Someone, or something is trying very hard to murder neucoin on cryptsy. They have been since launch. The price has been driven down repeatedly by sell walls. Someone holds 2.35mil on bittrex in a single wallet. Someone is trying to hoard neu. We will see the walls lifted within the month and we will see an above normal spike in price back up to 6k+. People are starting to stake and the network hash rate has quadrupled within the past week. Very interesting to see what is going on with neu.
I'm not too familiar with trading but I thought the sell walls were because people wanted to get rid of their coin? I also thought that the one bittrex wallet was someone in neucoin where they would buy to support the price and not let it go down further? Can someone please explain to me what's going on in the exchanges? It's pretty fascinating and I'd like to learn more
There are some possible scenarios... depends mostly on what the Neu-Team wants. As I said: I believe that the majority of the ICO was bought from the team. There were 100 Mio NEU and about 4000 BTC. If we would say, just for an theoretical calculation, that there were 200 real Investors with 2 BTC each (average) it would mean: 10% in public hands = 400 BTC = 10 Mio Neu which would be really "out in the wild".
I'm pretty sure, that the buy-walls are from the team. Reason: At this point there are maybe some little Investors, playing a little bit with tiny amounts but if somebody would like to buy at 0.000035 and would invest about 11 BTC he will think about it. It's unpredictable for everybody without insider-knowledge. Some may expect pumping, some may expect that the team could give up, some may expect dumping... I don't believe that anybody would invest much at this point.
So... in my eyes, the buy-walls could have to possible reasons:
1. to stabilize the price
2. to buy it mostly all back
If they stabilize the price and buying time with that, they could have a strategy to come out with something they could publish as good news... whatever it could be. Something that would give the sign that they are still following their own strategy, User-growth and so on. That could be the strategy, but it's also a risk I would say, because they can't fix the inflation- and distribution-problem.
Another strategy could be: To buy it all back what is in public hands. Than they could leave in silence... over time, nobody would care too much because nobody would have lost too much. And to do that, they could motivate the people to dump their holdings. And... They don't do that much to raise confidence the last days. There is no communication and maybe they are also building some sell-walls to cause dumping into their own buy-walls which are lower and lower than the ICO-price...
And... it's really speculative but that would be my guess, because it looks similar on Bittrex and Cryptsy. In this moment: On both exchanges exactly 7.4 BTC (200,000 NEU) on the sellside at 0.000038. I doubt that this is a coincidence.
Buy-side the same picture at 0.000035... > 300,000 NEU.
So, I believe they want to cause people to dump into the buy-walls and they know how much is in public hands. But it also could be that there are just real Investors on the sellside who wants out or one bigger Investor on both exchanges or whatever... hoping that they'll buy it.
Maybe we'll see what's their strategy in a few days. If they'll try to push the project or if they'll stay calm or coming up with an excuse or whatever. It's unpredictable. Maybe they have the plan for something like a restart... who knows.