Table of Contents
Keeta Public Chain’s Fundamentals Under Scrutiny
On-Chain Detective Questions Continue
Community Voices Diverge
KTA Token Price Plummets
Keeta claims to be a Layer 1 public chain, launching its native token KTA in early January on the Base network during its Token Generation Event (TGE). According to data from CoinGecko, KTA’s price surged by as much as 1,000% since early May, reaching an all-time high of $1.70 on June 9, with a market capitalization approaching $5 billion and a fully diluted valuation (FDV) exceeding $11 billion.
However, on the same day at the price peak, MRG tweeted that he might be one of the earliest users involved in testing the Keeta testnet but found the entire testing environment to be “almost fake.” He stated that the so-called block explorer was merely a static website hosted on Vercel (a web front-end development platform), and the displayed transaction data was highly likely fabricated. Additionally, the trading functionality was non-operational, and the content of the white paper appeared to be AI-generated. He even suggested that such a project did not warrant SDK testing.
ZachXBT subsequently joined the conversation, commenting under MRG’s tweet to add his perspective. He shared three screenshots, illustrating the promotional network and tokenomics of the Keeta project. One was a network diagram of accounts discussing Keeta on X, indicating that the project might rely on a group of multi-level marketing Key Opinion Leaders (KOLs) for promotion rather than autonomous buzz from the technical or development team. Another image presented a suspiciously designed transaction record table, complete with timestamps and addresses, but lacking publicly verifiable on-chain corresponding data. The most critical image revealed the token distribution structure of KTA, showing that the majority of the tokens were concentrated in the hands of the team, marketing, and advisors, indicating a very low degree of decentralization. ZachXBT criticized this operational logic as akin to previous scams that issued tokens before launching products combined with high tax rates to siphon funds.
These revelations quickly gained traction, drawing a significant response from the community. Some users questioned the evidential strength of ZachXBT’s claims, urging the market to keep an open mind and not to jump to conclusions prematurely. The founder of Keeta also responded in the comments, asserting that MRG’s accusations were incorrect and unfair to the team.
Following the doubts raised, the price of KTA rapidly fell from its peak, dropping from $1.70 to about $1.16, a single-day decline of approximately 27.5%. This was undoubtedly a significant blow for a project that has yet to launch a formal mainnet and has questionable technical details. Previously, Keeta had garnered attention for announcing the launch of its testnet and being listed on multiple centralized exchanges, but the current market reaction indicates that community trust is rapidly eroding.
As of now, the Keeta team has not provided an official response to external doubts. Although MRG and ZachXBT’s analyses have not constituted definitive accusations, the clues they have provided have become the focal point of market attention.
