ZachXBT criticizes Irene Zhao’s new memecoin amid past failures
Anonymous OnChain Investigator ZackXBT asked Irene Zhao, founder of the SO-COL platform and crypto X influencer, about the steps she plans to take to correct those affected by the failed projects she was involved in.
This is in response to Zhao's detailed statement regarding her involvement in several cryptocurrency projects. In the statement, Zhao discussed the IreneDAO project, which began as a fun experiment in January 2022 with minimal expectations.
Web3 project failures
The project was unexpectedly popular with millions of transactions within a week of its launch. As the treasury is managed by a multi-signature wallet, preventing personal control or profit, Zhao ensures transparency.
Zhao turned her attention to SO-COL – her Web3 platform aimed at competing with TikTok and online fans – leaving the management of the decentralized autonomous organization (DAO) to the executive committee. SO-COL tried to bring millions of Web2 users to Web3 through non-creative tokens (NFTs).
The project initially attracted 30,000 users and prominent venture capital backing, but the impact of the crypto winter on NFT transactions has reduced interest from Web 2 creators and brands.
SO-COL experienced heavy selling pressure due to airdrops and token launches in February 2023, which impacted its performance. To address this, Zhao received a $1.5 million investment from DWF.
As the project's token value has declined due to market and internal challenges, Zhao regrets not being transparent about financial struggles and advising investors sooner.
New memecoin amid SO-COL collapse
Aside from the Web3 world, Zhao explained her role in the economy of her first crypto project, where she was a marketing officer. She confirmed that her involvement was limited to promotion, with no influence on development, strategy or performance.
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However, Zhao took the opportunity to highlight her new project, “ASIANMOM”, which includes strict lock-in periods for herself and contributors to ensure accountability and trust. SO-COL invited them not to join the new project or to abstain from the election based on their experience.
Despite Zhao's explanation, ZachXBT remains skeptical. In addition to an apology, Zhao also asked for her commitment to making amends for the losses caused by previous participants in her project.
ZachXBT criticized her decision to launch a new memecoin instead of continuing to work on SO-COL, citing failed projects and huge losses from the crypto space before Zhao took full responsibility.
Meanwhile, new investors in Solana-based memecoins have been caught off guard by the dismal performance of recently launched celebrity tokens, which have seen their prices plummet by as much as 99 percent. Additionally, more than 30 celebrity-backed tokens listed on Solana in June saw their value increase by at least 73.23%.
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