MAID dumping begins

Why the dumping is overdue I explained in The beginning of the end.

The two big red bars show the initial drop that happened after the news that MaidSafe is running on fumes.

maidsafe

After the initial drop caused by the plan to sell mistakenly issued MAID, the price of MAID has stabilized around 0.001060, but yesterday (after the MVP news hit the forum) things have changed.

From this 5-min resolution chart it is clear the volatility increased on June 6, when the post about the completely meaningless MVP hit the forum.

maid-going-down

If you ask me, that’s more than appropriate. What good is a coin when you’re unable to use it, except for trading on Poloniex?

Worth noting:

  • Significant volume was mostly people selling MAID
  • When someone sells 100 BTC worth of MAID within a 5 minute period, that’s dumping, okay?

New demand is not – and why should it? – replacing cleared buy offers. Demand is weakening (less than 400 BTC now) and I expect it will get worse.

I don’t exactly remember the total buy orders at the peak of last year’s viability crisis (fall of 2015) but I seem to recall it was less than 100 BTC. Although the current buy orders seem strong, we are only two-three big sell orders away from selling panic.

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2 thoughts on “MAID dumping begins

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