Dear HTX DAO Community and Committee,
As a participant in the recent listing vote, I wanted to share some observations from my independent analysis the token that was part of:
[HIP-005-4] Proposal for the Community Recommendation of MANYU Listing on HTX Exchange
MANYU met the minimum proposal rating of 50%. Myself, and a group of researches have identified several areas regarding this token that appear questionable. To ensure transparency and inform the community, I’ll share my findings factually across a series of posts. I recognize HTX’s compliance team performs due diligence, but posting publicly contributes to the record for all DAO participants.
This first post focuses on current token holder distribution. Subsequent posts will cover:
- Part 2: Blatant volume manipulation.
- Part 3: Early bundled wallets and their implications.
First let’s review the current holder distribution. MANYU has soared above the majority of projects in the crypto space sporting 22K+ holders in less than 30 days. What a milestone. However, deeper analysis into those holders shows some questionable stats.
This gives a views of the current token distribution (I could only provide 1 image as a new user.) As you can see 65% of holders hold less than $50 and staggering 42.9% hold less than $10. We are sure that you all have your own tools to review these similar metrics. We have provided these queries of the data publicly for review on dune analytics. You can search for “manyu data” by user fjbcoinstats to view the queries used to pull this data or visit directly at:
https://dune.com/fjbcoinstats/manyu-data
With the project pushing so much hype around having 22K holders, we believe you can use your dd team to see that early on a number of wallets were dusted. An example, that happened to originate from a bundled wallet, is wallet 0x17C591426d166BB56FF9CCd01aC9e5A60659FCA6 which dusted a number of wallets for 420.69 MANYU a week ago. Irrespective the data showing 42.9% of holders hold less than $10 should be a red flag enough to dig deeper.
In the next post I will move into the blatant volume manipulation.