57% price drop in Byteball after distribution
Yesterday I wrote a post about a new Byteball distribution that happened on July 9 04:07UTC, the next distribution will be on the next full moon, i.e. August 7 18:10 UTC.
As expected the price of Byteball dropped after the distribution, since the the amount rewarded was proportional to the amount of this token held in the wallet and the amount of bitcoins associated to the wallet.
However the price drop was higher than I expected, from 0.3648BTC to 0.23225BTC (in Bittrex), 57%. At the time of written the price is below 0.25BTC. And currently is the second coin with largest trade volume at Bittrex.
As it can be seen in this chart, of 1 day candle, every time there was a distribution the price dropped. During the last distribution the price drop was of 32%. It seems that the size of the price drop and volume traded are getting higher in each distribution
Do we hit the bottom? What do you think?
Disclaimer: This is not financial advise
Pretty predictable to be honest. It will recover as the month goes on.
The dropped was predictable, but it was much higher than I expected. Thank you for commenting.
Every round more BTC are linked -> More free coins to dump!
This is expected price action. Many bitcoin holders will reflexively sell the gbyte share distributions without any thought of whether this asset is undervalued or has future appreciation potential. I am holding onto my gbyte shares.
Dumpers gonna dump.
This is a very good investment opportunity! :D
All currencies have dropped lately while Byteball has been relatively stable. Nothing to worry about here. I just got some more.