Pre-A output: layer 1 blockchain Keeta Network is facing uncertainty after observers slammed the project

Keeta's KTA token hit an all-time high of $1.7 this morning, but fell as much as 24% after Michael Ruzic, the founder of DeFi Capital Markets, called Keeta's testnet "completely fake," and onchain sleuth ZachXBT said the token supply is controlled by "sketchy KOLS."

Layer 1 blockchain Keeta Network is facing some turbulence after observers slammed the project shortly after it reached an all-time high valuation, driving its token price down by more than 20%.

Keeta’s KTA token hit an all-time high of $1.7 this morning, but fell as much as 24% after the founder of DeFi Capital Markets Michael Ruzic said he found Keeta’s testnet to be “completely fake,” while onchain sleuth ZachXBT said the token supply is being controlled by “sketchy KOLS.”

“I am likely the first person ever to go on the Keeta testnet. TLDR it’s completely fake. The explorer is a Vercel vibe-coded page posting fake transaction data. Swaps don’t work … Whitepaper is AI slop. Same for the docs. Not going to even bother trying the SDK,” said Ruzic.

To which, ZachXBT responded, “When the biggest shills for a project come from sketchy KOLs vs actual builders for a project, it typically means the tech is underwhelming. Nonetheless, the supply control by them has so far been impressive.”

Keeta founder Ty Schenk responded to Ruzic, saying: “Your tweet is completely false and unfair to the work we do. Regardless, I’m happy to make some time if you would like to have a call and ask questions of Roy or myself.”

Keeta will be hosting one of its regular X Spaces later today to discuss a recent partnership and network developments.

The post Observers slam Keeta as KTA token price falls 24% from ATH appeared first on Chain Teller.

.