$SPX A three-year-old pool, with only 2% of the tokens left, yet the price is holding
I was scrolling through the rankings last night and this $SPX pool caught my eye. Worth noting for now, without jumping to conclusions. The pool opened in August 2023. Over the past three years, the amount of SPX in the pool has fallen from 752M tokens to just 14.5M—less than 2%. Meanwhile, $ETH has grown from 1.05 tokens to 2,340, a more than 2,200-fold increase. The main pool is the Uniswap pool pairing SPX with $ETH . With so many tokens withdrawn, you’d expect the price to collapse, but it’s currently around $0.36 and is still up about 6.5% over the past 24 hours.
24-hour trading volume is about $603,000: 294 buy orders worth $374,000 and 225 sell orders worth $229,000, for net buying of $146,000. Buyers are absorbing the selling. The pool still has $10.4 million in liquidity. Its market cap on the rankings is $334 million, based on an effective circulating supply of 931M tokens; using the total supply of 1 billion tokens, the fully diluted valuation is about $358 million. The two figures aren’t far apart. There are 49,500 holders.
One more figure: the average purchase price for the top 100 holders on the rankings is $0.66. The current price is about 46% below that, meaning most of their holdings are still at an unrealized loss, yet selling pressure hasn’t driven the price down.
For now, just keep an eye on two things: whether SPX continues flowing out of this old pool, and whether buy orders can hold the $0.36 level. If net buying turns into net selling and the price breaks below $0.30, there’ll still be time to take another look.
This is not investment advice. Alpha projects are high-risk and could go to zero. If you’re holding $SPX , are you holding on for now, or checking the pool first? Follow me, and see you tomorrow for another look at the numbers.
#BinanceAlpha #SPX #PoolWatch
I was scrolling through the rankings last night and this $SPX pool caught my eye. Worth noting for now, without jumping to conclusions. The pool opened in August 2023. Over the past three years, the amount of SPX in the pool has fallen from 752M tokens to just 14.5M—less than 2%. Meanwhile, $ETH has grown from 1.05 tokens to 2,340, a more than 2,200-fold increase. The main pool is the Uniswap pool pairing SPX with $ETH . With so many tokens withdrawn, you’d expect the price to collapse, but it’s currently around $0.36 and is still up about 6.5% over the past 24 hours.
24-hour trading volume is about $603,000: 294 buy orders worth $374,000 and 225 sell orders worth $229,000, for net buying of $146,000. Buyers are absorbing the selling. The pool still has $10.4 million in liquidity. Its market cap on the rankings is $334 million, based on an effective circulating supply of 931M tokens; using the total supply of 1 billion tokens, the fully diluted valuation is about $358 million. The two figures aren’t far apart. There are 49,500 holders.
One more figure: the average purchase price for the top 100 holders on the rankings is $0.66. The current price is about 46% below that, meaning most of their holdings are still at an unrealized loss, yet selling pressure hasn’t driven the price down.
For now, just keep an eye on two things: whether SPX continues flowing out of this old pool, and whether buy orders can hold the $0.36 level. If net buying turns into net selling and the price breaks below $0.30, there’ll still be time to take another look.
This is not investment advice. Alpha projects are high-risk and could go to zero. If you’re holding $SPX , are you holding on for now, or checking the pool first? Follow me, and see you tomorrow for another look at the numbers.
#BinanceAlpha #SPX #PoolWatch
