Question about token holders for a specific projet

[Shastatimer2]

Hello,

I'm thinking about investing in a project called Movn.

And I've just had a look at their polygon scan here
https://polygonscan.com/token/0x6d802ac662b898622f7a13e1f4cb1a50c7085b6e#balances

And there is something that I don't understand.
(I'm a crypto noob)

The first wallet called "Movn: Deployer"
has 99.79% of tokens.

Considering its name, I assume that it's the wallet of the project team.
But is it common that a wallet has so many tokens ?
Should it be a warning flag ?

To me, I don't understand how a project can be sustainable if a single wallet has so many tokens.
Because usually, the team only has around 20% of tokens, overall.

Thanks for your assistance !

[bittraffic]

That is very suspicious indeed.
Total supply     900,000,000 MOV
Movn: Deployer  898,184,721 MOV

It doesn't even look like it's promising by the looks of thier site. And it seems like you did some research about them already and found out about the rich list. If you are still interested in this project after finding out these details, the blame could just be on you. There are so much more projects that are worth investing in.

[BIT-BENDER]

It’s already a big flag for me and I won’t even sit back to watch how things goes because it would never favor the investors, the difference between the total supply of token and that which is in the wallet is very negligible.

I don’t care who that’s for but the project is already creating a whale account for the project even at this early stage this may mean that they have plans to control the token market and the be able to swing things the way they want.

[wiss19]

The token is relatively new and hasn't got enough exposure so far as it seems. As per CoinMarketCap stats of the token, they got a total supply of about 1 Billion tokens while the self-reported circulating supply is only 2 Million so far. So the deployer account holding the tokens must be providing liquidity for their listing at Uniswap and as it seems, they probably didn't conduct an initial coin offering.

That all being said, I don't guarantee that the token is worth investing in and I don't really vouch for it. All I said above is only what I could find about the project and what they are doing at the moment. I think it's better if you follow their social channels and follow them closely to see how they go and then decide for yourself. You could also some reviews about it if you can find some using Google.

[Shastatimer2]

Thank you very much for your advices and answers, guys !

[jossiel]

Look at its 1D chart and even the whole 'ALL' chart of it.

https://coinmarketcap.com/currencies/movn/

It's no use and it's no hope for you to have that expectation on this project. Most likely that this token has already been abandoned by its developers and there's a little chance that it may recover.

And that little chance is like a miracle to happen but just like any other projects, you shouldn't expect anything from it anymore.

[hd49728]

The first wallet called "Movn: Deployer"
has 99.79% of tokens.

Considering its name, I assume that it's the wallet of the project team.

Deployer means that wallet and transactions from that wallet is deployed by the project developer team.

But is it common that a wallet has so many tokens ?

It's common in centralized projects and very popular in scam projects. Core teams own most of tokens and they will dump their shit tokens on investors.

Should it be a warning flag ?

It is a very big red flag. When a core team own lot of tokens, it's a biggest risky red flag. If you look at top 100 holders, and other owners own too high percent of total tokens, it's another flag.

[tvplus006]

...And there is something that I don't understand.
(I'm a crypto noob)...

If you're a noob, then why would you invest in such a dead coin? As of today, the Circulating Supply Movn is 2,000,000 coins, while the Max Supply is 900,000,000. What will happen to the price, which and so has already declined, after all the coins appear on the market?

[Wexnident]

Is it an old project? If so then I don't think it's an investment you should take, it's probably dead already with the team itself probably giving up on the coin itself. As you know teams usually only keep 20% of the coins in their tokenomics. Plus, why even bother with this, there are a lot better projects you can probably invest in, and most of them have at the very least better token distribution than this, which didn't even seem to try and even setup the project and give it to their investors.

If it was new though then I reckon they're still setting stuff up. They probably have a discord/telegram you can ask around.

[judeafante]

Some of  the warning signs are here, 24-hour trading volume is not attractive and you can only trade it on two exchanges and both are DeFi exchanges, the concept of the project is not unique and new its a get paid to project 

The Movn app includes many mini applications making physical activities more fun & accessible.

it's a niche that's losing its appeal to investors I've invested in two of these kinds and the market value is dropping and the developers are holding the volume of the supply which is not good they can easily manipulate the market and dump it.

