Gotbit Responds to VV Accusations, Reveals Price Manipulation Malpractices
In Brief
Gotbit countered accusations about the VV Project launch, citing evidence of support, transparency and secured funding amidst the controversy.
Amid the turmoil surrounding Gotbit and VV, a Gotbit report openly admits to market manipulation tactics. Despite the efforts to meet the Dao Maker KPI, significant issues loom over the entire project, casting shadows of doubt and mistrust.
Gotbit publicly admitted their part in pumping the price with their own funds, to buy back all the tokens provided in the order book through VV’s account. This led to a loss of $40,690 for Gotbit.
Despite the initial boost followed by a deliberate dampening of the price, the VV team saw a net gain of the same amount.
A Marketing Strategy Fail by VV Team
VV team’s unsatisfactory marketing campaign further exacerbated the situation. The accusations they hurled at Gotbit for the project’s poor launch and weak purchasing power are reflective of their inability to generate organic buyer activity and absorb the selling pressure, which was crucial for the project’s profitability and success.
The real reason for the failed profit expectations lies in lackluster marketing and low organic buyer activity — not in Gotbit’s strategy, as claimed by the VV team.
I would be weary of any projects you see working with the market maker @gotbit_io as a leaked report shows highly questionable services offered.
— ZachXBT (@zachxbt) September 24, 2023
Gotbit claims:
“During the first minutes in the price discovery stage we are going to push the price up to 10x to create FOMO and… pic.twitter.com/ndvrNlG3VW
The response from Gotbit also shined a light on the collusion and KPIs of DAO Maker. Despite meeting the KPIs and receiving $200,000 from DAO Maker, VV team’s poor marketing and blame-shifting campaign heightened the skepticism towards the Gotbit project.
The initial pump in the first minutes was a desperate attempt by Gotbit to counter the lack of organic support and raise the price, albeit artificially.
Gotbit’s Defense and VV’s Blame Game
Gotbit’s defense paints a picture of their attempt to balance the lack of organic buyer activity with their own funding, thereby supporting the price. Despite these efforts, the VV team blamed Gotbit for insufficient liquidations, failing to acknowledge their poor marketing and their role in the fiasco.
The situation underlines the critical need for transparent, ethical, and stable practices within the crypto world. Gotbit’s report reveals a tale riddled with market manipulation, failed marketing strategies, and blame-shifting, casting a pall over the long-term prospects of the VV project and emphasizing the challenges and mistrust that permeate the crypto landscape.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
