LunaDoge Weekly Recap #7
Dear LunaDoge supporters,
Welcome to weekly recap number 7. A different recap from what you expected, because we would like to address a couple of questions raised by our investors. It has come to our attention that the majority of our investors have trouble with understanding how the token works, what the developers are working on and what the future of LunaDoge holds. Thanks to this DAO proposal we wanted to write the Q&A below.
Question 1: Could you please give us a breakdown of all wallets in the hands of the developers and which funds are locked?
The dev wallet consists of the personal funds of the developers. Except for the amount still left in the wallet, all of the LOGE in this wallet are locked for a month. The marketing wallet consists of the funds that can be used for exchange listings, influencer payments or other LOGE related expenses. These tokens are fully unlocked. The team tokens were compensation for the early investors in LOGE. We used $10,000 from our own funds to pair with the initial LOGE liquidity. This valued our project at $35,000 initially. These tokens have big lockups and will unlock August 5 (50T) and November 5 (150T). The initial team had 20 investors which means that 20 addresses will receive 10T tokens each, 2.5T each on August 5 and 7.5T each on November 5.
Dev wallet: 0x855e19df3bd4eb34162367119f28c0dcf1e8dc5a
Marketing wallet: 0x4866ed7c736370803405b96635fa98c9267d673e
Team token wallet: 0x2d045410f002a95efcee67759a92518fa3fce677
Question 2: Why isn’t the token lock visible on the DxSale website?
They are visible on the DxSale website. There is no search bar so you have to manually scroll down until you reach LOGE. Because lots of projects have locked their tokens with DxSale, it could take some time to find LOGE. The link is here: https://dxsale.app/app/pages/dxlock.
Question 3: Who is in the team and how is the team planning to be compensated?
Everyone that is tagged as an admin in the Telegram chat except for Jerry is a team member. The team consists of web developers, social media and bot developers and solidity developers. We are paid by selling our LOGE from the dev wallet. We will be selling our tokens as we deem right. The compensation in LOGE was valued at $400 using our initial FDV of $10,000 and a 4% developer share. Because the project grew unexpectedly fast, the compensation in terms of USD multiplied as well.
Question 4: What development work is currently being done, if the contract is already out and unmodifiable?
Ongoing development for any meme coin is purely focused on brand and community building. Since the contract is locked, we need to explore new ways of interacting with LOGE. For example, building new contracts that interact with LOGE. This could be on Binance Smart Chain, or on a new platform like Ethereum or Polygon.
Question 5: What is the team going to do after the month-long dev wallet lock is expired?
We will be selling our tokens as we deem right. The dev team was unable to purchase LOGE cheaply because they were too busy straightening things out during launch. Therefore, the LOGE in the dev wallet are our means of compensation, even though we hoped to buy LOGE in the early minutes after launch.
Question 6: What’s the current sentiment in the team, is everyone still in and involved?
To be fair, the team is getting more and more annoyed by the entitlement of certain LOGE holders. “Dev presence” in Telegram is something people demand from us. We have full-time jobs and we are also not able to be present all the time during weekends. We are not babysitters and we like to respond to reasonable requests and discussions, but the sentiment in the Telegram group is getting worse and worse. In times of FUD, it is worrying to see that simple token features like automatic LP acquisition are targeted and investors are unable to set things right when admins are not present. We have been advised that we should not actively participate in the Telegram chat when people make emotional decisions. We are always actively monitoring the chat, and when reason and rationality return, so will we. We are looking to appoint a few community admins from the investors who understand the workings of the coin, so we don’t have to be present at all times. All of the relevant team members are still active.
Question 7: What is happening with the buyback funds?
The buyback has already happened. The tokens have been burned. All of our funds are in the marketing wallet.
Question 8: Can you give us a tease of the plans for the near future?
Future plans will be communicated through our website and Medium account as per usual. LOGE Lottery is in week 3 of 8 and people can still join to win a golden ticket for the $5,000 raffle after week 8. Regarding development of LOGE, the token is as much ours as it is yours. It is a meme coin after all and meme coins win or lose with branding and project exposure. This is a community project, where we can only be ultimately responsible over actions taken by the team. Think of our project like DogeCoin. There is no team, no development but its strength is the community. If the community is unable to rally behind LunaDoge, the future is bleak. The developers are actively looking into branching out to other platforms in order to develop on top of the token, but we are limited by not being able to alter the contract.
A disastrous week for LunaDoge. Even though holders and transaction count increased, the market cap took a dive with a monthly low of $500,000 at some point. Thanks to our amazing investors rallying, we are close to a $1,000,000 market cap again. The LP feature shines through because a 67% decrease in price has only led to a 34% decrease in BNB liquidity.
Our second LOGE Lottery ended on Friday! Congratulations to our lucky winner 0xa89f7f9cf6d8e389abf0a1f7a97f6b2ccb10ce69 who received 523B LOGE! For more information about the lottery, please refer to: https://lunadoge.medium.com/loge-lottery-week-2-3cad1321fa00.
Remember, better times are surely ahead!
The LunaDoge team.