KTA big dump 20%, Keeta project Crisis of Confidence emerges

Recently, the project Keeta on the Base chain, which has garnered much attention, has faced a Crisis of Confidence, with its token $KTA experiencing a big dump of 20% within 24 hours. The trigger for this turmoil was a comment on social media.

A user who has experienced the Keeta testnet publicly stated that the project has numerous issues. He pointed out that the project's block explorer is fake, the transaction data is not real, the Swap function is unusable, and the quality of the whitepaper and documentation is poor.

What is even more concerning is that a well-known on-chain analyst later echoed this comment. He pointed out that when a project primarily relies on influencers rather than developers for promotion, it often indicates a lack of technical strength. He also sarcastically noted that a so-called "serious" L1 project issuing tokens before launching a product and charging high fees upon going live, only to be hyped to an astronomical valuation, is both outrageous and ridiculous.

The analyst also mentioned that Keeta's control over the token supply seems to be too strict.

In response to the wave of skepticism, the Keeta official announced that a live testing event will be held on June 12, claiming that it will collaborate with the engineering team of a well-known technology company to verify Keeta's capability of processing 10 million transactions per second.

However, the community's doubts about Keeta have not been dispelled. Some users pointed out that the price surge of $KTA mostly occurs during weekends and other periods of low liquidity, which may indicate lower pump costs. Currently, $KTA has not been listed on any mainstream trading platform.

In addition, some links questioning the Keeta project have been deleted, including doubts about its token economic model, exchange operating mode, and price manipulation.

It is worth noting that Keeta once claimed to have received $17 million in funding support from investors, including the former CEO of a well-known technology company. However, there is currently no mention of this former CEO and his investment firm on Keeta's official social media accounts.

Some community members have stated that after in-depth research, they found that the project invested in by the former CEO was actually a completely different project from a few years ago.

Currently, the price of $KTA is still at a high valuation stage, and the market's doubts regarding its token liquidity control, traces of influencer manipulation, and the quality of its behind-the-scenes team are ongoing. If the upcoming high-performance test fails to be completed on time or truthfully, the Keeta project may face a more serious Crisis of Confidence.