Wow what happened to the price?
I haven't been paying attention for a few weeks, just letting them stake.
Did I miss something?
Big PoW blocks, multipools and some miners are dumping. Get them cheap now!
I don't usually like to give my insight on price as the dev, but since I do watch it all the time I'll give my 2 cents as a trader.
First of all we have to take note of the BTC value spikes going on. This causes panic in alts. People instinctively go "Oh crap BTC is going up and i'm invested in XYZ alt, I need to convert". On top of this is the fact that "anticipation levels" have dropped in swing with the release of the chart we were all expecting. That combined with increased rewards causes reason for sell pressure (sometimes irrationally low sell pressure).
While I'm not certain I'm starting to think some traders have realized all this and added light but "heavy enough" sell walls to suppress a little. You'll notice anything selling under 4k-5k gets quickly purchased. So potentially some rather clever accumulation and re-positioning going on.
Considering all this, our "Anticipation levels" are currently increasing again. Community members are working on a multipool that will add buy pressure to the market, I'm looking to get on crypto radio shows to spread the word of Swing (plus potentially some chart upgrades), and POW rewards are closing in on a 90% reduction.
And that pretty much sums up the current state of Swing. Lots of room to make moves here. Very interesting seeing what choices people make.
I have been looking at the new charts since my last post, and I guess your explanation is sound.
BTW great work as always.
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