Looking at crypto in general, it's not looking good. Everyday it looks like the slump just keeps on slumping. Crypto is slumming it. And it looks like it will keep being dragged in the sewers.
I thought CUB was immune, but I wrong. Look at how much of a steady dump has been happening on CUB:
It's like a constant. Like a straight line from April 19th onward. Sure there have been some surged down then back up, but overall, it's a straight line until May 10th.
That's when it starts to curve even more steeply downward. When CUB broke the $2 support floor, it seems to have progressed to sharper selling off.
So why is this happening?
Well, my guess is that this is coming from people who are not at all staked in CUB. They are either in a farm or a den, but the point is that they're not losing any of their assets that they staked. If they're in a farm, it's not paired to CUB, and they're not having impairment loss from the matching pair being sold off to buy more cub that keeps depreciating in value.
If there in the stable coin farm, that's the most stable place to be in. And if they're in a den for another crypto, none of those are at risk apart from a rug pull. In all these cases, these people are perfectly fine dumping their cub, and continuing to do so indefinitely, forever, until the end of time.
This is what I see happening. A lot of these people were dumping at the top and dumping on the way up, and dumping on the way down. They've been dumping all the time because it's just free money for them. Their staked assets aren't dependent on CUB at all.
They don't care about CUB. They just want to make money. And so they have been. For weeks and months.
CUB tanks, but they don't care, they are out to get as much value from selling as they can. Sell sell sell they will. They won't buy. They will just keep selling.
Like I said, this will just keep going on forever and ever. There is no reason for them to buy. The rest of us that are holding, because we want CUB to succeed, or holding onto hope, the possibility that CUB will moon. We're holding onto a dream.
Why is it a dream? Because it's a vision of something that will happen in the future. Were hoping that our dream will come true. That our vision will become a reality. But it might not.
What we need is an influx of people buying CUB. Will that happen? I don't know. What will it take to make that happen? I don't know. But that's what it's going to take to combat all the people who got in and don't give a shit about holding, to combat the people who are just continually selling and selling and selling.
Everything they've been making is gravy for them. They've been selling at $1.40, $1.50, $3.00, $4.00, $5.00, $13.00. It's all profit for them with no losses if they never bought CUB and only staked tokens that they never lost in the first place, apart from IL.
Will the tide turn? What's it gonna take to turn the tide? Are all of us holders going to be holding something that's going to be worth pennies, while the sellers keep selling even when it's worth $0.50, $0.10, $0.01? We need people to want to buy CUB, and that doesn't seem to be the case right now. I have faith that will change with marketing and more utility. What do you think?
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I've lived through several "this is the worst thing since the great depression" events. What I have learned is markets will go down but they also recover every time. Crypto isn't down. Its on sale right now.
That's a good way of putting it! Down but not out! Cmon wallstreet and mainstreet start buying (I'm out of money :P)
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A good observation. Let's use that well.
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You raise an important point and I hadn't thought about the dumping being related to those who have no stake in a cub farm or den.
The 2% fee isn't enough to make up for the dumping especially when most of the funds are locked in non-cub farms and dens.
There needs to be another mechanism to drive up cub demand because I don't think there'll be that many users clamouring for cubs as they are on a daily basis.
Yes, what is that other mechanism we are searching for?
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Simplifying this but let's say someone makes 100 Cub a day via a non-cub farm/den. 2 cub will be used as transaction fee, while the remaining 98 will be sold off and converted.
Who is buying that 98 cub? No one (only the market maker)... so the price keeps plummeting. If we look at the current burn amounts that were tweeted, it is clear that it can't keep up with the amount of cub being generated.
Maybe Kingdoms and LeoBridge might be able to stop some of the decline by converting other assets to cub, creating some demand.
The buyers of CUB you are looking for are hopefully customers of the LEOBridge, which will use the fee to buy CUB and burn it. Ove this goes mainstream the price will hopefully recover
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Well they aren't CUB buyers, they could not even own any CUB. The bridge would buy CUB and burn it. That user wouldn't have any.
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I say that we are going to get out of this rut and not by massive buying, you will see that when the cowardly weak hands sell all the cub they had in cub defi, the price will reach a stable level and from there it will begin to rise little by little, of course it is easy to say and more knowing that there are users who invested more than 10K in this, but as every storm has its calm, so does this one.
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But they won't ever reach a point where they sell it all, because they will keep earning more to sell ;)
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That's true.
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Well I am buying cub, bought it since it was 3,80 am I upset? No I am still making 260% on my investment. The investment declined by about 35-40% (remember you also hold stable in the farms...) So yes If it stays like this even then I will make a nice passive income. When Soon™️ Kingdoms come it will even be more I make. I buy the cub and put it in the den to make more cub. And if it dips further I will buy more cub :)
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Nice! But tell me, is making 260% of an investment that is worth $1 instead of $100 as it was, really a winning investment? Hehe. But keep buying indeed if you got the money. How low will it go? Dunno, but eventually it will rise... hopefully lol. That takes more ppl buying though.
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Utility and marketing will come in due time once Kingdoms is released. This is quite normal for any start-up DeFi project out there.
I actually wonder if those relentlessly and continuously selling their CUBs are taking advantage of the fact CUBFinance is risk-free from rugpulls, Khal and co. have a spotless track record of honesty and authenticity. Food for thought.
In any case, there will always be leeches feeding off of the faithful few.
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Yes, we gotta hold out and hope that the loyalty pays off :)
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💥 Boom ! 💥
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Holy shazam-a-muffin!
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This is a time where we know true believers. As for me, I'll be picking up the little I can. No stopping now
NICE! I wish I could. Spent it all on CUB when it was higher hahahahah!
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Today I stake a good amount for 1,3$ each cub :)
Meuwleo might add some added impetus lol. I have my 2.2 CUB airdrop staked for what it's worth .
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Cub will drop off a cliff soon.