You can see the first signs of alt season lurking around the corner as all kinds of tokens are starting to wake up again. RWA, memes and even the dino coins are making a move and it feels like if Bitcoin consolidates for a while, that a decent run is possible over the upcoming months (weeks? years? who knows?)
I guess the majority of you all are positioned well and waiting for it all to come together.
But with the start of all of this crazyness, that also means that there is a ton of FUD. Whether this is created for buying in lower, or if tokens actually go to zero is not always that clear to me.
So I was sceptically watching what was going on with these tokens when all of a sudden drastic moves were made. Let's have a look
PAAL AI
PAAL has been one of the token thas doing super good in the last couple of weeks. So what is it?
Coinmarketcap: PAAL AI represents a multifaceted platform that leverages artificial intelligence to provide extensive knowledge, support, and tools tailored to the cryptocurrency and blockchain technology sectors. It emphasizes tokenomics and delivers customized AI solutions alongside interactive bots, catering to a wide range of needs within the crypto community.
A lot of AI chitchat but everyone was bullish with a fully circulating marketcap, so it also caught my attention. But then all of a sudden the FUD started earlier this week out of the blue with this announcement.
PAAL would join the alliance of ASI which is a collaboration of FET, OCEAN and AGIX and the terms on this were to mention 'interesting'. At that moment PAAL was trading at about $0.30 and it would be valued at $0.22. Also there would be a 5% fee for the merger and the tokens would be locked for half a year while the bullmarket is starting. Not such good terms is the understatement of the year.
This was all subject to vote for the 'community'. Needless to see the token dropped 80% or so in value in just a day.
The proposal was rejected before the voting time even was there, that is how much the community of but ASI and PAAL liked it. Ofcourse the damage was already done to the price of PAAL, but it also shot back up again. Now you see that damage is done to the faith of the holders, because people see now how easy a team would 'sell' their concept.
But people also forget fast.....
TRIAS
The token of TRIAS has known a longer ongoing FUD. It is kind of weird actually. TRIAS is a smallcap with just 10 million tokens and already everything ciruclating and they also have a tremendous amount of high profile partnerships going on.
Coinmarketcap: An all-platform-supported (Server, PC, Mobile, IoT, etc.) native-application-compatible smart contract execution platform, development framework and collaborating ecosystem. TRIAS aims to define a new-generation all-platform-supported public chain system. Trustworthy and Reliable Intelligent Autonomous Systems make people trust in machines.
Coinbay
Sounds promising right? But the downside is that the communication of the team in handling news is a disaster. See, they would have a migration to a new chain with TEP-20 tokens. That isn't going all that smooth and on top of that, their biggest supplier Kucoin had a 'special treatment' tag on them for the last year. This ultimately resulted last week in that Kucoin without any mention delisted TRIAS and also announcement that they would close withdrawals in a month.
And that is when the FUD went skyrocket. Because trading on Kucoin became impossible, and withdrawals have a limited window and ...the only chain which is what able on called HECO was not working. What a disaster and you see in the back in the charts in that gigantic wick down.
Now it looks a bit like people are starting to have more faith in the token again which you can see back in the upwards movement. Kucoin was of big influence for a long time for this token, and now that part is going...sentiment is changing for the good again (as long as communications gets better)
So....was this all FUD just to drive the price lower for bigger entities to buy in and was it all planned out? Or is this just what tokens have to go through before they can take off.
I know these were not fun times for a lot of people. Altcoin space remains a total jungle at the moment without any written rules, and the safe haven is BTC (and Hive ofcourse). Hopefully these projects will thrive again, but I literally though they were all going to rug.
Stay safe in the space there guys will all of the crazyness coming up!
Disclaimer as always: There is zero financial advice in this post, do your own research and act responsibly.
Posted Using InLeo Alpha
I guess we'll be seeing a ton of this in the coming months. Alt market is still the wild wild west for the most part! !BEER
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