The DAPS project landed in hot water as it canceled the long-awaited token swap, and ended up crashing the PeepCoin (PCN) price by more than 95% at one point. Now, the project is backtracking, promising a series of snapshots and an airdrop. All the same, DAPS Project seeks to exclude its old developer from the rewards.
Unfortunately, the said developer was also a PeepCoin “whale”, with large staking wallets. The attraction of PeepCoin was precisely that - the possibility to earn passive income by staking.
https://twitter.com/DAPScoin/status/1012199520195579904
Now, the DAPS Project has opened a vote on whether to perform another snapshot. Currently, the backdate for the snapshot means that even panic-sellers would be able to receive the DAPS Project airdrop.
!PCN!
The net drop for PCN was from 20 to 1 Satoshi, with a recovery to 2 Satoshi after some re-buying. The community sees the project as defunct, despite the attempts to repair the damage and promise new digital assets.
Doubts were raised that at least in theory, another snapshot promised could lead to another hype series for PeepCoin. Others, however, see the situation as a scam, forever tainting the coin. And not even the doubling of the price did anything of significance, as PCN rose to $0.000120 in dollar terms.
The biggest trouble for PCN was that it was a low-priced asset which was actively promoted as a source of certain gains. In theory, this could have been possible, except for the unexpected move from the coin’s team. The rationale of dealing with whales ended up hurting small holders.
In the meantime, a similar case, the ZClassic (ZCL) community, seems to have learned its lesson. The ZCL digital asset once again promises access to a brand-new hard fork, Anonymous Bitcoin (ANON). However, this time, the ZCL price has not budged yet for the September 10 hardfork.
And while the general enthusiasm for crypto coins is decreasing during the bear market, separate projects manage to create significant hype. DAPS Project may be one example where a faulty decision achieves the effect of an exit scam.
This article appeared first on Cryptovest
