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FOGO, an SVM Layer 1 blockchain focused on ultra-fast trading, has canceled its public token sale just days before launch.
Author: Sahil Thakur
16th December 2025 – FOGO, an SVM Layer 1 blockchain focused on ultra-fast trading, has canceled its public token sale just days before launch. The decision came after sharp community criticism over the project’s $1 billion fully diluted valuation (FDV) and small presale allocation.
On December 11, FOGO announced a token sale aiming to raise $20 million via Metaplex. The plan involved selling 2% of the total 10 billion $FOGO token supply at $0.10 per token. Four rounds were scheduled, each with increasing caps, and no lockups were planned. Full token unlock was set for January 13, 2026.
However, traders and influencers quickly raised concerns. Many viewed the presale as “extractive,” pointing to the low float, high valuation, and the advantage early investors received. Posts from prominent voices like @waleswoosh and @Defi_Scribbler described it as a “pass,” sparking widespread backlash.
On December 13, FOGO officially canceled the token sale. The team cited community feedback as the reason. They said the market environment did not favor high-FDV launches and that they wanted to build long-term trust.
Instead of raising funds, FOGO will now airdrop the 2% token allocation to users. Three main groups will receive “Fogo Flames” points:
The project confirmed that a snapshot had already been taken. Airdrop rewards will start rolling out with the public launch on January 13, 2026.
The cancellation led to a sharp drop in FOGO’s pre-market FDV, falling from a $1.2 billion peak to around $700 million. Still, many praised the move. Some called it a bold, community-first decision. Others viewed it as smart crisis management.
Some users questioned whether the airdrop structure would be fair and free from Sybil attacks. Others compared FOGO’s pivot to other projects like Octra, which continued with sales despite similar criticism.
FOGO’s mainnet is set to launch on January 13. The Genesis phase for validators is already live. Community engagement continues via FogoFishing, where token rewards were halved on December 15. The team has also encouraged users to bridge USDC to the network, possibly for future airdrop eligibility.
The project has not yet announced its TGE price or confirmed listings.
As market sentiment shifts against high-valuation ICOs, FOGO’s move may influence other projects like Zama and Gensyn to reconsider their token sale strategies.
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