opened a 3 year old wallet expecting a graveyard and found…
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opened a 3 year old wallet expecting a graveyard and found something that's still printing. is this a buy or a trap?
was cleaning up old wallets this weekend and saw a SUSHI bag sitting in one i hadn't touched since 2022.
expected to find a graveyard.
opened it half ironically thinking i'd at least get a laugh out of how dead it was.
it's not dead.
like at all. they apparently launched a perps product two months ago. went live on Solana in February. did a quarter trillion in cumulative volume across the protocol, which is a number i had to read twice to make sure i wasn't drunk.
meanwhile the token chart looks like it's filing for bankruptcy.
down 99 percent from its 2021 ATH. TVL went from $8 billion to basically nothing. the new CEO's firm spent $3.3M buying the token on the open market before he took the job, which is either the smartest or stupidest move i've seen all year.
market cap is $60M.
sixty. million. for a protocol that's still doing real volume.
i don't even know what to do with this information. i'm not buying more, the dilution math is genuinely cooked, but i sat there for an hour because the chart and the actual product are telling completely opposite stories.
is this what's happening to all the OG DeFi tokens from that era? real product, dead chart?
anyone else open an old wallet recently and find something that was supposed to be a corpse but wasn't?
#cryptocurrency
was cleaning up old wallets this weekend and saw a SUSHI bag sitting in one i hadn't touched since 2022.
expected to find a graveyard.
opened it half ironically thinking i'd at least get a laugh out of how dead it was.
it's not dead.
like at all. they apparently launched a perps product two months ago. went live on Solana in February. did a quarter trillion in cumulative volume across the protocol, which is a number i had to read twice to make sure i wasn't drunk.
meanwhile the token chart looks like it's filing for bankruptcy.
down 99 percent from its 2021 ATH. TVL went from $8 billion to basically nothing. the new CEO's firm spent $3.3M buying the token on the open market before he took the job, which is either the smartest or stupidest move i've seen all year.
market cap is $60M.
sixty. million. for a protocol that's still doing real volume.
i don't even know what to do with this information. i'm not buying more, the dilution math is genuinely cooked, but i sat there for an hour because the chart and the actual product are telling completely opposite stories.
is this what's happening to all the OG DeFi tokens from that era? real product, dead chart?
anyone else open an old wallet recently and find something that was supposed to be a corpse but wasn't?
#cryptocurrency
| 4,000 mlx | |
| 5 | |
| 0 |