 # $RUGRACE - A Case Study Recap *A Meme Coin Experiment & Case Study by Survival Is Near* --- ## Part 3: It's been a wild 3 days since the spontaneous idea of Rug Race manifested, and as the experiment has come to a close this recap of events should provide some insights that might provide some kind of value. ### Things don't always go as planned In the volatile and unpredictable nature of this Web3 space we inhabit, and the ad-hoc nature of this experiment, proceeding on the fly to execute a short but evolving strategy from a creative angle has proven very insightful. Because regardless of the outcome, potential losses (and profits), disgruntled/excited participants and reactions, this was something we wanted to see through to the end. Now that the end is here, quantifying the results in a way that isn't derived from a creative angle is proving harder than imagined, but let's give it a shot. ### Insights To promote this social DeFi experiment we created a discussion in 2 telegram groups - [$PUSSY](https://t.me/pussyonnear) & [$STOP](https://t.me/stopbuyingrugs), where we knew it could catch the attention of Degens who might want to participate in something novel. The SIN telegram [broadcast channel](https://t.me/survivalisnear) was used for the occasional announcement, with only 25 or so subs we honestly didn't have many expectations. But, knowing that the New Token and LP notifications from the [iNtEAR Bot](https://t.me/IntearBot?start=5974833388) might bring in some early buyers we went ahead with it, letting it evolve and eventually come to an end. A [Twitter Raid](https://x.com/survivalisnear/status/1780782245760127056) technique was employed to engage the community members of $PUSSY and $STOP. We bought about $10 of each token and distributed them to 2 random winners, bringing a bit more traction to Rug Race through some subtle engagement farming.  *You can reference our [Day 1](https://near.org/s/p?a=survivalisnear.near&b=117075105) and [Day 2](https://near.org/s/p?a=survivalisnear.near&b=117142051) posts for more details as this post-mortem serves as a general recap to what happened when we ended Rug Race.* ### A Failure? If we are to look at this experiment, and determine its success purely from a perspective of profitability, then it's certainly a failure. Not only because it resulted in approximately 38 $NEAR worth of gains, but because many of the early *jeeters* exited at a loss. #### *Our expenses are as follows (not including time):* - 2.3 Near for the creation of the token - 20 Near deposited in the liquidity pool - 4 Near for engagement farming If we are to subtract our expenses from the gains we're left with roughly 12 Near, which isn't much at all. And considering we are reimbursing a % of losses to the holders who remained, at the time the Rug Race ended, we will just recoup what we spent. --- *All transactions can be found [here](https://nearblocks.io/token/rugrace.tkn.near?tab=Transfers)* --- Typically when it comes to a malicious and deceptive "rug" they would pull the plug at the top. We didn't. Mainly because after the Token Burn (22% of the supply) we saw a sell off of around 45%. So rather than risking a further decline we pulled the plug and ended the race. There wasn't much else planned that we wanted to implement anyway, so it was the sensible thing to do. Selling off the tokens in our wallet impacted the price substantially due to the lack of liquidity and when we exited the [liquidity pool](https://app.ref.finance/pool/4998) $RUGRACE was practically worthless, so selling the remaining tokens didn't mean much at all. The supporter of this project - [VanDAO](https://near.org/near/widget/ProfilePage?accountId=vandao.near) - who had contributed a small amount to the LP was left [holding the bag](https://nearblocks.io/token/rugrace.tkn.near?tab=Holders) (60% of the tokens) once we exited.  Not only that, we expected the token price to increase after the burn event, but it didn't. It did the opposite. I attribute this to a lack of sufficient liquidity. Lesson learned. Some times things don't play out the way you see them in your head, am I right? In one of the *Next Steps* outlined in our previous post we have awarded the *Top Trader* with a [Commemorative NFT](https://www.mintbase.xyz/meta/survivalisnear.mintbase1.near%3A2239a305ff1c7a07139d1ce9ccbc8ad9), which has already been distributed. It's our way of showing appreciation to the Degen who had the ability to get in and out in time and not lose anything in the process. Congratulations! We also took a snapshot of holders at the time we ended the Race, and they will be reimbursed a % of their loses for participating.  *If you have any questions about this experiment feel free to drop them in the comments below* --- ### So What's Next for Survival Is Near? *The Meme Maze* of course! We also have our project on [PotLock](https://app.potlock.org/?tab=project&projectId=survival-is-near.sputnik-dao.near), so if you wish to donate please head over and show us some love! Stay tuned for an official announcement about The Meme Maze as we finalize our partnerships and put everything into place. Thanks again for joining us on this journey and make sure to join our [Telegram Channel](https://t.me/survivalisnear) for all the coming Alpha! --- 