I just saw an interesting situation with a small little-known project on Ethereum (EtherVista).
While lots of traders were shorting Vista (a new dex) on Mexc for several weeks, it made price really tank. To fight back, the team behind the project is now using 100% of treasury fees to short-squeeze MEXC (the centralized exchange people use to short). They are going to buy up their $VISTA supply, mess with their shorts, and burn every token they get. This means they’re not just reducing the circulating supply on-chain, they’re also cutting into the supply available on CEXs like MEXC.
The price already went from 4.50$ to more than 8.00$ in a couple of days. Traders are currently buying as well to participate in the short squeeze. What do you think of the situation?
I am personally not heavily invested yet, but I made quite some profits as it is working for now. For how long would this work? Will Mexc do something about the current case?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments