Blockchain News

Big Eyes Coin: Listing Fiasco Sparks Concerns of a Potential Scam and Rug Pull

Big Eyes Coin debuted on Uniswap but with a significant setback. The listing price on Thursday plummeted by a staggering 88% below the team’s initial announcement, leading to further crashing of the token’s value. Currently, the $BIG token is down a whopping 99%, trading at an approximate value of $0.000007.

When the token was listed on Uniswap, its price was $0.0000743, significantly lower than the initially stated listing price of $0.0006. The presale’s stage one, which commenced in August 2022, had a price of $0.0001. As a result, numerous investors faced a considerable decline in their holdings, with some sharing screenshots depicting losses of up to $2,000 from an initial investment of $27,000.

The situation quickly drew attention, with crypto influencer Jacob Bury questioning the legitimacy of the Big Eyes ICO and likening it to the notorious “rug pull” schemes often exposed by American YouTuber Stephen ‘Coffeezilla’ Findeisen. However, Coffeezilla has yet to comment on the Big Eyes presale or the subsequent price crash following its launch on various crypto exchanges.

On June 16th, the $BIG token was listed on its first centralized exchange, Poloniex, while simultaneously introducing its own decentralized exchange (DEX) called Big Eyes Swap. Despite these additional listings and a purported partnership with the OKX wallet, the $BIG token’s price still needs to recover.

Prominent influencers such as Crypto Ahoy and Carl Talks Crypto have speculated that the Big Eyes crypto project may connect to other rug pulls, such as Firepin and Journart. These speculations have further raised concerns among the community regarding the legitimacy and long-term potential of the project.

In response to the mounting doubts, the Big Eyes team claimed to have “liquidated the initial bots” by selling off some funds, which would then be reinvested into the liquidity pool. However, this announcement followed a series of peculiar decisions, including a mandatory payment of $100 for traders to claim their tokens early and an unexplained delay of over six hours in the project’s launch.

Moreover, the @BigEyesCoin Twitter page was inundated with hundreds of comments from holders who encountered difficulties claiming their tokens, with many receiving a frustrating “nonce too low” transaction error.

At present, there appears to be insufficient liquidity provision from the outset. The current liquidity stands at a meager $60,000, while the market capitalization of the Big Eyes token hovers around $1 million.

The listing debacle and subsequent price crash have cast doubt over the Big Eyes Coin project, prompting investors and influencers alike to question its legitimacy and potential for long-term success. As the community awaits further developments, concerns remain high regarding the true nature of the project and its implications for those involved.

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