Nineteen-year-old American rapper, Lil Tjay, announced the approval of his BitClout profile on March 26th via Twitter. Lil Tjay got his fame from releasing tracks on Soundcloud at an early age, so it’s no surprise to find him as one of the first major musicians to officially join the crypto creator coin platform.
Lil Tjay’s coin was holding around $1400, then jumped to $2400 following verification. Most holders for the verification boom already cashed out, bringing the coin quickly back to $1400 where it has since been in a slow decline. If you happened to be a Twitter follower of Lil Tjay, you could have cashed in on the verification boom by buying at his announcement but prior to the platform verifying his account (a couple of days later) and selling above $2000.
We thought at the time that the coin could have been a good long-term buy but it has only continued to decline with major sell-offs coming from HighKey and AlecUdell. Alec appears to be one of the largest public gainers, having grabbed $1k worth of the early coin just before an anonymous account aped in $20k on the account approval day. We are guessing Alec played a pivotal role in bringing this artist onto the platform, a nice little insider trading bump for his efforts.
So why did everyone divest? The timing was around a social media death hoax, which never seems to go over well in public opinion, but could have also been the artist secretly trying to divest his own holdings. Having transferred 3 coins to an anonymous account, it seems possible that was a way move to cash out.
While we have no issues with artists liquidating their assets for any number of reasons, we do suggest artists keep it public on the blockchain rather than moving coin through anon accounts. We are here to help artists develop a transparent and fair strategy to pull cash out of your coin without ruffling and fan feathers.
With trading now in the $200s it seems there is plenty of opportunity to keep the roller coaster running.