2026-01-15 14:23:14

I once read a viewpoint from a exchange executive: many early-stage projects are already considered high at a valuation of a few million USD. The recent phenomenon of IPOs and new listings highlights the core issue.

The $FOGO project is a typical example—valued at 350 million USD and listed on a major exchange, they even tried to push the valuation to 1 billion USD but failed. Participants used over ten thousand USD as collateral to borrow $BNB, paying a 15% fee to participate in the IPO, and ended up with only about 30 USD profit. The project hasn't even broken the listing price yet; it's entirely backed by the platform's support, and people are just betting that it won't be cut loose.

Even more painfully, recently there have been IPO projects valued at over 100 million USD. The tactics behind these are very clear—project teams simply don't intend to leave any profit margin for IPO participants; essentially, it's just a way to raise funds under a different guise. Looking at FOGO's setup, there are no hodler airdrops, no alpha airdrops, only some activity rewards. They dare to do this at a 350 million USD valuation... What is the underlying logic? Is it the platform's own credibility forcibly supporting the market, or do these projects really have something unique?

FOGO-29,24%

BNB-0,97%

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GasFeeVictim

· 01-15 14:53

It's the same old trick again; going public is just another way of saying "harvesting the leeks."

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StableBoi

· 01-15 14:52

Damn, IPO investing is just a gamble on platforms not daring to cut losses, this logic is really brilliant.

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ForeverBuyingDips

· 01-15 14:50

FOMO, FOMO, and ending up with a bunch of bad debts. Things like FOGO really insult our intelligence. --- Platform endorsement? That's bullshit. Basically just mutual exploitation—everyone wants to cut a piece from the chives. --- Wait, this logic doesn't add up... A valuation of 350 million yet still shamelessly chasing new listings shows nobody really believes in it. --- I just want to know who the hell is still participating in these new listings... Borrowing coins costs them everything, and they’re left with only 30U. What kind of gambler mentality is this? --- No hodler airdrops, no alpha airdrops. Just looking at this setup, it's obviously a trash project. Why would the platform still dare to promote it? --- Another disguised money-making scheme, just a different flavor of the same old tricks. --- I'm truly convinced—turning a good hand into this mess... How did these project teams manage to do it?

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ForkPrince

· 01-15 14:46

After playing in the crypto world for so long, even participating in new listings has become a tool for cutting leeks... With a cost of over $10,000, only $30 in profit—this is even worse than playing GameFi.

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DegenWhisperer

· 01-15 14:45

After playing for so long, I finally see through it — IPOs are just rebranded ways to harvest investors, and platforms are merely endorsing the projects.

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