Is Big Brother Back to Shearing Sheep? New Meme Coin Plunges Upon Debut, With a Steep 15% Fee for Every Buy and Sell – Time to Uncover the Truth?

A prominent figure in the cryptocurrency realm, Huang Licheng, recently launched the meme token "$Bobaoppa" on the Solana platform under the guise of his pet dog's name "Bobaoppa". Despite raising over 220,000 SOL, equivalent to more than $44 million, during the presale, the token faced a tumultuous start.

Bobaoppa Token Plummets in Price Post-Launch Amid Transaction Fee Controversy

Before the official debut, Huang Licheng was found to have transferred 156,300 SOL to the BlazeStake staking platform, allocating only about 30% of the raised SOL to the $Bobaoppa liquidity pool. This allocation discrepancy, coupled with exorbitant transaction fees, resulted in a nearly 50% price drop within 15 minutes of trading. Additionally, the pool imposed dynamic fees ranging from 2% to 10%, with a hefty one-way charge of 8.75%. Engaging in a buy-sell cycle would incur an immediate 15% loss of capital.

Shortly after the token's launch, Binance Plaza echoed concerns over fake contract addresses circulating under the guise of the Bobaoppa project, urging users to exercise caution. Despite the price plummet, Huang Licheng's latest post on X platform expressed no issues found during the audit of the $BOBAOPPA contract.

The Rollercoaster Journey of Jeffrey Huang's Cryptocurrency Ventures: Challenges and Controversies from Mithril to Cream Finance

Huang Licheng's ventures in the cryptocurrency arena have been marked by both successes and failures. His creation of the decentralized social media platform Mithril in late 2017 garnered $51.6 million through private token sales. However, the platform's token faced a sharp decline shortly after its 2018 listing.

In collaboration with Taiwanese political figures Xie Guoliang, Lin Zhanglin, and Ryan Terribilini, Huang founded Formosa Financial in early 2018, aimed at providing financial management services to blockchain companies. Despite promises of an IPO on the New York Stock Exchange, Formosa Financial's token FMF suffered a steep drop post-listing.

In 2020, Cream Finance, a cryptocurrency lending platform co-founded by Huang Licheng and Leo Cheng, fell victim to exploitation multiple times, resulting in losses exceeding $192 million.

Huang's promotion of the anonymous project Mith Cash in December 2020 led to a surge in TVL to $1 billion within days. However, the project's token eventually plummeted to zero.

In August 2021, Huang launched the game "Heroes of Evermore" under an anonymous team identity, later discovered to engage in the unauthorized issuance and monetization of rare NFTs, deemed as insider trading.

"Hump" Phenomenon on the Blockchain: HUMP Token Leads the Innovative Transformation of Meme Coins

The emergence of Hump (HUMP) on the Solana blockchain signifies a significant shift in meme coins' perception. Beyond being digital assets, meme coins like HUMP represent creativity and community. Distinguished by its unique style and innovative approach, HUMP transcends traditional limitations of decentralized finance.

HUMP Token Surges 1000% in Value to an Incredible $30 Billion Market Cap

With a staggering 1000% surge, HUMP's market cap soared to an incredible $30 billion. This unprecedented growth not only demonstrates HUMP's immediate impact but also lays the groundwork for its trajectory in the cryptocurrency market. Setting its sights on exponential growth, HUMP aims to emulate the success of other Solana meme coins like BONK, BOME, and WIF by listing on prominent centralized exchanges (CEXs).

HUMP Token: Community-Driven Value Creation and Continuous Resonance of Meme Currencies

Rooted in the core principles of community engagement, HUMP fosters a platform where anyone can contribute and profit. With a capped supply of 6.9 billion HUMP tokens, the design incentivizes participation and maintains scarcity, safeguarding its value in the ecosystem. Positioned as a significant player in decentralized finance, HUMP continues to resonate as a meme currency, representing the dynamic shifts in the cryptocurrency market.