This is going to make the situation more worse since the market was opened in the middle of new phase of bearish sentiment. I am afraid we are going to see more lower prices if the trend continues few more days. Social media is full of this kind of material where people are trying to recover whatever they can at losses.
This decline was actually caused by bounty hunters who wanted to sell SVD immediately because they had been waiting for the market for a long time. and when it is opened there will be panic that makes them sell the token
A majority of Bounty Hunters probably sold, but I watched the transactions to...
IDEX:
https://etherscan.io/token/0xbdeb4b83251fb146687fa19d1c660f99411eefe3?a=0x2a0c0dbecc7e4d658f48e01e3fa353f44050c208Cobinhood:
https://etherscan.io/token/0xbdeb4b83251fb146687fa19d1c660f99411eefe3?a=0x8958618332df62af93053cb9c535e26462c959b0...the last days, especially right after listing. There have been a lot of big transactions as well.
But, that's not the big problem. The problem is a lack of interest of buyers. The buysides are very thin on all exchanges, especially on HitBTC. What I believe is likely to happen: That volume dries up and whenever a bigger guy wants or needs to sell, he has to do it over time, what brings a lot of pressure on the price for a longer time.
Is there any kind of special sign with transaction from bounty hunters addresses I didn't recognize any of them from the transactions pool. But that is reality the team implement the token lock function that is big sign of worry and that is not the professional way to handle this.
I don't think that it's possible to recognize Bounty-Hunter-Transactions. I only looked at the seize because I wanted to know if bigger Investors refuse to sell or not. But there were several big transactions that can not be from Bounty Hunters.
My view on the market situation is this:
1. Those who believe that big guys don't sell are not right. It may depend on definition of how much it needs to be considered as "SVD-whale" of course, but several who have invested > $10k in the ICO transacted to an exchange (and go home with 1.5/10th of their Investment)
2. More important: Nonetheless the price has dropped with low volume, low liquidity and while there is just a percentage in circulation yet, the circulating supply will increase what will be "inflation for the market". Credit Card Users for example but also the more SVD become unrestricted over time.
3. HitBTC is not helpful, probably even the opposite. Only about 8 ETH (ca. $2300) on the buyside of the ETH-pair and only 0.39 BTC (ca. $2450) on the BTC-pair.
4. High probability that the volume may dry up nearly completely. Right now it's at about $62.511 USD for the last 24 hours) on all exchanges in summary.
5. Many believe SVD is cheap now. But truth is: It was so unbelievable overvalued during the ICO that it distorts the view on a more realistic value. That's not only true for Savedroid of course but also for many many other projects. The total value (calculated with 7 bn SVD) would be at about $11.7 million and that is still a lot. It's not circulating yet, but even if only about $3 million or whatever it might be, are circulating and ready to be sent to the exchanges, it might lead the price to drop further at low volume.