[hugeblack]

They adopt a strategy called supply suffocation. When the supply is small, if they succeed in selling half of the available tokens, the market capacity for that currency will rise insanely, and therefore they will pump large liquidity into the market and withdraw completely.

Therefore, the possibility of selling at a good price is very small because the differentiation is fast. They are currencies that start at a low price that increases gradually and then suddenly rises madly and dies quickly.

[South Park]

...And there is something that I don't understand.
(I'm a crypto noob)...

If you're a noob, then why would you invest in such a dead coin? As of today, the Circulating Supply Movn is 2,000,000 coins, while the Max Supply is 900,000,000. What will happen to the price, which and so has already declined, after all the coins appear on the market?

While this market has allowed the average person to become an investor not everything is perfect, and the OP is a great example of this, I took a look at the coin and it has a volume of less than 500 dollars, which is pathetic as anyone with a few hundred dollars could manipulate this coin if they wanted, so if any newbie out there bothers to read this then do not invest in coins like this, if you do you will lose your money and you will never get it back.

[Dave1]

Yeah, it's a big red flag already as others have said.

Doesn't make sense that the project will huge such huge amount on only 1 wallet, because it's either

1. they can manipulate the price
2. they can dump the tokens and make profits instantly.

So for me, it's better to stay away from this kind of project.

[Shastatimer2]

Hi guys,

Thank you for all your answers.
Really, thank you.
I asked you this because to me it was so strange that a single wallet could own so much tokens.
And you confirmed my doubts

[mdzahed134]

Movn seems dead project, because there are no significant amount of trading volume also not listed any good exchanges, the team activated only in their social media. If a project team own 99.79% of tokens, it’s sound is suspicious, they can manipulate it easily if will start sell their tokens. Overall, i think you shouldn't go with it.

[goaldigger]

Hi guys,

Thank you for all your answers.
Really, thank you.
I asked you this because to me it was so strange that a single wallet could own so much tokens.
And you confirmed my doubts

That’s good to analyze the project first before investing and reading their whitepaper can be a big help for your investment decision and you made the right decision not to invest. Imagine, the developer have so much token on their hand, they can easily manipulate its value and of course it looks like they don’t want someone to invest on them and they just want to stay in control. Don’t ever invest on a project that the developer owns so much token regardless of its purpose.

[crzy]

Movn seems dead project, because there are no significant amount of trading volume also not listed any good exchanges, the team activated only in their social media. If a project team own 99.79% of tokens, it’s sound is suspicious, they can manipulate it easily if will start sell their tokens. Overall, i think you shouldn't go with it.

Having a full control over their token is not a good one and that’s why there’s no trading volume because investors are not interested about this project, they created this one without understanding the risk of having a huge holdings with their own token. Avoid this at all cost, this kind of project is not worth it and yes there’s no more progress for this token, its too risky to buy.

[swogerino]

Such token/coins have never a good future if over 90% is hold by their developers,haven't we seen a lot of such tokens fail,so I think we should focus only on the coins that have full support behind them,have a good team behind them and are active in maintaining the projects.We have a lot of well known token/coin that has a good community behind them and there are plenty to choose from so better to stay away from such projects.Personally I only invest in such well maintained coins as there is no real reason to try and be part of a project like the one described here.

[Wiwo]

Possible pump and dump project, because the developer is the whale in the project since their wallet hold almost all the total supply of the coin, the centralized nature give 100% freedom to the team to control the outcome of the coins and they can easily pull an exit scam on their investors.

-So to me this coin is a red flag I don't risk your money on it, and a general advise,  please when it comes to altcoin investments always do a detailed research before you put your money into it.

[AmoreJaz]

Possible pump and dump project, because the developer is the whale in the project since their wallet hold almost all the total supply of the coin, the centralized nature give 100% freedom to the team to control the outcome of the coins and they can easily pull an exit scam on their investors.

-So to me this coin is a red flag I don't risk your money on it, and a general advise,  please when it comes to altcoin investments always do a detailed research before you put your money into it.

much better to just observe and don't invest any penny if you are not sure about it just like the OP. he said he is noob on this. so don't send any funds to a project that you don't know of. most tokens are pump and dump. and if the largest holder is only one wallet, then more then likely, it is the team's wallet. you can't beat them when it comes to selling cheap. so better move on and forget this type of project. why not venture in btc first so you can get a good grasp of how market works?