- 2,146$
Here's what you need to know so you don't make the same mistakes I did.
How did this happen?
Now all exchanges provide 2 pre-market systems.
1. Standard system where you sell/buy a token and leave a deposit (which is charged to you if you fail to fulfill the conditions on your part). It`s pre-spot trading by it`s definition. You have to complete or give-up order that u filled to get tokens/money.
2. Futures on a token. Like futures on nothing(price guessing).
But the most important thing that can liquidate you is that any liquidation on futures occurs at a fair price. A fair price is the price at which the token is traded on the spot market.
What's the catch? Let`s take the $0G token as an example. Team calculated its tokenomics with the token price of 5$, at the same time the pre-market price on all exchanges was 3.5$.
At 13:00 UTC during the listing, all market makers launched at the specified price: 5$ per token. What does this mean? The fair price (which, I remind you, is tied to the spot price) instantly became 5$. And at the same time, no one bought the token at a price lower or higher than this, which is the launch price of the token on the spot market.
As you understand, the “last price”(price which you open and close positions at) was 3.5$, and the "fair price"(spot once again) instantly became 5$ at 1:00 p.m. for 1 second (which is a 40% net upward movement from the futures price), and this immediately triggered a cascade of liquidations for everyone who did not have enough margin for the liquidation price to be above 5$.
What conclusion should be drawn?
When listing a token that is traded on the futures premarket, it can be released at ANY price, regardless of how much higher or lower it is than the futures price. The market maker can easily liquidate you in both directions (by starting trading too low or, conversely, creating a huge upward candle that will liquidate everyone).
To be honest, in my opinion, this is a clear scam on the side of @MEXC_Official exchange. Just draw a fair price for liquidating people. Fair price is not a real price for futures, U cant trade with fair price (you can be liquidated at a fair price in such a case, but at the same time you will not be able to open any position at this price).
Thanks for your attention. Please learn from my mistakes.
(2nd chart is how 1 second fair price pump looks on chart)
Wow massive spam of scam link of "sol burner" to clear unclosed sol accs (read more about it)
funny how this "0.002 SOL" got into trending.
Btw don`t think there is a single person to fall for that stuff
P.s Solincinerator to clean acc (or u can do that inside axiom)
@IamPurkov@solscanofficial Nah as I said it`s some fake substuck acc
Ig their worker delited original solscan acc and recreated his own with the same tag.
I just don`t believe people were that stupid to see that acc literally had 0 subs, 0 posts made before "official token launch"
nah no way it`s not fake substack acc and @solscanofficial really launched a token which being rug + sniped + dumped by all the snipers ever possible
EZKBLsiMX8HbjS31bzmRm97KqYN4ji8BqkG3jeL8bh2L
+ DEX literally saying not the off token
RUG gg
Now whenever you send money to adress that doesn`t seems to be TON adress, Tonkeeper automatically add .ton in the end so you know, that you are sending money to someone`s domain name.
Did you liked the explanation or have any questions left? Let me know down below 🫡
GENIUS STORY OF THE TON NETWORK SCAM THAT JUST APPEARED TODAY 👏
I was recently told that you can download Tonkeeper 4.4.1, send money from TON to the XRP network at @okx or @bitget and get 5% more than you sent.
Sounds Absurd and stupid isn`t it? But here`s what happened next:
How did they deposited money to sender`s OKX wallet ? Scammers asked them to set "XRP memo" in comments for TON transaction. That`s how they always knew where to send money to.
And. Why TonKeeper 4.4.1? This was one of the versions that didn`t show .ton in adress line.