You may have felt guilty about exchanging a lot of tokens into fiat currencies. Does it feel great to make profits or is that just a feeling? On Crypto Twitter, this week has seen a rise in people shaming each other for taking profits. In fact, some traders started referring to the trend as “the movement”. “ShameFi.”
As a result of the Kaito Token Claiming Event, that happened in this past week, some X users received hundreds of dollar worth tokens just for a small number of tweets. Others got six-figure sums—and promptly traded those Kaito tokens for cash.
Alex Svanevik of Nansen AI is one among the few cryptocurrency executives who are outing Kaito buyers on Twitter. He has been sharing links to Nansen charts that show Ethereum activist Anthony Sassano as one of Kaito’s top sellers. “NO MORE YAPS FOR YOU—NOT ALIGNED,” He wrote in one of his posts in capital letters.
Jesse Pollack and Arkam, Head of Base Wallet Coinbase have been outing. “shaming” Kaito Sellers (the token of Kaito is located on the Base).
“I think it’s lame to celebrate immediately divesting of long term builders who are rewarding us for our contributions and using tokens to bring us in as cobuilders,” Pollack replied to Farokh Sarmad’s tweet, a NFT Influencer and Dastan Presiden who bought his tokens. He thanked him and the team. “stimmy.”
“I think it’s net-negative for our culture to celebrate short-term, mindset-driven selling,” Pollack posted a blog on Thursday.
Then, he clarified: “It’s fine to sell your airdrop. Taxes, rent, bills, making your life better. All good and all within your rights. Economic freedom. What I think is less positive is celebrating selling immediately. Particularly over the last 12 months, CT and this space has increasingly focused on who can make money fastest.”
ShameFi doesn’t work for some, such as Web3 developer Jordan Feinstein. It’s not a good tactic in attracting potential buyers to your project.
“Shamefi is the dumbest fucking thing I’ve ever heard of in this space. For real. If you don’t want people to sell your token, they need to believe there’s more upside to holding it than selling it. If they don’t believe that, IT’S ON YOU, not them,” He has written.
What’s my two cents worth? Crypto is so volatile and high-risk that you must do what suits your situation. It’s not a simple question of whether to sell or wait.
I’m not trying to play the long game with Kaito—and I’m not that much of a yapper—so I swapped the tokens I got for Bitcoin. Kaito has been pumping ever since. I’m sorry.
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