$MAGMA took out 32 points in a day, and in the group someone has already started “chanting prayers.” I checked the order book: 0.37808 was smashed down to 0.22251, with almost no chance for a rebound. Trading volume was 309M—wouldn’t that volume normally take three days to chew through?
Something interesting came up. If this were truly a collapse, usually it would first be pumped up a bit to lure buyers, have retail fill the orders, and then it would get dumped lower. This time, though, it was just straight down—no decent rebound at all. It feels more like someone is deliberately manufacturing panic, clearing out leverage and floating supply all at once.
Of course, maybe I’m overthinking it. In this world, anything can happen—maybe the project team itself is quietly unloading, who knows.
My personal bias: this kind of vertical sell-off—either it’s an extremely brutal shakeout, or there’s actually someone who knows something in advance that we don’t. At $MAGMA ’s current level, the ones betting on a rebound and the ones accepting defeat and exiting are probably already exchanging farewells.
Something interesting came up. If this were truly a collapse, usually it would first be pumped up a bit to lure buyers, have retail fill the orders, and then it would get dumped lower. This time, though, it was just straight down—no decent rebound at all. It feels more like someone is deliberately manufacturing panic, clearing out leverage and floating supply all at once.
Of course, maybe I’m overthinking it. In this world, anything can happen—maybe the project team itself is quietly unloading, who knows.
My personal bias: this kind of vertical sell-off—either it’s an extremely brutal shakeout, or there’s actually someone who knows something in advance that we don’t. At $MAGMA ’s current level, the ones betting on a rebound and the ones accepting defeat and exiting are probably already exchanging farewells.