Lodicoin, a new cryptocurrency that launched on Tuesday, lost 98.4 percent of its initial value within the first twenty minutes of trading.
As observed by Facebook page PH Metaverse, which has been monitoring the cryptocurrency since its launch, Lodicoin started trading an hour earlier than previously announced. This apparently gave one user a head start and dump a massive amount of the coin, wiping out $9,000 from the liquidity pool in the process. This soon caused other early investors to panic sell.
From the presale value of ₱0.005, the $LODI token crashed to ₱0.00092 after 20 minutes of release. PH Metaverse suspects there might be possible insider trading involved.
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Meanwhile, Lodicoin CEO and co-founder Jason Steele uploaded a video on TikTok in response to the crash. Steele claimed his company didn’t do a “rug pull” scam. He also put the blame on “toxic” and “ignorant” Filipinos for selling instead of holding on to their tokens.
As of 6:30PM September 21, data from PancakeSwap shows a $LODI token is worth 0.0000169325 Binance USD, which is worth ₱0.0009790.