The brand behind one of the most-liked photos on the internet entered the cryptocurrency realm earlier this year when a crypto enthusiast acquired the rights to the @world_record_egg Instagram account. However, the journey of their tokens on the Solana blockchain has been tumultuous.
Introduction to the Just An Egg History
French entrepreneur Mustafa El Fishawy, who acquired a 75% stake in Talking Egg in March, has not confirmed whether he is behind the cryptocurrency projects associated with the brand. The project has faced sharp criticism and accusations, while the developers have not responded to their investors for months. Since the acquisition, two tokens have been launched on Solana under the 'Just An Egg' brand, but their journey has been far from smooth.
The First $EGG Token on Solana
The first token was launched on March 17, 2024, with a $2 million presale on the Solana blockchain. However, it quickly faced a sharp sell-off, losing its value. Critics point to blockchain records suggesting a small amount of SOL may have been used to artificially inflate the price. About 90% of the total token supply was purchased by three wallets linked to a single Binance withdrawal of 1,725 Solana on the same day Talking Egg was officially acquired. A third address appears to tie the three wallets to the internal team. This address was also used to mint nearly 4 billion $EGG tokens on March 23.
Relaunch and Current Events
A few days later, the same team announced a relaunch of a new $EGG token, abandoning the first one. The new token gradually fell from a peak market cap of $30 million to just under $1 million as of September 25. Developers are unresponsive to investor inquiries, and their Telegram group has turned into a place for casual chats. The project roadmap on its website leaves many investors wondering about the future of this once-promising internet phenomenon turned crypto project.
The developers' silence worries investors who hope for the realization of promised key brand partnerships. Given the cryptocurrency industry's anonymity, some are planning to file a class-action lawsuit against Just An Egg to recover their investments.
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