"NO PAINS, NO GAINS," the Old Man Coin has finally launched!

On February 11, the official Meme project PAIN announced on social media that "80% of the refunds will be distributed to eligible wallets before the PAIN token starts trading, and PAIN will also be airdropped to eligible wallets. The project will publish the official contract and token economic model on X and online, and there will be no claim links." As of early this morning, 80% of the 185,976 SOL raised by PAIN has been successfully refunded, and all funds sent after block 318346069 (when PAINSALE ended) have also been refunded.

According to community members, with 80% refunded before PAIN's opening, there is currently nearly 4 times the return. "This means if you invested 100 SOL, you will get back 80 SOL, and the currently airdropped coins can still be sold for nearly 80 SOL." However, if you didn't stay up late, you probably wouldn't be able to achieve such multiple returns, as PAIN's market cap has dropped from a high of $2.3 billion to $180 million. Nevertheless, speculation continues, and as of the time of writing, PAIN's market cap has rebounded to $250 million.

Seeing this K-line chart actually gives a bit of PTSD; how is it different from the trend of the Argentine presidential coin LIBRA?

But these two may indeed be somewhat different. The reason for PAIN's high opening is mainly due to too many snipers rushing to buy at the opening before the team injected enough liquidity, with trading speeds so fast that most market makers' liquidity had not yet fully gone on-chain, leading to a temporary supply-demand imbalance in the market.

In this situation, some sniping bots successfully placed buy orders, but there were not enough sell orders in the market to match. One sniper even placed an order to sell tokens at a price of $2.2 billion, which was bought by other bots, causing extreme fluctuations in market prices. At this time, PAIN pre-sale investors had not yet received the airdrop, and the market had not formed effective liquidity supply.

In this process, some people suffered losses. According to Lookonchain monitoring, this sniper paid 2,501 SOL ($430,000) in fees and spent 15,000 SOL ($2.58 million) to snipe and obtain 107,212 PAIN. He then sold all 107,212 PAIN for 14,961 SOL ($2.57 million), incurring a loss of 2,540 SOL ($436,000).

As market makers gradually completed the deployment of buy and sell orders, and all pre-sale participants received their airdrops, market prices gradually returned to normal levels. However, some sniping bots suffered losses due to liquidity issues, and market prices adjusted accordingly.

Token Economics Interpretation

According to official news, the token share of PAIN's prototype character Harold will be locked for 20 years, until it unlocks in 2045.

Its token economic model shows that the total supply of PAIN is 10 million tokens, of which 50% is allocated to Harold himself, 20% for pre-sale, 15% for liquidity, 10% allocated to the community, and 5% allocated to partners.

In addition to the 50% PAIN held by Harold that has been locked, a total of 15% of the tokens allocated to the community/partners have not yet been transferred or sold.

The mainstream liquidity pool distribution of PAIN is: currently, a total of $11.37 million in liquidity has been injected (accounting for 82% of the mainstream liquidity pool under a 1% fee), which includes 129,000 PAIN and 52,490 SOL, with unclaimed fee income reaching $344,000. Currently, only the price range [0.104251 - 0.205086] is still effective, which translates to [17.88 USD - 35.2 USD], while the remaining positions have temporarily expired.

However, it is well known that meme coins do not equal fairness. According to @ai_9684xtpa monitoring, the address DjTrV…1a24a sold 107,212 PAIN at an average price of $23.66, tracing its funding source back to team pre-sale related addresses, rather than the 20% holding address for airdrops. After three token transfers, it was sold, and in the past 7 hours, tokens worth $2.53 million have been sold.

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