$YALA has been eaten. This wave directly caused a bloodbath,
Why is this coin being shorted?
This coin was previously attacked by hackers, who exploited a vulnerability to mint an infinite amount of fake $YU (the governance token in the project), and then took it to arbitrage and ran away with tens of millions of dollars. The project team was shocked at the time, urgently suspended the contract, and even locked a portion of $YU, barely managing to hold the price of $YALA from collapsing to zero. But this is akin to giving a seriously ill person a shot of adrenaline; it treats the symptoms but not the root cause. Institutional investors saw this mess and immediately withdrew all their stakes, running away faster than anyone else. Now retail investors want to redeem? Sorry, queue up and wait for 15 days! After 15 days, the opportunity will be gone, the price will have dropped who knows how far, and even if there is compensation by then, the immediate reaction of retail investors will be 'Sell quickly, sell quickly.' Who dares to hold on? So fundamentally, this thing has already cooled down by a large extent. The manipulators using locked positions to buy time are actually trying to buy themselves an escape window, while retail investors are locked in as hostages, a classic operation of cutting leeks.
I personally view this wave as a small to medium-term short position, which I opened quite comfortably and am still holding. There is still a lot of downward space, unless the project team suddenly announces a massive buyback or some super good news comes in; otherwise, the trend will just keep pressing down.
To summarize my own thoughts:
A project that has been messed up by hackers, trust has completely collapsed, and is forcibly locking positions to prevent retail investors from escaping is essentially equivalent to a slow death. Institutional investors have all run away, and retail investors can only pick up the last baton. I'm not in a hurry to exit this short position.
Next strategy continues, add me as a friend on Binance
😂
