The Democrats won the U.S. midterm elections. Once they take office, they definitely won't be friendly toward the AI tech sector or cryptocurrencies. But after the results came out, the market instead staged a rally as the bad news was priced in. That said, this correction may not be over yet. Looking back at the previous bear market, the month of the 2022 midterm elections was exactly when the market hit its bottom. It plunged from 20,000 all the way to 15,000, then dug a golden pit before finally reaching its low. I wonder whether we'll see one last golden pit in this bear market this month, too.
#pons rebounded above 0.2 today. According to on-chain monitoring, over the past 12 hours or so, an address withdrew 69.125 million $PONS tokens from an OKX hot wallet, worth about $13.97 million, and also transferred out 5,887 ETH, worth about $13.45 million. The two assets were worth around $27.4 million in total. The 69.125 million PONS tokens transferred this time amount to more than 10% of PONS's current total supply, and the cumulative burn rate for the token has already exceeded 32%.
We don't yet know whether the entity holding such a large amount of PONS is a market maker or a major institutional player. What we can say is that a lot of these tokens were bought from retail investors who sold at a loss. While you're calling for it to go to zero and selling at a loss, the big players are quietly accumulating. A top MEME token listed on so many major exchanges, with long-term plans to build a social trading, stock trading, and Perps contract trading platform like Fomo, could hardly be so easily abandoned and allowed to go to zero by the big players. They're definitely still around; it's just that the pressure they've put on the market this time has been suffocating. Anyone who can hold on has nerves of steel. The bottom is basically around 0.2. Any drop below 0.2 is a golden pit dug by the big players. There's at least a 90% chance of another major upward move next year, with a target of $1 billion. This correction, #Stonk , is better than PONS in both price performance and metrics, so its performance next year should be no worse. Today's trade: #marscoin —I placed an order at 0.048, which filled for 1,000 USDT. No other trades.
#pons rebounded above 0.2 today. According to on-chain monitoring, over the past 12 hours or so, an address withdrew 69.125 million $PONS tokens from an OKX hot wallet, worth about $13.97 million, and also transferred out 5,887 ETH, worth about $13.45 million. The two assets were worth around $27.4 million in total. The 69.125 million PONS tokens transferred this time amount to more than 10% of PONS's current total supply, and the cumulative burn rate for the token has already exceeded 32%.
We don't yet know whether the entity holding such a large amount of PONS is a market maker or a major institutional player. What we can say is that a lot of these tokens were bought from retail investors who sold at a loss. While you're calling for it to go to zero and selling at a loss, the big players are quietly accumulating. A top MEME token listed on so many major exchanges, with long-term plans to build a social trading, stock trading, and Perps contract trading platform like Fomo, could hardly be so easily abandoned and allowed to go to zero by the big players. They're definitely still around; it's just that the pressure they've put on the market this time has been suffocating. Anyone who can hold on has nerves of steel. The bottom is basically around 0.2. Any drop below 0.2 is a golden pit dug by the big players. There's at least a 90% chance of another major upward move next year, with a target of $1 billion. This correction, #Stonk , is better than PONS in both price performance and metrics, so its performance next year should be no worse. Today's trade: #marscoin —I placed an order at 0.048, which filled for 1,000 USDT. No other trades.
