2021-10-08 08:28:16
The relaunch started off with golden hour. During golden hour, the sells tax is 48%, the bulk of which goes to the buyback. In theory, at least psychologically, the idea of a wallet buying the dips is exciting. In reality, that means it must sell first. In version 1.0 we had an impenetrable floor, so we really didn’t see large sells from the buyback wallet. Now that we have a soft floor with a high tax, not only did we experience the buyback selling, but by the time it had finished it seemed to do more damage than good. The idea was to create a mechanism to protect holders from dumps. In hindsight, this wasn’t the best way to do that. The best way to do that is to take a portion of tokens from those who are dumping and then permanently lock them away to retain value in the token, I.e. burn them. As it stands, we do actually have a way to do that. Yes, once a contract is deployed you cannot change the logic. Fortunately, your team has come up with a way to reverse engineer the tokenomics in a way that, instead of dumping in order to fill the buyback wallet, we can actually redirect that fee and capture tokens. The way this will be done is with the auto LP generation mechanism. The percentage going to buyback has been rerouted to LP. The portion the generated LP tokens that were intended for buyback can now be immediately cashed out for the $DogeX/BNB they represent, and the $DogeX that is acquired will be burned. The BNB part of the pair will be used to immediately buyback $DogeX and that will be burned as well, as if the auto liquidation never happened and we were collecting and burning tokens all along. For the next 12-24 hours, the reclamation of the LP originally intended for buyback will be manual, at least until our devs have finished up a script to automate the process. We appreciate your trust and understanding!
In short: The reason why the chart dumped was the buyback wallet, now that it’s been changed we can fully focus on the growth of Dogex!
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