They have raised around $290M from investors already.
Red flag for me. Its not 2020 anymore. We are in 600 days long bear market. $10M is a lot. I doubt that they have raised 290M from investors. And its only for selling part of supply, part of supply i still not sold, new coins being minted so we are talking about top 50 CMC just to break even for seed investors? its a lot for platform that does not have userbase and is not listed anywhere. Pancakeswap, the biggest DEX on bsc with millions of users have similar marketcap.
You have really made a valid point, how were they able to raise such huge amount of funds in this bear market. Or perhaps they have some institutions and VC who inject huge amount during the fund raising process, if that is the case, there is most likely going to be a dump. Better for anyone who is interested in investing to go in with small amount. There is something fishy about their supposed raised amount.