Hey there, crypto enthusiasts! If you've been around the blockchain space long enough, you know that not every glittering project turns into gold for its early backers. A recent tweet from @0xngmi, the mind behind DeFi Llama, has reignited discussions about one of the most infamous cases: the EOS ICO. Let's break it down in simple terms, explore what happened, and draw some parallels to the meme coin world we cover here at Meme Insider.

The Tweet That Sparked the Conversation

In a post that's garnered thousands of views, @0xngmi highlighted a stark contrast in the EOS saga:

participants in eos' 4bn ico ended up with tokens that nowadays have a mcap of 900m

while bullish, a company that was fully funded by that ico, today ipo'd at a 12bn val with a >1bn cash sale, none of that going to eos holders

and execs buying 9fig houses llamao

You can check out the original tweet here. It's a brutal reminder of how crypto investments can go sideways, even with billions poured in.

What Was the EOS ICO All About?

For those new to this, let's rewind to 2017-2018. ICOs, or Initial Coin Offerings, were the hot new way to fund blockchain projects – think of them as crypto's version of crowdfunding, where investors buy tokens in hopes they'll appreciate as the project succeeds.

EOS, developed by Block.one, promised to be a faster, more scalable alternative to Ethereum. It raised a whopping $4 billion, making it the largest ICO ever. Investors were excited about building a "killer" blockchain with better transaction speeds and no gas fees. But fast-forward to today, and the EOS token's market cap sits at around $900 million – a massive drop from its peak hype.

Enter Bullish: The Company That Rose from EOS Funds

Here's where it gets interesting (and controversial). Block.one used a big chunk of those ICO funds to launch Bullish, a cryptocurrency exchange platform aimed at institutional traders. Bullish was essentially bootstrapped with the money raised from EOS token sales.

Yesterday, on August 13, 2025, Bullish went public via IPO at a staggering $12 billion valuation. The IPO included over $1 billion in cash sales, but none of that windfall is trickling back to EOS token holders. Instead, it's benefiting the company's executives and shareholders. @0xngmi even quipped about execs snapping up nine-figure houses – that's homes worth $100 million or more, folks!

This setup raises eyebrows because EOS investors essentially funded Bullish's success, yet they're left holding depreciated tokens while the company thrives independently.

Why This Matters for Meme Coin Investors

At Meme Insider, we focus on meme tokens – those fun, community-driven coins like Dogecoin or newer Solana-based gems that often start as jokes but can explode in value. But the EOS story offers crucial lessons:

• Alignment of Interests: In meme coins, the community often drives value through hype and utility. With EOS, the funds went to a centralized company (Block.one) that pivoted to other ventures. Always check if a project's tokenomics ensure holders benefit from growth.

• Rug Pull Risks: While EOS wasn't a straight-up rug (where devs dump and run), it feels similar to holders. Meme coins are prone to quick pumps and dumps, so vet teams and roadmaps. Look for transparent devs who lock liquidity or burn tokens.

• Regulatory and Long-Term Value: ICOs like EOS faced SEC scrutiny later, leading to settlements. Meme coins today navigate similar waters with evolving regs. Projects that build real utility (like DeFi integrations or NFT ecosystems) stand a better chance of lasting.

This tale underscores why decentralization and community governance are buzzwords in crypto – they help prevent scenarios where founders cash out big while leaving investors in the dust.

Key Takeaways and Looking Ahead

The EOS-to-Bullish saga is a cautionary tale in the blockchain world. It shows how even massive raises don't guarantee holder wins if structures aren't aligned. For meme coin hunters, it's a nudge to focus on projects with strong communities, clear utilities, and fair distributions.

If you're diving into meme tokens, check our knowledge base for the latest on trending coins, tech updates, and strategies to level up your game. Got thoughts on EOS or similar stories? Drop them in the comments below – let's keep the conversation going!

Stay savvy, stay memeing! 🚀