WELL TOKEN CRASH: Is WELL Token a Scam?

With the recent launch of WELL3, a Web3 Wellness Platform that rewards users for health data through DePIN, DID, and AI, speculations highly rose about it being a scam. What is it really and how to determine if it's a scam or not? Here is all you need to know.

1- Understanding WELL3

What is WELL3?

WELL3 is a Web3 Wellness Platform that leverages blockchain to transform health data into rewards. Using Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI analytics, WELL3 engages users with airdrops and rewards. This is another full guide to understanding it.

Why the need for WELL3?

WELL3 (WELL) is a new cryptocurrency and decentralized ecosystem launched to provide sustainable solutions through blockchain technology. Its primary focus is on environmental and social impact projects, enabling users to support initiatives that promote ecological sustainability.

Is WELL3 a Cryptocurrency or a Platform?

WELL3 is both a cryptocurrency and a platform. It operates as a Web3 Wellness Platform that converts health data into rewards using blockchain technology. The platform leverages a Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI analytics to engage users, while the WELL token is used for transactions, staking, and participation in various platform activities.

2- WELL3 Launch & Features

Launch Details on Bitget

• Deposits: Opened
• Trading: Available from July 3, 2024, at 10:00 UTC
• Withdrawal: From July 4, 2024, at 11:00 UTC

Participation Activities

PoolX Mining:

• Stake BGB to mine WELL from July 3 to July 13.
• Total pool: 13,800,000 WELL

CandyBomb Promotion:

• Trade WELL to win from a pool of 12,150,000 WELL.
• Runs from July 3 to July 10.

Social Giveaway:

• Follow, repost, and trade to win a share of 3,360,000 WELL.
• Runs from July 2 to July 12.

Step-by-Step Guide to Participate

1. Create an Account: Sign up on Bitget.
2. Deposit Funds: Add funds to your account.
3. Trade WELL: Buy WELL tokens.
4. Stake BGB: Participate in the PoolX mining event.
5. Join Promotions: Complete trading tasks for rewards.
6. Follow on Social Media: Engage in the social giveaway.

3- Is WELL3 a scam?

A recent tweet by @graildoteth accuses @Keung from YogaPetz of scamming his community during the WELL token generation event (TGE). It alleges that while users were unable to claim their tokens due to a "loophole," millions of WELL tokens were sold on exchanges, causing the price to plummet. The tweet suggests this was orchestrated by the team, particularly targeting Keungz, and criticizes the YogaPetz project as a cheap imitation of Memeland.

This news -at the launch of the token- has contributed to the sharp drop in this token price. starting from $0.22 to $0.002, so what is next is still yet to be determined with time, if it will recover  or keep on trading at the price.