chip 0.029u
On August 9, they just set a new historical low at 0.0216. After that, it bounced more than 30%, and now it’s stuck at 0.029. The 0.0318 above is the high for this month—it hasn’t even been reached yet.
The project is real in terms of execution. They lend to companies buying GPUs, using the hardware as collateral. In July, they lent out 81 million USD. Among a bunch of “story-telling” projects, this is actual substance.
But the token has nothing to do with that money. CHIP is a governance token used for voting. The protocol earns fees, and those fees aren’t distributed to token holders. Even if the project gets huge, the only thing you effectively hold is a bit of voting power—there’s nothing else.
Structurally, it’s even more complicated. Total supply is 10 billion, but only 2 billion are circulating right now—80% is locked. Monthly unlocks have already started rolling out. Market cap is 58 million; if fully diluted, it comes out to 290 million. All of that supply above is being dumped outward.
0.0216 is the historical bottom—if it breaks below, it’s still looking for the next level. 0.0318 is what counts as a breakout once it’s reclaimed. Right now, this position is in between the bottom and the month’s high—neither here nor there. There’s no point rushing in. #chip $CHIP
On August 9, they just set a new historical low at 0.0216. After that, it bounced more than 30%, and now it’s stuck at 0.029. The 0.0318 above is the high for this month—it hasn’t even been reached yet.
The project is real in terms of execution. They lend to companies buying GPUs, using the hardware as collateral. In July, they lent out 81 million USD. Among a bunch of “story-telling” projects, this is actual substance.
But the token has nothing to do with that money. CHIP is a governance token used for voting. The protocol earns fees, and those fees aren’t distributed to token holders. Even if the project gets huge, the only thing you effectively hold is a bit of voting power—there’s nothing else.
Structurally, it’s even more complicated. Total supply is 10 billion, but only 2 billion are circulating right now—80% is locked. Monthly unlocks have already started rolling out. Market cap is 58 million; if fully diluted, it comes out to 290 million. All of that supply above is being dumped outward.
0.0216 is the historical bottom—if it breaks below, it’s still looking for the next level. 0.0318 is what counts as a breakout once it’s reclaimed. Right now, this position is in between the bottom and the month’s high—neither here nor there. There’s no point rushing in. #chip $CHIP