Big Eyes Coin: Listing Fiasco Sparks Concerns About Potential Scam and Rug Pull
Big Eyes Coin made its debut on Uniswap but with a significant setback. The listing price on Thursday plunged by up to 88% below the team’s initial announcement, leading to a further fall in the token’s value. Currently, the $BIG token is down 99%, trading at an estimated value of $0.000007.
When the token was listed on Uniswap, its price was $0.0000743, much lower than the initial stated listing price of $0.0006. Phase one presale, which starts in August 2022, has a price of $0.0001. As a result, many investors have faced a sizeable reduction in their holdings, with multiple screenshots being shared depicting losses of up to $2,000 on an initial investment of $27,000.
The situation quickly attracted attention, with crypto influencer Jacob Bury questioning the legitimacy of the Big Eyes ICO and likening it to the infamous “rug pull” scheme often exposed by American YouTuber Stephen ‘Coffeezilla’ Findeisen. However, Coffeezilla has yet to comment on the Big Eyes presale or subsequent price drop following its launch on various crypto exchanges.
On June 16, the $BIG token was listed on its first centralized exchange, Poloniex, introducing its own decentralized exchange (DEX) called Big Eyes Swap. Despite this additional listing and claimed partnership with OKX wallet, the $BIG token price still needs to be recovered.
Prominent influencers such as Crypto Ahoy and Carl Talks Crypto have speculated that the Big Eyes crypto project could connect to other interesting rugs, such as Firepin and Journart. This speculation has raised further concerns among the community about the legitimacy and long-term potential of the project.
In response to growing doubts, the Big Eyes team claims to have “liquidated the initial bot” by selling some of the funds, which will then be reinvested into the liquidity pool. However, this announcement follows a series of odd decisions, including a mandatory $100 payment for merchants to claim their tokens early and an unexplained delay of more than six hours in the project launch.
Additionally, the @BigEyesCoin Twitter page was flooded with hundreds of comments from holders having trouble claiming their tokens, with many receiving frustrating “nonce too low” transaction errors.
Currently, the provision of liquidity appears to have been insufficient from the outset. Current liquidity is only $60,000, while the Big Eyes token market capitalization hovers around $1 million.
The listing debacle and subsequent price crash have cast doubt on the Big Eyes Coin project, prompting investors and influencers to question its legitimacy and potential long-term success. As the community awaits further developments, concerns remain high regarding the true nature of the project and the implications for those involved.
