A Solana meme coin developer launched a project on Pump.fun and airdropped 20% of the token supply, CABAL, to 10 prominent Crypto Twitter influencers.
The project aimed to create a "cabal," hoping that influencers would promote the token and drive its value up. Instead, most recipients quickly sold off their tokens.
Solana’s “biggest social experiment”
The project branded itself as Solana's "biggest social experiment," distributing approximately $10,000 worth of CABAL tokens to influencers in the crypto space.
The name "cabal" was a deliberate nod to secretive insider groups that manipulate token prices.
The experiment sought to create a real-life version of such a group by financially incentivizing influencers to promote the token.
The cabal airdrop was heavily sold by ten KOLs
However, the plan didn’t work as intended. Within two days, only three influencers retained their tokens, with one even buying back at a lower price after selling.
Influencers like Ansem, Yenni, and Beaver initially received the tokens, but many quickly offloaded them, causing a significant drop in the token's value.
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One influencer, Yelo, admitted that they would have sold the tokens regardless of the project’s intentions. Yelo explained that changing wallets every few days makes it difficult for others to track their trades, emphasizing that the project’s expectations were unrealistic.
Beaver, another influencer, sold his tokens immediately and even encouraged another influencer to sell. After Yenni sold their tokens, Beaver repurchased them at a lower price and used the proceeds to promote the project further.
Current State of CABAL
As the "cabal" experiment unravels, the token's market cap has plummeted from $848,000 to $164,000.
Despite the setbacks, the project’s creator, MaxDoesCrypto, remains optimistic, viewing the initial dumping as part of the process of building a genuine community-driven "cabal."
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