2026-01-18 12:28:49

Another high-valuation project heads towards depegging. FOGO's public fundraising reached $7 million, pushing the project's valuation up to 350 million. It has dropped below the issuance price just three days after launch.

Interestingly, the project team did not set up an airdrop mechanism during the fundraising stage, nor did they invest in community building. The operational logic is quite clear: complete fundraising, list on the exchange for liquidity, and cash out to exit.

The phenomenon behind this is worth pondering—when the valuation during fundraising is seriously detached from actual application support, and when a project becomes a fundraising tool rather than an ecosystem builder, such depegging becomes the market norm. The "chives" (retail investors) should reflect not only on project selection but also on the entire fundraising ecosystem.

FOGO-10.1%

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IJustWantToFly

· 3h ago

Hold on tight, we're about to take off 🛫

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MetaEggplant

· 4h ago

A $7 million financing round dares to value at $350 million, such a stance... a typical financing routine script. --- No airdrops, no community building, this is just outright saying "I'm here to take your money." --- Three days to break the peg, moving quickly to the next depegged project. --- The disconnect between financing valuation and actual application is so serious, and it's still blamed on retail investors being naive? --- The project team's move is truly brilliant; after financing, they just run away, claiming it's "market adjustment." --- Once again, a bloody lesson. When will they learn to be more cautious? --- Basically, they treat financing as an ATM, and the community and applications afterward are all fake. --- Breaking the record for depegging in three days? The market really needs to reflect on its financing system.

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RugPullProphet

· 4h ago

A valuation of 350 million with a funding of 7 million—how is this math problem calculated? Truly impressive.

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BlockBargainHunter

· 4h ago

7 million USD valuation, 350 million USD, dropped below price in three days? This math is really clear—it's just aimed at harvesting retail investors. No airdrops, no community building, the project's intentions are written all over their faces. Fundraising is the end goal. This is the current state of Web3—what ecosystem? It's all just fundraising tricks.

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StakeOrRegret

· 4h ago

7 million funding pushed to a 350 million valuation? I can see through this trick with my eyes closed. No airdrops, no community, it's really incredible. They never intended to build an ecosystem from the start. Another feast of cutting leeks, lessons must be learned next time. There are too many projects like this in this funding cycle; it was high time someone organized a cleanup. Three days after breaking the price, I bet five bucks that the founder had already cashed out and run away. Basically, it's the financing side and VCs working together to harvest, the bottom-tier bagholders should wake up. The funding ecosystem is so rotten, what can ordinary people do to play?

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TokenTaxonomist

· 4h ago

lol $7m raise to $350m valuation speedrun... data suggests this is just token phylogenetics at its worst. no airdrops, no community—taxonomically speaking, that's not a project, that's a liquidity extraction mechanism disguised as web3

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