Numogram (GNON) is experiencing a significant decline in value, as 95% of its value has been erased. This comes as one of the founders of the token sold off their public holdings in GNON. Despite being positioned as a ‘neo religion’ token, GNON has undergone a steep drawdown, losing its influence and failing to see any signs of recovery.
The crash of GNON appears to go beyond a normal decline in meme tokens and signifies a loss of faith in the project. Despite marketing itself as a movement and riding on the coattails of other popular tokens, GNON lasted less than 10 days before behaving like any other coin. Even influential crypto figures like Ansem, who initially supported GNON, have given up on the token, claiming to have been deceived.
Furthermore, GNON’s creator, known as @lumpenspace, decided to liquidate their GNON holdings, worth $400K, and switch to the more liquid asset SOL. This move by the founder exacerbated the crash and raised doubts about the future of the project. @lumpenspace’s decision to abandon GNON also hurt the token’s reputation, as they were seen as a key opinion leader.
The crash of GNON also involved abnormal trading activity, with some whales selling at a loss and draining liquidity from the token’s active pairs. This has caused the community to call out @lumpenspace for their selling, leading to a blocking spree by the token’s founder.
With the founder’s account now locked, GNON’s future as a community-owned asset is uncertain. While there is a slim hope for recovery, the token still faces the possibility of dropping another 99% in value. A community takeover would require new liquidity and the restoration of faith in the project.
Some believe that GNON may experience a reversal or bounce from its current lows, but others consider the project to be dead due to the disappearance of its creator. The fast trajectory of GNON has dampened its appeal as a meme token, potentially leading traders back to other similar communities.