April 29, 2024 Grandpa checks in
Recently, Ethereum’s gas fee has dropped to the freezing point again. It is hard to imagine that the current price is basically in a bull market. Even if it is not crazy enough, it is still a bull market. On the one hand, it shows that the core driving force of this round of bull market is not Ethereum and its ecology. Most DeFi projects are just maintaining basic operations. On the other hand, we can also sense how big the price potential of Ethereum will be. When everyone begins to discover the deflation of Ethereum and the outbreak of the ecology again, the price of 10,000 is not a fantasy.
The market has been volatile in the past two days. Many people may have bought Ethereum recently, but the price has always fluctuated around 3,000. I think this is not a positive signal for the market. After all, when funds continue to flow in, the price has not risen significantly, which means that someone is selling. Combined with the trend of Bitcoin, there is a risk of falling after this range of fluctuations.
The biggest problem at present is that even if the altcoins follow suit and get cut in half, their market value is not that low, not to mention compared with the tens of millions or even millions in the bear market. Therefore, if the big market falls again, it is not difficult for the altcoins to get cut in half again. Therefore, at this position, when buying at the bottom, the altcoins should be selective. They would rather give up the potential rising profits and control the decline. Instead, they should choose some mainstream stocks that have not risen much before.
Finally, I would like to remind you that for BN’s latest Megadrop, there are only 160,000 participating accounts in the first phase. According to the average staking efficiency, one account is equivalent to 6 bnbs, which means a total of 1 million bnbs. The participation in the Launchpad pool is 18 million. Considering that not all of them will be deposited regularly, BNB still accounts for the majority. Therefore, after the new issuance is over, it is still feasible to get low-cost BNB to participate in the Megadrop.
Thank you for your attention and likes.
