Short-term volatility intensifies, with ecological narratives and capital games taking the lead
As of now, $COOKIE is quoted at 0.35 on the Binance platform, with a 24-hour increase of 5.1% and a daily amplitude of 14.3%, indicating a fierce collision between long and short forces.
In the past 24 hours, three associated addresses have accumulated 18 million COOKIEs, accounting for 1.22% of the total circulation. At the same time, the funding rate of the COOKIE/USDT perpetual contract on the OKX exchange turned from positive to negative and is currently -0.021%, indicating that long positions began to be closed, while the long-short position ratio on the Bitget platform dropped from 1.5:1 to 1.1:1, and the short force has significantly increased.
Compared with Launchpad tokens in the same track, COOKIE's price-to-sales ratio is only 1.7 times, far lower than the industry average of 4.0 times, and the valuation depression effect is significant.
However, it should be noted that the failure rate of its ecological projects reached 41%, which is higher than LaunchpadX's 27%, and may affect the confidence of long-term investors.
The progress of the internal testing of "Cross-Chain Launchpad 2.0" on May 28 and the quarterly destruction announcement on June 3 will become short-term catalysts. If the actual destruction volume exceeds expectations, it may push the price to 0.35
Currently, the liquidity of $COOKIE in non-head exchanges is seriously insufficient. For example, the bid-ask spread of Bithumb's KRW/COOKIE trading pair is as high as 1.8%, which is much higher than Binance's 0.5%, which can easily lead to spikes under extreme market conditions.
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