The Rise and Fall of $STEVE: A Tale of Community Resilience & Betrayals

6 min readMay 11, 2023

From Promising Success to Devastating Manipulation in the World of Cryptocurrency.

Introduction:

In a previous article, we delved into the incredible journey of $STEVE, a crypto token inspired by the popular STEVE SEAGULL memes. The project enjoyed a thrilling ascent, capturing the attention of a dedicated community eager to rally behind $STEVE. However, recent events have cast a dark shadow over the project, exposing a story of manipulation and betrayal that threatens its very existence.

The Early Triumphs:

Since its inception on May 3rd, 2023, $STEVE experienced an exhilarating rise to prominence. Within a mere three days, the token achieved an astounding market cap of over 7 million, amassing a devoted community of degens committed to passionately shilling $STEVE. The future looked promising, with new all-time highs seemingly within reach.

Challenges and Community Unity:

Yet, the $STEVE community faced its first major challenge on May 6th when dextools, the prominent platform for discovering meme coins, became the target of a disruptive DDoS attack. For over eight hours, confusion reigned as the dextools charts ceased to function, causing panic among traders and an artificial dip in the $STEVE market cap. However, the unwavering community stood tall, refusing to let adversity deter them. As dextools recovered, the chart began its steady climb, fueled by the community’s determination to reclaim their previous highs.

From setbacks to pure devastation:

During the early hours of May 7th, a shocking turn of events unfolded as the developer behind $STEVE made a drastic move. Without warning, the developer liquidated the entire liquidity of the exchange (CEX) wallets, swiftly selling off all assets. To compound the situation, they proceeded to delete the project’s Twitter, Telegram, and other associated accounts. This sudden betrayal sent shockwaves through the community, resulting in a significant loss of the $STEVE market capitalization.

In response to this unexpected turmoil, the $STEVE community sprang into action. Conducting blockchain analysis, community members discovered that the developer had fully divested themselves from the $STEVE token, leaving only $300,000 of liquidity remaining in the market cap. However, due to the contract being fully renounced, and with 100% of the liquidity pool (LP) now in the hands of buyers, the community swiftly rallied together.

Community-Led Initiatives:

Seeking to solidify the project’s success no matter how large the challenge seemed, the $STEVE community embarked on a range of initiatives. Recognizing the diverse skillsets within their community team, they crafted a roadmap that outlined their collective vision for the future of $STEVE.

The team secured a partnership with a low-cost mini-game provider, offering exciting perks such as a Twitter post from a prominent account, a dedicated blog article, and inclusion on the partner’s website. This strategic move aimed to infuse the community with enthusiasm and provide opportunities for engaging events centered around the themed game.

The $STEVE community showcased its resilience and creativity by exploring unique avenues to enhance the project. Notably, the community conceived an intriguing concept — an AI-powered Twitter reply bot infused with the distinctive attitude of a condescending seagull. The bot, designed to provide humorous and witty explanations related to the STEVE Seagull memes, aimed to engage and entertain the community while subtly promoting the token’s inherent value. This included a lucrative plan to infuse the bot replies with ads from the largest purchasers of $STEVE to create a daily battle on the charts to remain as the sponsored profile advertised in the bot replies. Example: (Sponsored by @TwitterUser). With a clear path of success, One of their community devs (thats me!) was ready to take on the task.

Betrayal and Manipulation:

Sadly, the path towards $STEVE’s prosperity took an unexpected turn as the community faced an internal betrayal. A community member named Ruuudy, entrusted with managing the project’s Telegram account following a previous rug pull incident, disappeared for over two days. As the community anxiously awaited his return, hoping for progress, Ruuudy resurfaced on May 10th, revealing shocking instructions.

False Promises and Deception:

Ruuudy, claiming to have thoroughly discussed the matter with the core team, abruptly announced an immediate migration to a new contract. He enticed the community with promises of influential partnerships and marketing deals. However, the truth quickly unraveled, exposing Ruuudy’s deceitful intentions. It became evident that he had not consulted the core team as he claimed, but instead sought to manipulate community members into sending their funds to a wallet under his personal control. The core team, upon realizing the deception, confronted Ruuudy about his actions.

The Fall and Aftermath:

In response to the confrontation, Ruuudy banned core team members from the Telegram channel, and subsequently deleted it. In a matter of minutes, he liquidated a significant portion of his personal holdings, leaving the community in a state of panic. Faced with uncertainty, community members scrambled to sell and exit $STEVE, though many encountered difficulties due to high gas fees and slippage costs. The project’s liquidity evaporated, except for the holdings of JaredFromSubway.eth, amounting to over $100,000 in value before Ruuudy’s very rude exit.

It is important to note that the telegram Ruuudy controlled was the official group telegram. But the URL that Dextools linked to was a different telegram used as a portal to the official telegram. because of this we were able to launch that portal telegram as the new main channel. So all social media and website URLS linking from Dextools all still function correctly.

The Uncertain Future of $STEVE

Indeed, the future of $STEVE remains highly uncertain. The recent events, marked by betrayal and manipulation, have dealt a severe blow to the project’s credibility and the trust of its community. With liquidity depleted and a tarnished reputation, the prospects for $STEVE appear bleak.

It is crucial for investors and community members to exercise caution and thoroughly assess the risks associated with the token. The $STEVE community, once filled with hope and determination, now finds itself grappling with the aftermath of yet another devastating betrayal within their project. While the realm of cryptocurrency is known for its unpredictability, it is imperative to approach such situations with a discerning eye.

As we reflect on the rise and fall of $STEVE, we must also recognize the tremendous potential of strong and resilient communities within the crypto space. The $STEVE community’s unwavering support, determination, and willingness to come together in the face of adversity showcased the true power of collective action.

The story of $STEVE serves as a reminder that the cryptocurrency market is not without its risks and challenges. However, it is the strength and character of the community that truly defines a project’s success. The $STEVE community demonstrated the remarkable qualities of unity, resilience, and support, leaving an indelible mark on the hearts and minds of those who witnessed their journey. It is through the lessons learned and the bonds forged that we can strive to build a more robust and trustworthy crypto landscape for the future.

Worth mentioning:

Despite everything that happened there are a small group of investors still clinging to hope for a successful future for $STEVE. I wish them all the success and will be around for hands-off support. So if you wish to join them the links are available on dextools, the official twitter or SteveSeagull.io.