what the fuc is the price going so low? scammers selling getting out?
In my opinion, The previous spike in price was driven by a couple of things:
- The coin has solid fundamentals so is attractive to buyers
- Some FOMO (fear of missing out) formed when we got a surge going, and buyers rushed in thinking they might be buying the next Ethereum and be millionaires.
However, at this early stage, the price of Ella is primarily aligned with mining difficulty.
When it became incredibly lucrative to mine Ella, miners really rushed in and as miners are prone to do, they then took profit and sold.
The price then dropped from the crazy high. Put simply, it's too easy to mine Ella for it to be worth the value we saw a week or two ago. Miners will keep the price down by mining and selling until it gets more mature and harder to mine.
However, all this is actually good news for the coin.
- The surge in mining power progressed the volume, ramping up difficulty and putting more coins in circulation in a hurry.
- The coin was effectively fast tracked in maturity.
- This will act as a future safeguard. You'll see a much more realistic coin value now, with much less chance of a sell off by miners in future.
It's naive to believe that there aren't scam coins out there, however they are always linked to a pre-mine, or someone holding a lot of coin distribution, then dumping it.
Ellla is legitimately a community coin. There is no master scammer Dev with a secret stash.
If Ella's community continues to be awesome, in my opinion, it's a good coin to hold.
