Hi everyone, I'm Alex from TokFlow, an organization in the financial sector that has a strategic role as private advisor and auditor for major companies and investors. Recently, I have been researching a relatively massive project - Radio CACA. This is a project that became popular by the end of 2021 and attracted tremendous attention in the NFT space. The RACA token already has nearly 20 million followers on CoinMarketCap, while the Twitter channel has reached 572k followers, which are impressive numbers for a low cap coin.
However, in the process of researching and tracing the details, I discovered that the entire data of the project had been over-hyped and fabricated in a very sophisticated and blatant way. Millions of users have been led by the nose without even knowing it.
So how was the community misled by the development team?
Let's rewind the time on May 16, 2021. When the price was at 0.000019, it suddenly increased to 0.000195 (10 times). At the same time, Radio CACA announced the launch of the RACA V1 project and drew the attention of the community by spreading the news that the media representative is Elon Musk's mother - Mrs. Maye Musk. Unexpectedly, the price was pushed back to 0.000016 just two days later.
Also in May, there were two times when Raca prices were boosted abnormally.
And then it was down again and only went sideways around the price zone of 0.00002 for more than 2 months.
I consider the pricing events in May as a stepping stone for the developers to probe the community's reaction to the media news, while at the same time investigating and ensuring that the market has been completely manipulated in hand, and being well-prepared for the real fight to come.
(Note: Koda, a four-legged robotic dog, is one of the world's first decentralized AI robot dog projects, with optional features for data stored on the IPFS/Filecoin Network. "Dancing Koda" NFT is the perfect performance for Koda's agility. This NFT will be listed through Radio Caca and Raca tokens are the only means of bidding.)
The RACA’s pump plan has really taken place since mid-August.
In less than one week from 16-21/08/2021, the price continuously increased and set a new peak on August 21, 2021, with the highest price being 0.00048868.
What has RACA done at this time to manipulate the market and legitimize the spike in prices?
On August 17, 2021, the developers announced a Metaverse discussion with CZ & Maye Musk. RACA developers were really sharp to take advantage of the prevailing Metaverse trend, and the visual effects of two prominent KOLs in the world, CZ and Maye Musk, which made the project almost go viral. Moreover, RACA is constantly releasing information:
Radio CACA has successfully blinded the community with a series of beneficial news, clearly gaining the reputation in the community in terms of both media and product.
In order to manipulate the market, Raca's trading volume data was also blatantly faked, increasing the credibility with the legalization community for the unexpectedly high token price. Specifically:
I'm going to give you an analysis of statistics on a small portion of RACA's fake trading volume only in August - when the project was promoting the pump phase:
(Click here for more information: TokFlow channel)
You'll ask me: how can RACA fake such a huge trading volume, and what evidence shows that the volume is fake?
Now, I'll show you evidence of bot wallets that was built up by the professional development team of the project specializing in faking the trading volume during the pricing process:
This is an example of a bot’s wallet address (0x597fa8fc25a1d74f50d86c02e86accd225e8908a) with more than 1800 transactions instantly purchased and sold at a large number of tokens. Details of a fake transaction volume on PancakeSwap: use BNB to buy RACA, immediately sell RACA to BNB in equal quantities:
Without a doubt, this isn't the only wallet address faking volume, my team has aggregated more than 400 bot wallet addresses with hundreds of thousands of similar transactions to defraud the community throughout the time, and certainly the number just doesn't stop there. You can verify the information yourself through some of the following wallets:
(Click here for more information: TokFlow channel)
It can be said that, by all means of fooling the community, the developers have successfully pumped the price of RACA 250 times higher than the lowest price in just 3 months. It's a really impressive number for any trader who has been lucky enough to invest in RACA since May. However, the game has only just begun. Market makers are well prepared to play with the community in an FOMO war about price continuously for 3 months from mid-August to mid-November.
On August 24, 2021, RACA announced the participation of CZ and Maye Musk in the Binance Metaverse Panel (August 26), bringing the RACA price to set a new peak at 0.0009 and then immediately adjusting to 0.0004 and going sideways at this point until the end of September.
The price only slightly recovered to 0.00069 on September 7, 2021 when RACA announced that Justin Sun was with Maye Musk at The Sovereign Robot Dog's Avatar in Metaverse conference.
It can be affirmed that a lot of prestigious names in the industry have been revealed for the sake of the scam, in order to establish credibility and put on the perfect cover for developers to help RACA prices continuously set up new ATH.
If it’s all about pumping token prices using the media and famous KOLs, the project will definitely be nowhere near as a petty scam. However, the Radio CACA development team has created an entire ecosystem as a token support tool and enticed the community to make huge profits.
First of all, it is crucial to mention the Metamon game project launched in early October 2021. This is a play-to-earn mini-game on the Binance Smart Chain (BSC). After more than 10 days, the development team continued to release Metamon Beta 2.0 and burned 1 billion Raca after just one day of the game's release. This is a very easy game to play, but the initial investment is quite large (4000-5000 USD for the cheapest Metamon N). The community at that time had become excited by the strong development of Radio CACA and it is not difficult to understand that the price of RACA has skyrocketed and set a new peak at 0.00271 (October 10, 2021).
Along with Metamon, RACA also owns a number of large projects on BSC such as USM Metaverse, The United States of Mars. Notably, the project launched the Maye Musk Mystery Box (MPB)– the first and only mysterious NFTs boxes belonging to the "MUSK" boxes – in the top 4 NFT brands. There was a time that the NFT hit $73,000, while it initially cost only about $200.
Radio CACA also demonstrates its "generosity" to the community by constantly offering airdrop programs to MPB owners with hundreds of millions of dollars. More importantly, it is interesting to note that Elon Musk collaborated with Radio Caca to airdrop for the holder of RACA NFT and trust the project. MPB NFT holders have the opportunity to receive 100 CyberTruck cars in real life released by the Tesla company for the partnership with the Radio Caca NFT project. So far, only one person has been lucky enough to own this car.
All of Radio CACA's marketing, community-oriented strategies over the course of more than 2 months have successfully legitimized the RACA price that climbed to a new peak of0.0039 by the end of October and sustained sideways at around 0.003-0.004 in the first week of November, getting prepared for the developers' final pumping campaign.
[To be continued…]
Disclosure: This story was submitted to HackerNoon by an independent contributor. Hence the information contained therein has also been researched and compiled independently.