"We had a plan, and a story to tell, and we were faced with an impossible situation, frontrun on literally the mascot character of our own brand," ai16z's creator Shaw stated, reflecting on how the sudden launch of a competing ELIZA token disrupted their strategy and caused confusion among investors.
Shaw clarified that the new ELIZA token was "essential" in creating a distinct asset that could grow independently of ai16z's branding, aiming to establish a more sustainable future for the project.
The chaotic market response resulted in massive losses, with the older ELIZA coin's market cap plummeting from $40 million to $6 million in just 30 minutes, while the new coin soared to $100 million.
In his defense on X, Shaw indicated that holders of the old token would receive 10% of the new token, labeling it a de facto bailout for those who suffered significant losses on their initial investment.
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