OpenGradient
$OPG
i woke up this morning and honestly the first thing i did was check if OPG was still falling 😂
it was not.
0.1328 dollars. up 6.79 percent in 24 hours. first meaningful green candle since the June 27 all time low of 0.1207. volume sitting at 20.90 million dollars. market cap 25.24 million.
i sat with that for a few minutes before i decided what to think about it.
one green day after an all time low does not mean the bottom is confirmed. i know that. anyone who has watched a token bleed for two months knows that the first bounce off a low is the most dangerous moment to assign meaning to. it feels like relief. it might just be short covering.
but here is the specific thing i kept coming back to while watching the chart this morning.
the network underneath this price move did not change between June 27 and June 29. 4.2 million blocks produced. 2 million verifiable inferences served. 500,000 cryptographic proofs. 263,500 unique wallets. 45,030 holders. a16z and Coinbase Ventures still on the cap table. NVIDIA Inception Program membership still active.
what changed is that someone decided 0.1207 was cheap enough to buy. maybe that someone is right. maybe they are early. maybe they are wrong. the next 72 hours will tell more about whether this bounce has conviction behind it or whether 0.1207 gets tested again before anything resembling a real floor gets established.
i am not calling a bottom. i am just noting that the first green candle after an all time low in a project with real network activity and institutional backing feels different from the first green candle after an all time low in a project with nothing underneath it.
honestly don't know if June 27 was the real floor or just the first visit to a level that gets tested two or three more times before the market makes up its mind 🤔
what is your take — 6.79 percent bounce off ATL with 20 million dollar volume is conviction buying or just noise before the real floor gets discovered??
#OPG @OpenGradient
$OPG
i woke up this morning and honestly the first thing i did was check if OPG was still falling 😂
it was not.
0.1328 dollars. up 6.79 percent in 24 hours. first meaningful green candle since the June 27 all time low of 0.1207. volume sitting at 20.90 million dollars. market cap 25.24 million.
i sat with that for a few minutes before i decided what to think about it.
one green day after an all time low does not mean the bottom is confirmed. i know that. anyone who has watched a token bleed for two months knows that the first bounce off a low is the most dangerous moment to assign meaning to. it feels like relief. it might just be short covering.
but here is the specific thing i kept coming back to while watching the chart this morning.
the network underneath this price move did not change between June 27 and June 29. 4.2 million blocks produced. 2 million verifiable inferences served. 500,000 cryptographic proofs. 263,500 unique wallets. 45,030 holders. a16z and Coinbase Ventures still on the cap table. NVIDIA Inception Program membership still active.
what changed is that someone decided 0.1207 was cheap enough to buy. maybe that someone is right. maybe they are early. maybe they are wrong. the next 72 hours will tell more about whether this bounce has conviction behind it or whether 0.1207 gets tested again before anything resembling a real floor gets established.
i am not calling a bottom. i am just noting that the first green candle after an all time low in a project with real network activity and institutional backing feels different from the first green candle after an all time low in a project with nothing underneath it.
honestly don't know if June 27 was the real floor or just the first visit to a level that gets tested two or three more times before the market makes up its mind 🤔
what is your take — 6.79 percent bounce off ATL with 20 million dollar volume is conviction buying or just noise before the real floor gets discovered??
#OPG @OpenGradient