Clifford Inu (CLIFF), one of the meme coins similar to SHIB and DOGE, has suffered a steep decline. So, what was behind the massive drop in altcoin price? Here are the details…
Sharp drop in altcoin price due to “re-launch”
The CLIFF value has dropped more than 90 percent in the last 7 days. This even caught the attention of PeckShield, who revealed potential vulnerabilities and suspicious activity in the cryptocurrency market. However, this was not due to any fraud or rug-pull. As we reported as Kriptokoin.com, in a rug pull scam, the founders of the project collect all their investor funds and disappear.
On the contrary, Cliff Inu was not going anywhere. According to the statements made on the official Twitter account of the project, there is actually a network change behind the depreciation in the price. Moreover, the project had announced this change a month ago. It was reported that Cliff will continue to be traded during the said exchange. He stated that after the end of the transition, the developers will sell their CLIFF tokens. The name of the new token will be RED.
After the migration is complete, we'll sell the rest of the Cliff tokens from the multisig to recoup liquidity for Red's launch.
To be fair to everyone, this collection process will last until December 21.
— RED (@red_tokens) November 22, 2022
“To be fair to everyone, the recovery process will continue until December 21st,” the tweet a month ago said. In other words, the change in question had been planned since November 21st. After December 21, it was determined that CLIFF and RED tokens sent to wallets for the old network would be invalid. It was stated that the new tokens will be sent to each address via airdrop.
10 more days given
The development in question seems to have escaped the notice of most of the investors. Because they received complaints from many investors that they made a loss. Therefore, they have extended the collection period until December 31 for the sale of the remaining CLIFF Tokens from multisig to compensate for the liquidity for Red’s launch. Cliff announced the development by sharing a form like this:
You can now view the amount of cliff and red(old) you sent and your airdrop claims herehttps://t.co/6Lt39XrBzV
We will send an explainer on how we crunched the cliff & red(old) into RED on the day of the airdrop
— RED (@red_tokens) December 21, 2022
Contrary to yesterday’s sharp drop, the coin is now up 131 percent. The cryptocurrency rose from $0.000000019 to $0.00000006544.
More about Cliff Inu
So, what is the Clifford Inu? According to its own statements, Clifford Inu (CLIFF) is currently listed on the decentralized Uniswap exchange. It is in talks with “central exchanges” to provide greater accessibility to all investors worldwide. Clifford Inu has based its foundation on delivering a sustainable project with the community while remaining true to the elements of a deflationary token. According to their statements, Clifford Inu will make some moves besides growth by purchasing the CLIFF supply. Instead it will use some of the marketing funds to build an investment portfolio.
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