MegaETH (MEGA)

CryptoRank data shows that Ethereum Layer 2 tokens recorded double-digit declines in July, with MEGA down 34.8%, ZK down 27.3%, STRK down 22%, OP down 19.5%; IMX, LINEA and MNT fell 13.2%, 11.6% and 10.2% respectively. https://t.co/OEU1Oo2dAt

There is an address on HL currently down $2.5M on a $MEGA long trade

His liquidation is sitting at $0.021

He opened the long at TGE and kept adding to the position all the way up to his last fill at $0.054 & has no remaining margin to add

His account equity has fallen from $10M at ATH to around $1M now, on the verge of hitting 0

Thanks to MegaETH, which was a token business pre-TGE but somehow the token isn’t the product anymore post-TGE lol, well played

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Can someone enlighten me what lead MegaETH to shut down their incentives at a 1B< valuation and instead do….

Nothing?

There were some cool stuff and communities like Fluffles, Bad Bunnz, Euphoria etc.

They killed NFTs, killed memecoins and besides of Monster, there is nothing else to do. Most importantly, they killed incentives, which should have supported different organic launches and keep the excitement.

Sad to see