Puffpaw’s VAPE FDV Crashes From $400M to $7M After Polymarket Manipulation

This is a case study in how thin liquidity and concentrated supply can manufacture a valuation that bears little relation to market reality, and in how prediction markets can themselves become targets when settlement depends on a metric that is easy to move. The wallets with no other Polymarket history suggest coordinated positioning rather than organic conviction. The disputed sub-markets now heading to a UMA vote put the resolution mechanism itself on trial: whether token-holder governance can reliably adjudicate a manipulated outcome is the open question, and the precedent will matter for how similar DePIN and low-float launches are treated.