Enron "resurrected" with memecoin ENRON, holding 90% of total supply

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Coin68
02-05
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The notorious bankrupt energy company Enron has been resurrected in the form of an ENRON token project on Solana. However, this move has only brought more criticism, as according to the tokenomics, up to 90% of the total ENRON supply belongs to the "dev team and insiders".

Enron "resurrected" with the ENRON memecoin, holding 90% of the total supply

As Coin68 reported, at the beginning of December last year, the crypto community was in an uproar over the rumors of Enron's "resurrection".

At that time, there were many signs indicating that the famous and notorious American energy conglomerate was preparing to be reborn as a decentralized energy project, and hinting at the possibility of launching a token.

Enron was once honored as the "Most Innovative Company in America" for 6 consecutive years, but in 2001 it was discovered to have engaged in a series of accounting frauds to conceal its true business situation. Enron's bankruptcy is still the largest fraud-related bankruptcy in US history, with a value of up to $63.4 billion.

Therefore, a company with a fraudulent past now entering the crypto market and launching a token is enough to understand how concerned the community is. And indeed, these concerns are completely justified!

On the evening of February 4, 2025, Enron's X account posted a very familiar status update: a token code, a contract address, and a call to participate. Yes, no different from the endless memecoin projects launching on Solana's Pump.fun every day.

$ENRON is here. This will be the fuel that powers our journey. Join us now on Solana.

CA: BktHEAc2WS8TQi2vmavn1rA4L1WJuwF3Vkk3DnwwARti pic.twitter.com/3TvYDDgfeA

— Enron (@Enron) February 4, 2025

Users quickly discovered that according to the tokenomics posted on the website, up to 90% of the total ENRON supply belongs to the project team and "insiders".

you clowns taking 90% to dump on people's heads pic.twitter.com/ILhFiTHjQt

— Darren Lau (@Darrenlautf) February 4, 2025

90% to insiders
10% to LP for mentally handicapped children to buy

Team and insiders unlock after 7 days then linear unlock for 6 months (180 days)

If you buy this scam you're forever cursed and you'll live a life of poverty forever. https://t.co/D561ZUx4we pic.twitter.com/9USvxdDgd5

— karbon 🐺🦊 (@basedkarbon) February 4, 2025

10% - Initial liquidity provision

30% - Foundation

40% - Team and reserve fund. Locked for 7 days, gradually unlocked over 180 days (6 months)

20% - Investors, with a similar vesting schedule as above

So, apart from the 10% provided for liquidity, 90% will belong to the project and early investors, or more accurately, the "insiders" who were able to buy the tokens early.

With such a "greedy" tokenomics, the crypto community is understandably furious. It feels like the bankrupt company is only entering the crypto market to "suck money", make money from gullible users without any intention of contributing or supporting the industry at all!

The ENRON price chart also clearly reflects this. As soon as it was launched, the token's market capitalization quickly pumped to over $650 million in just a few minutes, but then came the "dump to the ground"... Currently, ENRON's market capitalization is only over $150 million, with the price having divided by 5 within 24 hours of launch.

ENRON's market capitalization chart since launch, screenshot from Dexscreener at 12:10 PM on 05/02/2025

ENRON's price chart since launch, screenshot from Dexscreener at 12:10 PM on 05/02/2025

Not only was it criticized for holding 90% of the total supply, but according to Bubblemaps, the distributed tokens were also not locked or vested as the project claimed.

The deployer GQ4ua:

• Sent 60% of the supply to 4wFYZ
• Sent another 32% to 50 addresses

All of these addresses are unlocked—contrary to the tokenomics pic.twitter.com/OdeP45Myg6

— Bubblemaps (@bubblemaps) February 4, 2025

"The dev wallet GQ4ua:

- transferred 60% of the total supply to the 4wFYZ wallet
- transferred 32% to 50 other wallets

All of these wallet addresses are unlocked - completely contradicting the tokenomics."

The wallets that recorded huge profits from ENRON are also all "insiders" who were able to buy early at launch. For example, one wallet address that purchased 1% of the total supply on the very first Block made a profit of $3.9 million in just 10 minutes:

A wallet who purchased 1% of this token on the first block of launch profited $3.9M in ten minutes https://t.co/uA4XlJFrUd pic.twitter.com/AXIeHbmThY

— Conor (@jconorgrogan) February 4, 2025

Or as Lookonchain discovered, a wallet that bought $900,000 worth of ENRON just 1 second after the contract address was announced, made a profit of $4.4 million in under 30 minutes:

This guy aped in with $900K to buy 11.66M $ENRON just one second after @Enron posted the contract address—then cashed out for $5.3M, pulling a $4.4M profit in under 30 minutes!https://t.co/WoUfDk5FZG pic.twitter.com/6gpSnD3jGo

— Lookonchain (@lookonchain) February 5, 2025

Perhaps due to excessive criticism, Enron subsequently announced an adjustment to the tokenomics, changing the lock-up period to 6 months lock-up, 12 months vesting thereafter.

When we said maximum transparency, we meant it. #MAXTRANS

Unfortunately, snipers got in early - but fortunately, they are now gone forever. It's time to build.

In response to feedback about the 7 day lockup, we hear you.

The updated lock up for the team and investors is 6…

— Enron (@Enron) February 4, 2025

The project affirms that this adjustment demonstrates the team's "long-term commitment" and that they have listened to the community to build the future together.

Compiled by Coin68

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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