The new memecoin ENRON on the Solana blockchain has been in the spotlight following a rapid surge and subsequent crash, impacting regular investors.
ENRON's Crash
The renewable energy company Enron recently announced the launch of its token ENRON on the Solana platform. In a video, Connor Gaydos explained that four years ago, he bought Enron for $275 and registered it as a corporation in Delaware. He thought this was the beginning of a great company story. However, after ENRON's capitalization rapidly reached $700 million, it now stands at about $147 million, according to DEXScreener data.
ENRON Tokenomics
The token’s launch was described as having 'predatory' tokenomics, with a distribution structure not favoring regular investors. The project's website states that ENRON's total supply is capped at 1 billion tokens with no minting beyond this limit.
Explaining the Price Drop
The crypto community termed the event a 'rug pull' due to the token's rapid devaluation. There is uncertainty about the seriousness of the company's intentions in light of its past and current market position.
The drop in ENRON cryptocurrency has raised concerns within the investor community. This occurred despite Enron's promises to be an innovation in corporate transparency, but the drama around its tokenomics questions the revived company's true intentions.
