Jade Protocol (JADE) token price crashed as scam allegations mount

Key Takeaways

• The price of Jade Protocol (JADE) coin continues to plummet as the token loses 90% in days
• Amid the massive price drop, investors are scared this may be another rug-pull scam

YEREVAN (CoinChapter.com) – The price of the Jade Protocol (JADE) token is on a free-fall. Since the token hit its all-time high of $682 less than a month ago, it has nosedived over 90% and is currently trading under $63 per JADE. In the past week alone, the JADE coin has shed around 80%, according to the data from CoinMarketCap.

To add to Jade Protocol’s coin price woes, users have flooded social media with scam allegations. According to some investors, their inability to claim their airdrops is indicative of a possible rug pull scam. 

Recommended: METAMUSK Token, another cryptocurrency scam from Musk Metaverse?

What is Jade Protocol (JADE)? 

Jade Protocol is the inaugural launch of the Fair Fork Foundation, one of the forks of OlympusDao. Formed to replicate the success of OlypusDao, it gives massive APY returns on staked Jade tokens. The Fair Folk Foundation has opted for Binance Smart Chain to launch the project owing to its low transaction fees.

As the first Decentralized Finance (DeFi) Venture Fund, Jade Protocol plans to fund innovative projects within the crypto and blockchain ecosystem. 

Fuck VCs. Fuck Insiders. Fuck ‘influencers.' And honestly… fuck crypto.

Introducing: https://t.co/f8ewYdwzPA – The first project launched by the Fair Fork Foundation (FFF)

Our first Fair Fork? @OlympusDAO with a unique twist.

This is going to change everything.

Thread👇: pic.twitter.com/QKctIgEGhQ

— Jade Protocol (@JadeProtocol) November 20, 2021

Following its launch less than a month back Jade protocol gained immense popularity. Promising an APY of over 300 million and 5-day staking gains as high as 23%, it had people going gaga over it. Well, until it crashlanded, at least. 

However, even with the massive sink in its price, Jade Protocol still promises an APY of 481,682% at press time. The total value staked (TVL) is over $39 million with almost $74 million in its treasury. 

Investors who stake their JADE coin get weekly airdrops in BUSD tokens. The next airdrop scheduled today has a price pool of over $1 million. This number varies every week. While staking your Jade coins help you ear through drops, the BUSD you get as a result can be withdrawn and spent. 

Recommended: MUFC Manchester United Fan Token is a scam, investors & exchanges warn

What is fueling the Jade token rug pull allegations? 

$jade protocol is total scam… invested money into this DAO tried to unstake it since I’ve made virtually no profit and I don’t see the money in my wallet… rugpull. Slow rugpull @JadeProtocol

— natalie ♡ (@nfthottie) December 19, 2021

More often than not, fears over a possible rug-pull scam arise from the details in any project. When something is too good to be true, most people brush it off as a scam. Who wouldn’t? The embedded calculator on the Jade protocol website claims you can turn a $63 investment (current price of JADE token) into over $3 million in one year with the current reward yield of 0.7779%. These calculations are based on the premise that the future price of the Jade crypto token will cross the $600 mark.

Moreover, we still do not know who is behind the project. According to RugDoc, the project founder has privately verified their identity with their team. However, the team behind RugDoc also recommended Jade Protocol to “pass reputable audits and KYC verifications as there is a risk of governance mishandling”.

Investors in the project don’t seem happy. The huge price drop is making investors anxious about the whole deal. While some of them complain about losing a large chunk of their money, others see the declining TVL as a sign of a rug pull. Many claim they have failed to get any airdrop rewards.

Now it’s $77. They stole all the TVL Bro. It’s called a rug pull

— plus14 (@plus_fourteen) December 20, 2021

The attitude of the team running the project has not resonated well with investors either. They have come off as rude and uncanny, insulting investors and telling them to “deal with it” if they don’t like it.

“Have you seen how they communicate? These are kids. Will anyone ever take them seriously? Will these clowns be able to pull off any investment? No. They took your money and are probably chilling in the bahamas by now,” 

one user tweeted in anger.

"Deal with it" – Not the best way to build trust. My money out.

— Neil Duly (@NeilDuly) December 17, 2021

With the price of Jade Protocol (JADE) continuing to plummet, angry users flock to question the devs on the project’s Twitter handle. Is this a temporary dip for the project before it makes a bull run, or is there no return from this? Time will tell.