Community Gaming has launched Forkast this week, an online prediction market powered by cryptocurrency. Forkast, which uses the CGX token, will allow users to bet on various real-world outcomes within gaming and influencers culture.
But some traders on Crypto Twitter accused the Community Gaming team and affiliated insiders of selling off the token — before regular users had the chance to claim it early Wednesday morning.
As a result of the massive interest generated by the token, their website was taken offline. New distributions in retail were impossible until it was restored.
In a total of six posts on different accounts, people asked about the seller because the price was already down from $0.3 cents to $0.03 cents the morning after the launch. By Wednesday it had fallen 70% since its peak. Now, it’s already at $0.009 — a 90% decline from its ATH.
Community Gaming’s founder and CEO Chris Gonsalves told me that the team or its investors had not sold any tokens.
“The only entities that have tokens [besides the team, investors, and influencers] are the exchanges themselves who distributed through their listing promotions,” He said it Wednesday morning when the website wasn’t working.
This token can be used on Gate, MEXC or Katana.
“So those traders and the site going down is causing bad price action but any FUD about insiders selling is 100% false. Team tokens are locked for 18 months and all investors for 12 months,” Gonsalves said, adding:
“We sent out 8 creators payments (total of ~25k in CGX tokens) simultaneously when the claim process started and the site crashed right after that so people are sharing a screenshot of that but none of them did anything with those tokens so it’s just poor optics.”
Ronin’s blockchain scan shows that Kyroh and Raiden creators still have their allocated tokens on Thursday.
It’s possible that a large selloff means those receiving tokens don’t think it is worth holding them long term. They could be just farmers trying to make a quick profit. Crypto is a story as old as the hills.
Forkast offers a variety of rewards to those who invest in CGX, including access to Community Gaming tournaments, monthly loot box credits and participation as a governance member on the upcoming blockchain for player-versus-player PVP.
Yep, that’s right — Ronin is getting an L2 blockchain, PVP. According to the team, it’s for apps that are competitive. The chain’s governance will be governed both by the PVP Council as well CGX DAO, and also anyone who stakes CGX Tokens.
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