PRICE AJDUSTMENT / REDENOMINATION / REDISTRIBUTION
Hello MGOT Holder
On 20 October 2021, MoTA Global initiated an MGOT IDO in line with our continuing crowdsale effort to offload 10% of total supply to fund DEX liquidity. Our model is to maintain the original presale price of 0.1USD via buy-backs until our products and services begin to ship. We had therefore completed a successful buy-back prior to the launch of the IDO.
There was however a grave error in the pricing setup of the IDO where the original presale and crowdsale price of 0.00016BCH (0.1USD) per MGOT was wrongly configured as 0.00016USD. Thus The per MGOT price of 0.00016BCH became 0.00016USD. 2 million tokens were sold at 0.00016USD. Noticing the error we allowed the sale to complete and reconciled it with the percentage of tokens allocated for airdrops.
At the presale price of 0.1USD the total value of the IDO would stand at 200,000USD. This figure is not out of line with our estimated airdrop value (10% of total supply is to be airdropped). However, the impact on early investors (presale token holders), the timing and the total number of tokens in circulation has necessitated a different line of action to address the incident.
Total MGOT Token Supply 100,000,000
Tokens Unsold/Bought Back 97,996,661.42
Circulating Tokens 2,003,338.58
As gleaned from the information above there are about 3,338.54 old tokens in circulation if you deduct the 2,000,000 sold at the IDO. Initially we attempted to buyback tokens as the price began to slump but this resulted in a frienzied dumping by discount token holders leaving long time holders (presale holders) still at the short end of the stick.
Our final decisition is to redenominate MGOT to be consistent with the IDO price of 0.0016USD.
To achieve this, we will distribute MGOT to all the addresses that held MGOT at the Snapshot time 10/20/2021, 12:48:43 PM which was just before the ill-fated IDO. The distribution will be proportional to the tokens held by the address at the time.
Total Token holders (as at 10/20/2021, 12:48:43 PM) = 47
Total Token held (as at 10/20/2021, 12:48:43 PM) = 14,721.84
Total Token to be distributed = 9,186,428.16
The formula used is
old MGOT price - 0.1USD = 1MGOT
new MGOT price - 0.1USD = 625MGOT
Calculation 0.1USD / 625MGOT = 0.00016USD / 1MGOT
Adjustment (MGOT IN WALLET * 625) - MGOT IN WALLET
Thus the new floor price of 1 MGOT will be 0.00016USD
MoTA Global will continue to buy-back tokens whose price fall below this new price range. The crowdsale will continue at this new price.
We apologize for any inconvenience caused our users as a result of this incident. MoTA is committed to solving real world problems for the larger excluded populations of the world.
Please direct all enquiries to:
Telegram https://t.me/mgot_token
Website https://motaglobal.club/online/