 | With lots of opinion floating around on bull run and a desperate claim for $1M Bitcoin price, I came across a very interesting example that's a perfect validation of why we are NOT in a bull run YET. So, the case in point here is ImmutableX - an L2 built on Ethereum with focus on NFT and Gaming. Their technical prowess of the devs is well recognized and one of their games (Gods Unchained) was even recognized by MIT for its approach to the game development and design. So, not a me-too project, in fact, one of the strongest projects in Crypto at present. So, what happened? Last week, ImmutableX' Twitter handle just started posting about a "once in a generation" announcement or a "big legendary reveal" and they kept doing so every day as T-4, T-3, T-2....and so on. Here are the tweets: And Today is the DAY! The reality is they did announce a bunch of very cool and interesting stuff - some amazing games, new partnership and most noticeably the partnership with Polygon to bring zkEVM to gaming - which is massive if you've been following ETH devs/ Vitalik. ImmutableX is making big bets in gaming, building some incredible things - reminds me of early days of EA Sports, Zynga et al so kudos to them, great work/ progress. NOW, if we were truly in a BULL market - an announcement of this scale in area that everyone believes will be massive in Blockchain/Crypto i.e. Gaming, on a Technology that's set to scale Ethereum network, would have drawn a massive excitement and a 300-400-500....maybe even 1000% pump in ImmutableX' coin (IMX). Remember MANA, SAND, MATIC and many other pumps in the last bull cycle? But instead, what happened? IMX dumped really hard! You can argue that Crypto is all about "buy the rumor and sell the news" - but the news here is quite massive relative to any major Crypto announcements in last several years! But it wasn't good enough to stir up the bulls and cause rally. Here is how the picture looks: So all in all, stop falling pray to the shady influencers, mentally-disturbed whales (claiming $1M for BTC by June). We are NOT in a BULL market YET and we need more than just shit-posts and shit-theories to get a Bull run and that would be things like war-ending, China back up 100%, supply chain restored to pre-pandemic, US inflation back to 2-4% range. Until then, DCA, HODL and don't fall for shady influencers! [link] [comments] |
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