San Jian Capital returns to establish a Meme fund, but 80% of the supply is concentrated in the hands of insiders
What is the real Meme here? Token distribution.Author: 0xLouisT
Compiled by: Deep Tide TechFlow
Three days ago, 3AC launched a Meme fund called $3AC. Users from @bubblemaps quickly discovered that 80% of the supply is concentrated in a single cluster.
However, curiosity drove me to dig deeper—what exactly are Su and Kyle up to? Will these former billionaires really make a comeback?
Presale
On-chain traces show that the team raised 750 ETH (about $2 million) from approximately 25 investors in a private presale. The participating wallets are closely associated with the bobocoineth team, Milady team, izebeleth, maybectrlfreak, and PandoraERC404, as well as the OXFUNHQ team, which is not surprising.
Issuance
The issuance of the 3AC token is quite attractive. The 3AC team roughly split the proceeds from the private sale in half. They allocated 317 ETH ($850,000) for liquidity on Uniswap V2 and locked it for one year. The remaining 336 ETH ($880,000) is dispersed across eight wallets, which belong to the team that purchased $3AC before its listing. Currently, these wallets' returns are between 10x to 30x their cost basis.
Another early buyer, possibly tipped off by an insider, used @BananaGunBot (great product!) to purchase $320,000 worth of $3AC, which peaked at $1.23 million. He cashed out at the high but changed his mind and repurchased the same amount a few minutes later. Now, the value of these $3AC has dropped by over 50%.
Token Economics
If you think the "low circulation, high FDV" model is bad, just wait to see 3AC's "low circulation, high concentration" model.
Aside from a significant portion of the supply early bought by those eight team wallets, 3AC allocated 50% of the supply to themselves at the token's genesis.
Wallet address:
0x9aA17AF45fE866f88A9a82Eb55fA250c2fF43597
The token also charges a 1% tax on every buy and sell, with the tax flowing into a tax wallet that has accumulated over 7% of the total supply.
Tax wallet address:
0x9B427aC936B8B25266Cd9DA54C667A8ba2353C5B
Most (but not all) of these wallets were merged a few hours ago into a primary team and insider wallet.
Insider wallet address:
0x60244d0DD5FDebE73E2E25577d78Ad1Ad07f2430
In summary, we have this striking chart, with tokens held by insiders marked in red, while the community and liquidity are marked in green:
8% Community
8% Liquidity
84% Team and Insiders
Presale participants have begun receiving distributions of 3AC tokens, with amounts ranging from $25K to $100K per wallet. Notably, less than 25% of presale participants have sold their first 3AC distribution. However, several presale participants have already cashed out multiple five-figure sums.
At this point, it should be clear that buying this token means placing trust in a small group that controls over 84% of the supply. Some might even call it a concentrated token. The choice is yours: decide whether you want to participate in this game.
In conclusion: what is the real Meme here? Token distribution. Are these former billionaires really going to make a comeback?
