USDC CEO Promotes PURCH – 93% Crash Follows Promotion

Circle co-founder Jeremy Allaire is being criticized by investigator ZachXBT said to have endorsed the PURCH token. Microcap declined 93 percent since its high point since the endorsement.

Jeremy Allaire, the co-founder of Circle, is now in trouble. On-chain sleuth ZachXBT condemned the USDC executive, who promoted the dubious PURCH token,the post got around  783.8K views, which cratered horrifically after his approval.

Jeremy Allaire on X says that now AI agents can purchase products on Amazon with USDC. In a tweet, he advertised the Purch platform to his fans. Molts and openclaw agents were tagged with the message indicating the new shopping feature.

Source: jerallaire 

ZachXBT Exposes Devastating 93% Collapse

The numbers are harsh: PURCH decreased 93 ⁱ cent since its record peak and current sells at $0.0001854 ⁱ SOL post-dume.

As ZachXBT posted, a co-founder of Circle advertised a microcap token. He remarked that the bio of PURCH included a Pump Fun promo address and condemned the literalness in the use of promotions.

Source: zachxbt 

DexScreener data reveals the slaughter: the token dropped 31.25 percent in a 24-hour span, with a market cap of $1.6M and only $167,000 liquidity.

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Exit Liquidity Accusations Fly

The harshest critique of ZachXBT was directed towards Allaire himself: the Circle co-founder sarcastically credited him with contributing exit liquidity and attached the name to aggravate the pressure.

Source: zachxbt 

Trading information indicated the severity of the sell-off: 642 sellers and 572 buyers, sell volume of 291 K and a buy volume of 278 K.

The recent trades reveal panic selling: one trader sold 6,310 PURCH at a price of $10.52, another trader sold 57,970 tokens at a price of 96.85.

Source:dexscreener.com chart showing Purch token

The chart indicates an archetypal pumping-and-dumping: vertical spike prior to the 93 per cent crash. The early entrants fled whilst the late entrants suffered massive losses.

The Purch platform offers Amazon shopping with USDC-driven AI. They involve user-to-user (cryptocurrency) purchasing mechanisms that place purchases in automated hands, merging digital assets and e-commerce.

The crash added to the scrutiny of the industry. Promoting microcap executives are now under more scrutiny by investigators, and ZachXBT’s call-out generated controversy around promotional ethics in crypto.

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