Everyone's excited about the "pump" of
SOL
right now but objectively speaking, this isn't a growth spurt where outside money is coming in - did people already forget that its high was $250 back 22'?
So we do know that the same folks who got caught lying on their term sheets and fabricating data are still there on the core team. Not to mention the outages earlier in the year...which should not happen to any blockchain, no matter what. This is not something that happens to legitimate chains - it did not happen on
BTC
,
ETH
,
DOGE
, $XTZ - not even once. A blockchain that "fails" is not a blockchain at all, you could argue.
Well, I have a new theory of what's actually going on right now - their phone didn't sell this whole year and they were in dire straights, so they used $BONK to sell off their inventory and the core team is trying to cut their losses and is getting read to exit the space completely.
It's what you call a "liquidation event" right before a company goes under - normally this is harder to detect because crypto doesn't usually have a physical product but they way that they got rid of all their phones in a big hurry actually made the pattern easier to see.
So this "pump" is less about organic growth but the industry cannibalizing each other in desperation - even the Shiba mascots aren't cute enough to distract us from how gross it is, really. 🧟🧟♀️🧟♂️
The target dates to pay attention to are Christmas -> New Years - the phones themselves has "sold out" so it has officially hit its peak a few days ago. If people got the phones as gifts or presents then they should be some movement in $BONK soon and we'll start to see the whole thing unravel.
Happy Holidays and New Years everyone!🎅🎄
SOL
right now but objectively speaking, this isn't a growth spurt where outside money is coming in - did people already forget that its high was $250 back 22'? So we do know that the same folks who got caught lying on their term sheets and fabricating data are still there on the core team. Not to mention the outages earlier in the year...which should not happen to any blockchain, no matter what. This is not something that happens to legitimate chains - it did not happen on
BTC
,
ETH
,
DOGE
, $XTZ - not even once. A blockchain that "fails" is not a blockchain at all, you could argue. Well, I have a new theory of what's actually going on right now - their phone didn't sell this whole year and they were in dire straights, so they used $BONK to sell off their inventory and the core team is trying to cut their losses and is getting read to exit the space completely.
It's what you call a "liquidation event" right before a company goes under - normally this is harder to detect because crypto doesn't usually have a physical product but they way that they got rid of all their phones in a big hurry actually made the pattern easier to see.
So this "pump" is less about organic growth but the industry cannibalizing each other in desperation - even the Shiba mascots aren't cute enough to distract us from how gross it is, really. 🧟🧟♀️🧟♂️
The target dates to pay attention to are Christmas -> New Years - the phones themselves has "sold out" so it has officially hit its peak a few days ago. If people got the phones as gifts or presents then they should be some movement in $BONK soon and we'll start to see the whole thing unravel.
Happy Holidays and New Years everyone!🎅🎄