$PNUT and $BOME , these two are humorously referred to as 'leek harvesters' in the cryptocurrency world.
We have to start from their experiences. PNUT recently announced its listing on Coinbase, a big platform, and at that time, it really shone as the price skyrocketed by more than 23%. Unfortunately, the good times didn't last long, and soon it started to decline. It was also quite popular on Binance for the first few days, but then it just didn’t perform well.
Why are PNUT and BOME called 'leek harvesters'? To put it simply, they were quite popular at first, and the wealth effect attracted many retail investors. As a result, when there are too many retail investors, it becomes difficult for the main funds to operate, as there aren’t enough chips to drive up the price. The crowd isn’t united, and the funds aren’t stable, causing the price to remain sluggish.
These two coins really caught many people's attention when they were popular at first, but when they started to pull back, many retail investors thought it was a buying opportunity and rushed in. The result, however, is often that they end up getting trapped, as the market doesn’t behave as they expect and continues to fall.
I know that saying too much might be subjective, but I’ve noticed that during this period, most people are still very enthusiastic about these two coins. In the first half of the year, there were discussions about BOME, asking if it could surge and if there would be a big market. Recently, PNUT has become a hot topic again, with everyone asking how it will perform next and whether it can reach new highs.
I must say this is quite typical, but to enable these coins to break out in a big way, they must first undergo a thorough washout to get everyone to relinquish their chips. Alternatively, a long period of sideways trading may be needed to wear down everyone’s confidence before they will part with their holdings. Only then can the main funds have enough chips to drive up the price. When pushing the price up, the selling pressure from retail investors will not be so great, allowing the trend to remain stable.
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