The situation of $RIVER these days can be summed up in one sentence: 'fell into despair'
10/17 Futures launched, 10/24 futures drove a 5x increase, riverpts rose synchronously to a maximum of 40x
🔹 9/22 TGE went online, closing price around 2 yuan, with the initial selling pressure arriving the next day, dropping to around 1.5
10/17 Futures went online, 10/24 futures drove a 5x increase, riverpts rose synchronously to a maximum of 40x
🔸 November Crash Event:
Riverpts price collapse and exchange suspension
11/7 massive short selling + batch pts redemption
The situation these past few days can be summed up in one sentence: 'It's a huge drop'
Affected by short selling, $RIVER also fell by 13-28%
Then on 11/11, the project party urgently announced a suspension of pts exchange
11/11 Confirmed suspension, Smart Vaults are secure, upgrade direction announced
11/14 Introduced daily limits and single transaction limits
11/18 Points decay, half-life recovery mechanism
11/23 at 0.0000447 BNB/Pts
Fixed price repurchase snapshot address on November 9
11/26 Upgrade the exchange system, requiring staking SRIVER to exchange
11/28 Price spiked to 3.1 and then continued to consolidate
🔸 December Price changes and activities:
12/9 Galaxy staking task initiated, with RIVER tokens worth $10,000, the participation threshold requires staking more than 10 RIVER tokens
12/13 Short-term rebound, price peaked at 8.5, followed by 3 consecutive days of sharp decline, with a 7-day drop of 44.8%
🔸 November crash event:
💲 After the upgrade, exchanges were restored around 12/11. The main reason is still due to the collapse of trust in the project party, leading to selling pressure
If you were stuck a while ago, you would definitely choose to leave as soon as it opens, but the subsequent script is a price crash event
Before the deadline, the price was still fluctuating significantly, dropping to around 1.6. Besides trust issues, the market is not good, and everyone wants to quickly exchange Pts for $RIVER and sell
The spiral that led to this decline, I believe the main reason is still the governance decision of the project party. Once user confidence collapses, it will be difficult to save...
The project party still needs to think about how to solve this! Otherwise, it would be a pity to waste this good hand 😅
Let's take a look at how this initial star project ruined a good hand!