Gotta love the trading genius who first bought 289million sprouts at 3 sat, just to dump it all at 2 sat over a period of 11 days.
Resulting to a loss of 2.89 bitcoins.
On top of that he did not even stake. If he had, he would've lost only 2.54btc. Obviously he had no idea what he was doing.
From my perspective we are firmly in the 2-3sat price range. Market doesn't seem to want to sell at 1sat, which is interesting. I predict we will get those 2sat left overs (0.86btc) bought soon on the ask side of the order book. After that I expect to see a 2sat bid wall to appear again. Once the bid wall has formed we will probably get to see some 2sat sells and 3sat buys.
But at which volume? I have no idea. But I'm confident we'll get back on the healthy state of more buys than sells, which actually has been the case for past 40 days, btc wise.
Even now 0.05btc worth of sprouts could be sold more a day and the sells and buys would still be in 50/50 balance btc wise. Gotta tip my hat to the big holders, they are playing smart.
Despite the coin is hyper inflating, it doesn't seem to matter, since the real value of the coin is zero and we all know it. Instead of dumping huge sprout holdings and checking out of the game of sprout gamble, big holders seem to avoid selling when 1 sat price is the only price at the bid side of the order book. Weak hands who have more money that they can care to lose might panic sell (and they have for marginal sums), big owner or not. These people seem to be in the minority, otherwise we would not have a 1sat bid wall.
The funny thing here which I don't think many have realized that when a coin is virtually worthless it actually has "any" value. If there wasn't the little technicality of decimals not going beyond the 8th decimal we would just keep hyper inflating, but since we do have that artificial limitation the value of sprouts will instead keep growing at the rate of the staking that takes place now. All this while dancing between 1-3sat price range for the indefinite future.
The game is over if the order book gets too ask heavy, like a 1 billion ask dump at 1sat, but who would have the incentive of doing that?
