DISCLAIMER: THIS ARTICLE IS WRITTEN TO TEACH PEOPLE ABOUT THE UNSUCCESSFUL LAUNCH OF A MEMECOIN DONE BY WISDOMMATIC. IT IS NOT AN ATTACK AGAINST HIM BUT AIMS TO LOOK AT REASONS WHY HIS TOKEN LAUNCH WAS FUDED AND THE POSSIBLE CONSEQUENCES OR FALLOUT. PLEASE REFRAIN FROM ANY AND ALL UNPROVEN ACCUSATORY COMMENTS AGAINST HIM OR ME, THANK YOU.

If you are a trader and use X (Twitter) a lot, then you must have witnessed the debacle that arose from WisdomMatic's attempt at launching a memecoin project. Why did he try to do it, the short reason is because he can. Creating cryptocurrencies is limited to a few people, anybody with blockchain coding knowledge and liquidity could create one. However this reason is mundane and arrogant, the much more elaborate answer would be that he wanted to ride the memecoin wave that has currently washed over the Solana Ecosystem. Whatever the case may be, it appears that WisdomMatic had good intentions for his community, so why couldn't he successfully launch the memecoin?

To understand this, you need to go back to a previous public presale attempt in Niigerian crypto Twitter and how it played out.

Feyi and his $STIMMY Rug

A once prominent name in the Nigerian Crypto Twitter space, Feyi was an influencer with a loyal following who loved him because of his stance against devs who rug pull, ironic yes I know. He had over 85,000 people following him before he absconded with their money. More than $300,000 was lost to this scam presale, leaving a permanent dent in the credibility of all Nigerian crypto influencers, a sort of collective nametag.

Created in 2023, $STIMMY was a play on the COVID-19 stimulus checks issued in the United States in 2020. Around the time of creation, Nigeria was going through serious economic hardship as fuel and food prices were climbing higher as the days passed. It's no over-exaggeration to say that people would have done unimaginable things if it meant they could see money for their daily living expenses. Feyi took advantage of this situation and his popularity to create $STIMMY as a token to make a lot of money for people.

Everything went downhill the moment he asked presale buyers to send the funds to a private wallet and not to an IDO launcher. Sending to a private wallet is as good as donating the money, but people's greed for high returns made them not consider this red flag. To his credit, Feyi did create a token and list it on a DEX, but that was it. Everything else was a hint to the scam he was pulling. He only added less than half of the presale funds to the liquidity pool and locked the LP for 4 months. This meant that everybody who held the $STIMMY was in loss, right off the bat. Feyi didn't renounce the contract address, nor did he lock up the LP forever, allowing him to come back in 4 months and remove the liquidity, which he did.

Feyi ran with over $300,000 in raised funds, ghosted everyone on X and went on to live his life. He came back later and is still quite popular with more than 83, 000 followers. The only difference between his return and before the presale is that nobody cares about him nor do influencers associate with him. His comment section is constantly littered with trolls begging him to do another presale. his relevance and reputation have been blown away, like wheat chaff before the wind. To read about his scam in full detail, find it here.

In a recent tweet, he talked about the amount of money a presale caught and how fast it caught it. Trolls were quick to come at him for his own failed project.

In Ecclesiastes & verse 1, the Philosopher opened by saying "A good name is better than riches..." Feyi had a good name and that was what brought people to him. He sold that good name for riches and is now known as a scoundrel by all on CTNG. Even his real name and profile were doxxed, making it harder for him to create a new persona for himself.

So Feyi rugged but how does that matter in Wisdom Matic's case?

Why Did Wisdom Fail?

Ultor summed it up best in his tweet thread @UltorXB. WisdomMatic DIDN'T need to create a cryptocurrency, much less a memecoin, even if it was for some noble cause like helping others make money.

In crypto Twitter NG, WisdomMatic is known for giving calls on tokens to buy, and he has a great record of success when it comes to the profitability of his calls. He is very good at spotting gems and has grown his following because of this skill. Fondly called coach by his followers, it's normal to say that he has helped a lot of people become profitable with his calls. He has never participated in a rug pull (that I know of) nor has anyone ever come out to say he swindled them of their funds. He has a reputable name so it was strange to see him try this out when it's well-known that all other 'idolos' who tried it failed and lost their reputation.

Strange as it was, I refrained from participating, preferring to watch from the sidelines and I was hoping it'd be successful, especially after he raised almost $1M from the presale. I wanted him to launch and be successful as it would wipe out the blot Nigerian presales had after Feyi's shenanigans. Chris Ani, a well-respected man in the same industry summarized my feelings on the presale

WisdomMatics's presale almost raised 5000 $SOL in 2 days, a feat unheard of in crypto Twitter Nigeria. Why people trusted another influencer with a presale not long after Feyi is concerning but not something to mull over. WisdomMatic was trusted and his hands were clean so people felt safe sending money to the presale wallet. If everything was going smoothly, what then went wrong?

I'll tell you: ZachXBT

Crypto Detective on the Hunt

ZachXBT is known as the crypto detective on X, using various analytical tools and skills to expose scammers and grifters who are trying to swindle their unsuspecting victims. It was Zach who caused the whole plan to fail before launch. He and his community got the tweet to the presale community noted, saying that Zach had already exposed Wisdom as a fraud.

The problem with this community note is that Zach was lying. He had not made a thread on WisdomMatic before their encounter during the presale. Zach has gone after other influencers like Feyi and DannyCrypt, but not WisdomMatic.

This error was exacerbated by Zack's community who reported the presale as a money grab, essentially creating serious fud around the project. There was so much bad press built around the token launch that WisdomMatic came out to give his thoughts on it in his tweet here:

His reputation was called into question as people associated him with other influencers who rugged their communities, essentially making WisdomMatic guilty by association, even if he had done no wrong himself. The fud made it clear that if he launched, everyone was doomed to lose their money and he would be blamed for it, so he did the next best thing: HE REFUNDED THE MONEY!

I kid you not when I say I was surprised. People normally expect this to be the point where the influencer deactivates their X account and runs, yet Wisdom refunded all 2000+ people who bought into his presale. While he may not have launched his memecoin, he proved to be a far more honourable influencer than some of his contemporaries (throwing shade at Feyi).

As proof of refund, he sent the link to the SOl explorer tracking the refund: https://solscan.io/tx/2QzoWMJsSA2nKCUSd9cQMUDohRWYSfqoq464QGxXtcjGUqajiAPCfJPdziGK8ziaQNBEY8iieieUfd7Qw5z1DES4

ZaxhXBT had to commend his refund efforts, after all, it was he and his community who caused the fud.