After waiting for half a year, it went online and dropped 80%. Let's take a look at the "tricks" of gm.ai's founder

Author: Nan Zhi, Odaily Planet Daily

Last night at 7 PM, GM (gm.ai), which had been in presale for nearly half a year, finally launched its airdrop and token trading. However, after briefly touching $0.13, GM plummeted within minutes, closing at $0.025 by 8 PM, an 80% drop in one hour.

During the presale, the average allocation was about 1 SOL for 1500 GM tokens. Based on the SOL price of 190 USDT at the time of the presale, the loss ratio reached as high as 80%.

Massive Presale, Turning to Binance

155,000 SOL in Half an Hour

Since the beginning of March, when BOME initiated the trend of decentralized presale fundraising, several projects with extremely high fundraising amounts have emerged, with the fundraising cap gradually increasing from BOME's 10,000 SOL to tens of thousands.

On March 18, Whales Market founder dexter posted on platform X (the tweet has since been deleted to avoid further transfers) announcing the launch of an AI project presale, setting a hard cap of $30 million (approximately 155,000 SOL). Although there had been several incidents of high fundraising amounts leading to scams, at that time, Whales Market was very popular, and with previous formal projects like Loot, dexter managed to raise 155,000 SOL in just half an hour.

Transferring to Binance and Selling

However, the next day, users discovered that dexter had deposited approximately 159,802 SOL, worth $27.64 million, into Binance.

In response, dexter stated that the transfer to Binance was to sell for stablecoins to avoid significant depreciation of SOL. He also promised to allocate the funds reasonably.

A Long Season: From Spring to Autumn

Slow Project Progress, Created a Pump Clone

In the following two weeks, dexter announced several updates on the project and stated on April 9 that the GM token would be launched, but there was basically no substantial progress afterward.

Instead, at the end of May, dexter launched a pump clone called whales.meme, but due to poor product quality, aside from the first token GMCAT briefly spiking, it was hardly used and lasted less than a day.

Pre-Market: Hovering on the Edge of Break-even

At the end of June, dexter launched the pre-market for the GM token on his product Whales Market, with a floor price of about $0.08 the next day, which, when converted based on 1 SOL for 1500 GM tokens, equated to approximately 0.83 SOL.

Ultimately, on July 29, dexter announced that the token airdrop would take place on August 14. The GM token briefly surpassed $0.14 in pre-market trading on Whales Markets, appearing to break even on paper, but in reality, the daily trading volume was only a few hundred thousand dollars, with very limited hedging space.

Taxation, Token Absorption, and Price Drop

The tokenomics of the gm.ai project token GM indicate that there will be a 6% bidirectional trading tax on buying and selling the token. Subsequently, founder dexter stated regarding this matter: "All taxes on Meteora will be reinvested into liquidity, and the tax will be removed within weeks when the token is listed on CEX. This tax setting is only effective on DEX in the early stages of the project."

Today at 7 PM, trading for the GM token commenced, and users "understood" why GM needed to impose taxes to add liquidity. Dexter collected a total of 150,000 SOL during the presale but only added 14,000 SOL to the GM token liquidity pool. As of the time of writing, dexter has not provided any explanation regarding the whereabouts or uses of the remaining tokens.

Long-term delays, unclear project prospects, and the founder's continuous questionable actions have caused widespread loss of confidence among users in gm.ai and the token, leading to a rapid price drop without any significant signs of bottoming out or rebound.