Bitcoin has fallen to more than 36,300. The lowest price the day before yesterday was more than 35,000. The decline is not small. It has fallen from 38,000, which is a big decline. However, I think this decline is not a big problem. After all, no coin can keep rising, even Bitcoin, and Bitcoin almost broke through the previous high in recent times. After breaking through 38,000, it will go to 39,000, and then go up to 40,000. At 40,000, it will be a bull market. It is normal to have a correction now. If you don't have a correction, people will be scared to hand over their chips. How will it rise next time? I don't think there is a big problem. You can even enter part of it. If the price of the currency falls further, you can actually consider building a position in segments. But in this case, we should not hold a heavy position, because Bitcoin and Ethereum have risen too much recently, and there may be a further deep correction. Of course, this is a way to maximize profits for short-term operations. If you hold it for the medium and long term, you just need to look at 40,000 first, and look at 39,000 and 40,000. For Ethereum, you just need to look at 2,200 or 2,300.
You can see that the market news and speculation, including retail investors' sentiment, have cooled down recently. Bitcoin trading volume has also declined. But the closer it gets to this point, the more likely it is that a big market will emerge. And the contract also needs to be calm for a few days before it explodes. Then, it will go sideways for a few days and there is a high probability that there will be an extreme market, either a surge or a plunge. In fact, for spot players and players who hold for the medium and long term, the surge and plunge will not have much impact. As for the contract, we can only say that the brave will win when they meet on a narrow road. Whoever dares to play can play.
Today we are going to analyze dydx, which is a decentralized exchange deployed on the Ethereum chain. What about this decentralized exchange? You can open a leverage of up to 20 times. The total issuance of this coin is 1 billion, and currently 180 million are in circulation. Here, I want to say something ironic. Look at this dydx, it is a decentralized exchange. It is an on-chain exchange, but its current pool, its own coins are not traded on the chain by the main force. It is an on-chain exchange, and most of its own coins are traded in centralized exchanges. The current market value of this coin is 680 million. Logically speaking, the pool should have tens of millions of US dollars, but in the end, the pool of this coin is only more than 1 million U. You see that the market value of some local dogs is 4 million, 2 million, or 3 million, but its pool is about 1/10, or at least 1/20, right? But with a market value of several hundred million, if you say you want to create a pool of one or two million, then your pool is quite empty. The decentralized exchange's own coins and transactions are not traded on the decentralized blockchain, but executed on the centralized exchange. Isn't it a bit ironic? And you see, a considerable proportion of the total circulation of dydx is currently controlled by the project party. Of course, this is a traditional control method, but from the chain point of view, the project party does not control a lot of coins. He has half of the holding rate on the chain, if you count the coins in the exchange, it's a lot! This coin rose a little a few days ago, from more than two yuan to a maximum of nearly four yuan. Now it has fallen to three yuan and three, which is still a recent increase!
This coin also meets the strategy of catching skyrocketing coins. It has been cold since March 2022, and it has been cold for almost two years. For such a long time, all the cold people have run away. With such a low market value, its market value is very low compared to its highest market value. And the pool is also very thin, symbolically pulling the coin for you. From 26 yuan and a daily trading volume of hundreds of millions to the lowest one yuan. After more than 20 times, the project party must have several hundred million. If you want to pull this plate now, you don’t need much money, tens of thousands or hundreds of thousands of U, at most hundreds of thousands of U can pull it. For the money he has pulled out, it is simply a drop in the bucket. What can you do with hundreds of thousands of U to pull the plate? These hundreds of thousands of U are just thrown away, and it pulls the plate at the bottom with some marketing. After the leeks enter the market. He harvests another wave and earns back his hundreds of thousands. If the project party is in a good mood, there is no problem in pulling it for you, but the biggest problem with this coin is that its bubble is too big, there are too many people trapped, and the coin price has fallen to this ghost. It dropped from 26 yuan, opened at more than 10 yuan, and now it has only more than 2 yuan. And even with such a low price, it still has a market value of 680 million. How dare you pull it up? It will take at least several hundred million to digest the bubble at the current price, not to mention that if you pull it up, even at the current price, you will need several hundred million to digest the bubble. If you pull it up, there will be so many innocent people trapped on it? Moreover, the competition in the decentralized exchange track is extremely fierce. Some functions of dydx are also available on other platforms, so the functions of dydx are not particularly core competitive. Therefore, I have never been very optimistic about this coin.
Dydx has no rigid consumption and no core competitiveness. What's the point? This type of coin is just a fundraising tool for the project party. You are cut, and you have no choice but to buy high and sell low. You are willing to buy, and he is willing to smash it and make arbitrage. You say you are not convinced, you are not convinced, you go to him and buy a plane ticket to go abroad, right?
This coin, although it meets the logic of catching skyrocketing coins, its narrative and actual value are not very high. This kind of coin is completely dead and completely cold. So, I think this dydx, I personally don’t think it has any investment or holding value.
