The diamond hand apes had their day early yesterday. It was a moment of glory. The FOMO was rushing hard. People on discord were a bit giddy.
Where did the moon go?
But unfortunately there wasn't a sustained moon. The sideways dance started soon enough with a testing of the ceiling at $3. Then the dumpers took over shortly after as the apes tried to keep the upward movement. Maybe the apes could have kept the dance going sideways, but alas, that wasn't the case.
It's kind of hard to do, ya know, when someone dumps 35,000 CUB at once (apparently, I have not verified). The tables got flipped in an instant. Apes got muscle in their diamond paws, but it has it's limits. The mighty flying diamond hand Toruk ape (aka @onealfa) can't keep this afloat themselves either.
Rock, paper, ape
Sometimes paper is strong than diamonds, at least when you have a 35 ton piece of paper going up against some small diamonds. After that major toilet paper dumping, the apes were still battling to reach the moon. Though other paper hands were on the job as well.
I woke up today to see the dance continued into the night. These players party all night long. The diamond glow faded to the paper wiping hands though as the afternoon arrived and soon the downward swing was upon us again.
But, fear not, I chopped off my hands and upgraded to some diamond paws as well.
Yup, that was me. CUB was in the mid $2.50ish range. It was looking like a good time to BTFD - buy the fucking dip! Who knows, maybe ol' Toruk was gonna pump shit up again and there would be a big missed opportunity. Maybe it's just pure FOMO, but it seemed like a good buy, so I went for it!
The scramble
I had about 0.12 BTC in an exchange, and some EOS. Combined, I sold it for some BNB and transferred it to my BSC address.
But getting my hands on some CUB wasn't so easy. Ya see, there was some heavy BSC network issues today. People were trying to do stuff all over the BSC network, and it was hard to even exchange tokens you have in your wallet.
After about a half hour of trying, I finally got the BNB to exchange into CUB. Success! I had over 7,300 CUB and the price of CUB jumped up a bit. @edicted called it mere splash, and so be it. But that was me putting a decent green bar on the downward pressure! Up to $2.70 CUB went!
But that was it for me. My diamond paws were beat and I had no more love to give CUB. The dumpers kept at it and CUB has since come back down to the mid $2.50s range.
Wen moon?
The die-harders are being outnumbered by the quick-money makers it seems. Wen moon? Not yet. It's looking like the moon is gonna be hiding for a while. It seems the downward pressure has a lot of support behind it to keep things going sideways, if not down.
I expect some dancing sideways or more downward pressure from the dumpers for a while yet. At least a few days, maybe weeks or more. The more utility comes out for CubDeFI the better it will look for the moon to rise. The bridge is coming soon. And I think we can expect more stuff like lending, farming other crypto and more from the talented hands or Mr. @khaleelkazi.
Maybe I jumped the gun too quick on the BTFD FOMO and Toruk will swoop in for another pump. I was hoping for that today to make some quick gains, but I didn't wait around to find out ;)
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I'm expecting CUB to go downwards slowly until the sinks come online, that is, until the Bridge starts generating enough revenue to soak up all the inflation. The highest yielding liquidity pool is currently the CUB-BUSD pool. What people do is they sell half of their CUB for BUSD every time they harvest. That's the fastest way to gain access to newly minted CUB right now. Unfortunately, it creates selling pressure on CUB so this is a case of a race to the bottom. Those who do that lose money the slowest.
Until the ERC20-BEP20 Bridge comes online and people start using it sufficiently create serious buying pressure on CUB, the downward trend in the price of CUB will continue. The good news are that the pace at which the selling pressure from the highest yield pool affects the price of CUB becomes progressively smaller with the passage of time thanks to the growing liquidity in the pool.
I can't say I know when the price floor will be reached and what exactly it is. But what I find likely is that come summer, the price of BNB will go up thus causing upward pressure on the price of CUB as the pool auto-sells BNB in it for CUB to balance the value of the sides as BNB goes up. Thankfully, the yield in that pool is rather high, which means that it is likely to attract investors, creating demand for CUB.
I think the optimal way to play is to pay very close attention to the price movements of the whole crypto market and BNB in particular. When it breaks out, moving money into the CUB-BNB pool is probably the smartest move.
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I tend to agree. Thanks for the analysis. We hope for the moon, but with so much selling pressure it did seem like we were on the path to progressively going lower and lower. Not sure if $2 is even the floor yet, it will probably go lower still. It's a waiting game. In the meantime, get those yields :)
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The CUB-BUSD pool is the only it makes any sense to be in at the moment that the whole market has been correcting. It's got the largest yield and the stablecoin pairing gives one a little bit of protection against a drop in the price of CUB.
This could change when the overall market correction passes, or more importantly, when the Bridge comes online and it when the token burns start.
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What about the BNB pool? They are about the same APR, and good to have some BNB stake for the upswing of BNB to get more CUB?
As I said in the original answer, that's a very good pool when BNB starts going up. BNB seems to be in a bit of a downtrend right now. But that could do a 180 on a dime.
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LeoBridge gonna be massive if it brings over some of that ETH DeFi money over. Keeping some powder dry if it goes below $2 and below $1.
It's a huge step for chain interoperability and centered around Hive :D I think I may have bought too early, but that's FOMO, ya never know if it's the bottom's bottom to buy asap :P
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Seriously thinking about buying as much CUB as I can here soon. Gotta move some funds around but seriously at $2.57 for the long hold seems 100% worth!
Yeah, it seems good. Maybe we have tunnel vision and can't see straight, but the path forward looks pretty golden!
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I think people have to see for themselves... and perhaps get their fingers burned... that it's not a flash in the pan, and LeoFinance is just going to keep on churning out quality deliverables.
It's now 8:30pm US Pacific, and we're sitting at $2.76...
I would also submit that some of the dumpers were perhaps "reluctant" but were trying to get in on the run in Hive. That's just speculation...
Yeah as days and weeks go by, more deliverables will come in for CUB defi and the dumpers bags get smaller and smaller. Things are gonna slide more though for a bit, as $2 might be the floor today, but go lower in weeks to come.
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I hope it hits $2 at that price I'll be forced to make some tough choices and see what I can sell to buy more.
I have a few useless tokens sitting around that would look much better as cub.
Your wish will be granted today or in the coming days. Get ready to spend :D
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I completely agree. Those who are in for quick money are dumping & dumping. Till more utility comes, it's will be slow to see some pumps. Till then HODL.
Yup, patience :D
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that is amazing really to see pumping dumping and then get to moon, that is all leobridige and cub is going to become next leo bitcoin ,what about ehterum defi
It's the first time I've paid so much attention to the activity of a coin lol
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