--snip--
I appreciate the reply but 2 million released each week is not much compared to the total circulating supply. According to my calculations, after 10 weeks, only 2% of total supply would be released as bounties (2 million per week with 1 billion coin supply). Also, I find it seriously hard to believe that every bounty holder would sell their new tokens especially after seeing how high it was a month ago.
I am dense and sometimes and it takes a little while for me to figure things out but now I understand why the large sell orders have been sitting just above the last trade for almost a month now. Artificially holding price back and using bounties as the "cause" while the smart money stacks. I watched a trade yesterday where a block of 1 million tokens was for sale about 40 sats higher than the last price. It scared people off and the price dropped about 25 sats lower than last price then a huge buy order came in and the sell order quickly disappeared before getting executed. All I know is that I feel very fortunate to get back in at .10 fiat.
That "large sell orders", do you mean sell and buy wall? A wall is actually not something that need a "cause" (or "excuse") to be present in an orderbook. It is there, and every body know its presence, it exist to help maintain and support the price of coins. AFAIK, a lot (if not all) exchange has buy and sell wall, either created by their bot or a whale trying to keep their assets steady.