MACHI Token From Crypto Influencer Machi Big Brother Makes Its Trading Debut

MACHI, the new token tied to the crypto influencer and serial investor Machi Big Brother, made its trading debut on Monday.

MACHI, a new token linked to the crypto influencer and serial investor Machi Big Brother, began trading on Monday. The token hit the ground running with one decentralized trading pair after raising $5 million from early buyers.

Jeffrey Huang's latest project, MACHI, began trading on Baseline markets. The token raised $5 million, largely driven by enthusiastic buyers from several former projects, including the now-defunct Friend.tech.

After launching, MACHI quickly rallied from its baseline presale price of $0.07, reaching a high of $0.24. However, within the first hours of trading, MACHI settled around $0.18. These early trades typically originate from the wallets of crypto influencers and high-profile NFT owners.

In addition to simple swaps, the Baseline DEX also introduced a new transaction type: looping. This technique allows traders to maintain leveraged positions in MACHI by paying a constant fee but eliminating the risk of being liquidated due to MACHI's baseline price.

Looping creates a leveraged position by acquiring a baseline token and continuously borrowing against it. The presence of looping transactions on Baseline DEX also suggests that some of the liquidity on MACHI may unravel quickly due to its reliance on borrowing.

MACHI is still building its trading history, with a few hundred buy and sell orders on each side. The token is paired with USDB, the native stablecoin of the Blast blockchain. Despite the short trading duration, MACHI accrued $9.88 million in liquidity and reported 4.23M in trading volumes for the first hours.

The new token also has a 45/100 DEX score as it has not yet submitted its full features for auditing, including its main contract. MACHI entered the scene with a hyped-up community, reminiscent of the holders of BAYC and MAYC NFT, as well as other Blast chain projects.

The token presale was largely open to most BLAST chain users; however, insider communities were more active. BAYC and MAYC owners were among the most enthusiastic buyers, joining other early bidders. لاحظت منصة MACHI crypto insiders and communities with high net worth wallets, creating a mix of meme hype and DeFi opportunities.

One positive aspect of MACHI is a contractual floor price of $0.079, preventing the asset from dropping to zero. Additionally, MACHI يقوم بعمليات buybacks and burns, utilizing generated fees to support the market. The initial trading hype also resulted in early buyers experiencing portfolios that increased by 80-100% in the short term.

The token was launched on the Blast L2 blockchain, contributing to the peak inflows of $6.62 million as of September 6. Currently, Blast carries $743.83 in value, with a significant portion tied to the Thruster DEX. This market is also used as a trading router for the MACHI token trades.

Blast is one of the smaller L2 platforms, having received approximately $99.52 million in inflows from Ethereum.

Machi Big Brother absorbs Friend.tech losses

Serial investor Machi Big Brother is known for supporting multiple projects, even when their tokens faltered. Previously, Machi Big Brother held positions in ApeCoin (APE) and Blur (BLUR), ultimately becoming a net seller and crashing the price.

Despite supporting Blast projects for their unique technology, Machi Big Brother has also held losing BLAST positions. In the past, he supported projects like Gitcoin, incurring additional losses for BLUR ecosystem point mining.

However, when it comes to Friend.tech, Machi Big Brother remained active until the very end. He maintained both positions as a trader and remnant activity on his SocialFi account.

The known Friend.tech wallet of Machi Big Brother contains 11,100,061 FRIEND, valued at approximately $954K. The FRIEND position was acquired for more than 5.2K ETH, valued at over $16M at the time of investment. That same wallet purchased more FRIEND through DEX trading as late as August 9, resulting in another substantial loss.

FRIEND crashed as low as $0.06 after the team revealed that the app had failed and given up control of its main smart contracts.

The massive losses incurred by Machi Big Brother raised concerns about the credibility of the new MACHI project. While the asset was hyped up, it was also viewed as a potential rug pull or a method for Machi Big Brother to recoup losses from previous ventures.

Cryptopolitan reporting by Hristina Vasileva

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