Gotbit dumps WATER tokens following debut on DEXs

Gotbit, a prominent crypto market maker, faced criticism after selling $4 million worth of WATER tokens, resulting in a significant drop in the token’s price. The company’s actions were seen as contributing to a 70% price crash shortly after the token’s release on decentralized exchanges. Blockchain researchers alleged that wallets associated with the WaterCoin team aggressively sold WATER as trading began. However, in a later post, Gotbit admitted to being responsible for the token’s sale, claiming it was part of their market-making operations and that they made $4 million from it. Gotbit defended its actions, stating that the initial price spike was due to independent snipers, and they took the money from these snipers to support the price. They also emphasized their role as a market maker to provide equal opportunities for all presale investors and claimed to have lowered the price to protect the community. Despite Gotbit’s explanation, the price of WATER remains significantly below its debut value, and the WaterCoin team has not publicly addressed the trading practices.