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๐ฅ #AUCTION is Just Another Chart Like #TRB
Apart from the name, there's not much difference.
Let me take you through the playbook ๐
โ Whales withdrew huge amounts of #AUCTION from exchanges (๐ฎ๐ฒ% ๐ผ๐ณ ๐๐ผ๐๐ฎ๐น ๐๐๐ฝ๐ฝ๐น๐)
โ Price started to go up due to supply crunch
โ Retail looked at the price pump and tried shorting it
โ Funding rate flipped negative and prices kept going up, resulting in a massive short squeeze
โ Whales made money both from price appreciation by going long and also from a negative funding rate.
โ After that, whales started depositing #AUCTION on exchanges (๐ญ๐ด% ๐ผ๐ณ ๐๐ผ๐๐ฎ๐น ๐๐๐ฝ๐ฝ๐น๐)
โ Price dumped ๐ณ๐ฌ% ๐ถ๐ป ๐ท๐๐๐ ๐ฎ ๐ฑ๐ฎ๐๐, making a similar Burj Khalifa pattern.
With #AUCTION , whales made money in 4 ways ๐
โ Going long when prices were going up
โ Negative funding rate
โ Price appreciation after they bought
โ By going short while they were dumping on spot
๐ Needless to say, retail lost money on this in every possible way.
cc: WiseAdvise ๐