Surprised byteball trading thus low, almost the same price after 1st airdrop dump. Did people lose confidence on this coin? I think it has pretty good tech behind it.
The whales (mostly BTC whales, who tend to be BTC maximalists) control the price, and a few factors seem to have contributed to the massive drop:
- Back to back 20% distros
- Reaching the 2nd half of the distros where more than half the tokens are already in circulation, meaning the "interest" potential of held bytes is disappearing quickly
- A few technical problems / outages recently
- The BTC fork creating additional demand for BTC due to the "free" BCH and scaling potential supporting a higher BTC price
- The post-fork BTC pump creating the (likely) illusion that BTC price is unbounded
Believers in Byteball are using this lull as an opportunity to accumulate more bytes. In my opinion, this project has an extremely bright future, and the price has nothing to do with it.