$MUBARAK
Just thoughts, looked at Arkham, on outflow/inflow to the exchange. Looked at the top holders on-chain. I want to say:
In my opinion, you can feel the hand of the market maker here, from the chart and Arkham it can be said that this is Wintermute, a common tactic -> they were given assets -> they opened short positions before the spot listing -> dumped the assets + made $ on the short + dumped a lot of people who expected profit into the abyss.
The tactic is terrible but effective. The saddest thing is that the liquidity shelves are really high, as there is a short imbalance of approximately 300 million.
I am waiting for something similar to what happened with $COW
At the same time, I want to note that purchases were made, and now the main desire of the crowd is to get out at least at breakeven. Yes, it is scary to buy, yes, the growth will be an impulse (spot accumulation + long accumulation at ~ 2-3x leverage from the market maker + sharp closing of short positions)
I expect that this mega-super instrument will fall ~ for a month at such numbers, there may be sideways movement in the range up to 20% and only then we will see some growth.
Don't waste time buying when you see a decline of 20%+, as this could just be the beginning. (since the listing it has doubled+) There are tons of other NORMAL instruments in the market with NORMAL market makers and a good background.
