As the price of the Martin Shkreli Inu (MSI) token crashed by around 90 percent this Friday, media publications were quick to point fingers at the disgraced “Pharma Bro” for liquidating a significant portion of his MSI stake. After all, as noted by Bloomberg, the liquidation spree originated from a wallet that allegedly belonged to the former pharma industry executive. However, as with almost all things related to Martin Shkreli, the reality is much more dramatic and, shall we say, colorful. As a refresher, Martin Shkreli recently announced his latest initiative Druglike – a blockchain-based decentralized computation network that will be available for free to early-stage drug discovery projects. Powered by the Martin Shkreli Inu token, the platform aims to incentivize drug discovery solutions by using a Proof-of-Optimization framework, where “miners” would expend computational power to discover ideal drug-related compounds. These miners would then win the MSI token as a reward. Moreover, the blockchain envisages two main node types: the worker node submits candidate ligand poses to the blockchain and receives MSI-based rewards in return, while the validator node uses a Proof-of-Affinity framework to evaluate the effectiveness of the submitted candidate ligand poses, again winning MSI tokens as a reward. For the uninitiated, a ligand refers to an atom or a molecule that attaches to another larger molecule. Pose refers to the conformation and orientation of molecules within the molecular docking framework. Of course, as we had noted previously, Martin Shkreli Inu’s “tokenomics” were not ideal, to begin with, entailing hefty fees of as much as 16 percent and a max supply of 1 trillion coins. Add to this Friday’s crash, and it is hardly a surprise that confidence in the fledgling project has been shattered. Nonetheless, it appears that the reason behind last week’s crash in the price of Martin Shkreli Inu was relatively innocuous. Apparently, the former pharma industry executive downloaded adult content from Torrent, allowing hackers to gain access to his wallet. The following YouTube video by SomeOrdinaryGamers goes into much more detail on this topic.
Meanwhile, the price of Martin Shkreli Inu token is well off Friday’s lows but still down significantly. Do you think the Druglike platform and the Martin Shkreli Inu token will be able to recover from Shkreli’s latest antics? Let us know your thoughts in the comments section below.
