambassadors for their efforts to promote the crypto currency. Instead, ambassadors received tokens purchased by others at a reduced rate during the pre-sale. While this strategy is a good practice for promoting a cryptocurrency, it has not worked in this case.
A popular crypto currency, cryptocurrency has no regulatory authority, so despite the emergence of cryptocurrencies, it’s difficult to gauge their reliability. Even if you know someone who’s a big name in the cryptocurrency community, there’s a good chance that you’ll get scammed. After all, there’s nothing more embarrassing than losing money on a scam. The Save the Kids altcoin is a great example of this.
Issues with Save the Kids token
A number of FaZe clan members have been accused of promoting the cryptocurrency Save the Kids in their YouTube videos. In particular, former member Kay Khattri is accused of supporting a new sale of the Save the Kids crypto coin which was supposed to raise money for charity. However, once the cryptocurrency was introduced, its value plummeted, leaving early investors with no choice but to withdraw their money. Ultimately, the cryptocurrency failed to meet its objectives and failed to raise the funds necessary for the charity.
While the anonymous Save the Kids owner ordered a developer to change the anti-whale code, he did not disclose his identity. This means that he may have unknowingly duped a number of people. The FTC could take action against those who promote crypto tokens, and the SEC may have a difficult time enforcing its securities laws when it comes to altcoins. But even if the anonymous Save the Kids owner is not personally responsible for the issues he caused, he could be facing a civil lawsuit for his actions.
After the Save the Children cryptocurrency was launched, the FaZe Clan and several prominent YouTubers were suspended from the project. Jarvis Khattri and Nikan Nadim were banned from the project. The YouTuber Ray and his partner Bryan Quang were also banned from the Save the Kids charity. They are also accused of fraud, and their videos have prompted a backlash against their esports videos.
The project was criticized for the manipulation of its community by its founders. In addition, the name “Save the Kids” was very similar to the logo of another charity, Save the Children. This made the project vulnerable to a tainted marketing campaign. This led to a heightened level of distrust among consumers, resulting in lower prices. Some online detectives have even revealed the names of the individuals who were involved in the presale of the token.