Indeed. This coin had a ton of promise, according to its whitepaper. But at this point, I'm believing it was all talk to pump-and-dump. If I wanted to be generous, I'd say that raxe didn't realize how much work would be involved and is hoping to save face by not admitting it.
I wouldn't mind being proven wrong. But it's gonna take a lot to happen all at once for people to notice it again, I fear.