Why SoraCoin’s First Week was… Interesting

4 min readJun 17, 2021

Disclaimer: The following is not investment advice. Please do your own research, and never invest more than you can afford into any project.

What a week!!! I apologize for my use of three exclamation points in the first sentence, but you’ll have to forgive me; I am just that excited.

We conceived of SoraCoin after learning about SoraCoin’s vulnerabilities, such as their creator’s ability to rug or change key contract functions without notice. We thought we could craft a more secure experience for our investors. We also believed we could add utility to the SoraCoin, encouraging long-term holders to retain their stack.

During launch, something crazy happened. SoraCoin’s value shot up to over $20m in just a few hours. Then it dropped off a cliff as some holders dumped their tokens (presumably making a profit). I have to imagine that these wealthy investors believed that SoraCoin was just another RFI-fork, another pump-and-dump scheme. They were wrong. Our interest in this project has nothing to do with pumping, nor does it involve dumping.

Our roadmap, which we continuously update, contains a prioritized list of project milestones. For example, you can see that we plan to add staking pools to allow SoraCoin holders to “double dip” on their rewards. (More on this in a separate article as we approach launch.)

But let’s go back to a week ago, when the first few investors dumped their tokens. Our team was disheartened to see that the chart looked like that of any of a number of other RFI-forked token (granted, with a steeper climb). Nevertheless, we forged onward, determined to recover the market cap we briefly held just after launch.

So — what did we do?

Our big goal was to convince holders that our team is invested for the long term. This is an incredibly difficult task, since actions are far more powerful than words. Still, we decided some words were appropriate, so we participated in an AMA.

The AMA on the SatoshiStreetBets Telegram group went extremely well, and we continue to reference it as a resource for those looking for an explanation of the project.

The exposure led to a couple notable mentions of SoraCoin:

1st — Binance Podcast (54:33) https://twitter.com/binance/status/1389641106292412419
2nd — Blockchain & Booze: https://twitter.com/Cointelegraph/status/1389732911323049989

The added clarity around our vision for SoraCoin’s future helped stabilize the token’s growth.

Dev Work

Behind the scenes, the dev team continues to work towards its next milestones. It’s tricky to share progress with the community on this front for a couple reasons:

1 — A lot of the work that goes on involves enough technical jargon that it might cause more confusion than clarity (even when simplified as much as possible). This isn’t a criticism of our community, just an acknowledgment that not every one can read solidity code.

2 — We do not release code until it has been audited, and it is not possible to control the timeline when dealing with an external auditing firm. In other words, we cannot promote the launch of a new feature on a certain date until AFTER the audit has been completed and any issues that have been surfaced are addressed.

That being said, we do our best to inform the community of upcoming features while continuing to work behind the scenes to deliver new functionality ASAP.

“Wen marketing?”

We see the phrase “wen marketing” pop up regularly in our Telegram group.

We’ve tried to be clear about this, but I’m going to use this article to be even more explicit:

1 — We cannot pre-announce marketing plans. There are a few exceptions to this rule, but they are rare.

2 — The team is NOT using funds from the dev wallet or any other SoraCoin-related money to fund the marketing efforts. We are spending money out of our own pockets so that we do not apply any downward pressure to SoraCoin’s value during our launch window. This expenditure is not insignificant!

3 — Our marketing team is incredibly hard working — obsessively so. They put in 18+ hour days to form new partnerships, launch campaigns, and so much more.

I understand that everyone excited for marketing to continue ramping up, but rest assured — we have many plans that will come to fruition over the coming days and weeks. Or don’t rest assured. Either way, we’re charging forward.

Lessons Learned

Our biggest lesson was just how voracious our community’s appetite is for a continuous stream of news about SoraCoin.

If there’s even one hour that goes by without a bit of news, community members begin getting restless. We love the enthusiasm, but it can be exhausting! To better address the inevitable downtime, we began goal-based daily burns. If the community is able to achieve the goal (such as hitting a large number of retweets), we will burn a set number of tokens. So far, everyone seems excited — and so are we.

Although the team is committed to SoraCoin, it doesn’t change the fact that some investors will still purchase SoraCoin to make a quick profit, rather than realize its full potential over time. This is okay. The investors who sell within hours after buying are part of the process. For every paper hand, there is a diamond hand who collects fees generated by paper hands. We are focused on serving diamond hands by delivering features over time that will make their SoraCoin tokens even more valuable.

Thank you for reading, and we hope everyone is enjoying the process.