#newt $NEWT There were already 17,500 holders when the project launched. During its first 12 months, more than 3,000 investors left, and the price dropped by 95%.
It seems logical that many of those who sold must have held large amounts of tokens. Otherwise, it would have been difficult to create such a strong bear market.
The project is also listed on the futures market, which makes me think that someone may have opened a very large short position. Less than 50% of the token supply has even been unlocked, yet the price still fell by 95%. That could suggest that some traders have been shorting the project quite aggressively.
If new investors start bringing fresh capital into the project, we could see a strong bull market. In that case, traders with short positions might be forced to close them, potentially adding buying pressure and accelerating the move upward.
Overall, it's a very interesting situation to watch.
I hold a few coins on the spot market, and I hope to see the project climb back toward the $1 level someday.
@NewtonProtocol
It seems logical that many of those who sold must have held large amounts of tokens. Otherwise, it would have been difficult to create such a strong bear market.
The project is also listed on the futures market, which makes me think that someone may have opened a very large short position. Less than 50% of the token supply has even been unlocked, yet the price still fell by 95%. That could suggest that some traders have been shorting the project quite aggressively.
If new investors start bringing fresh capital into the project, we could see a strong bull market. In that case, traders with short positions might be forced to close them, potentially adding buying pressure and accelerating the move upward.
Overall, it's a very interesting situation to watch.
I hold a few coins on the spot market, and I hope to see the project climb back toward the $1 level someday.
@NewtonProtocol