# kaal:claim:4015908-013

**Claim.** Small market cap launches at very cheap initial prices carry the potential for team and whale purchase abuses, which is why equitable treatment of the public requires significant project-controlled liquidity.

**Type.** failure  **Support.** argued

**Holds when.**

- small market capitalization
- very low initial token price

**Source quote.**

> Small market cap launches at very cheap initial prices bring with them the potential abuses of team and whale purchases.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), III.2.c(2) Liquidity, page 9

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Failure mode.** Cheap small cap launch capture  (family: plutocratic-capture)

**Topics.** defi, economics

**Keywords.** liquidity, whales, market-cap, fair-launch, manipulation

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.