QWN chart is like a pac-man speed run for its hodlers - within 24hrs everybody realises that there's no new money coming in to buy their bags. They were not genius, just faster than some in this game of musical chairs
An inexperienced dev mistakenly locked liquidity on the mainnet for a test token, turning it into a memecoin named $TEST. With no active development, it's a fee-free and unique trading opportunity on 4chan.
here's the basic takeaway:
(1) the court clearly stated that the underlying token isn't a security. what you look to is the offers to sell that token. that is where the investment contract can lie.