Another 3 days have passed, and yet again, another 5 million
$RLB have been burned.. That equates to over half a percent of what I believe to be the real circulating supply (0.57 percent to be precise)
Today, lets go into the elephant in the room. If they are burning so much, then why is the price down? To put it bluntly, huge amounts of sellers.. I've kept track since the beginning of the year- and in short over 40 percent of the onchain metric and holder groups that I can are now gone.
Though, I believe the tide has turned.. Why you may ask?
$RLB price bottomed in the end of June. Its up 80 percent since that point. You might think, well then at least buyers have equalled sellers, allowing the buy and burn to push the price up. Thats not the case, In fact the number of holders is still substantially decreasing. However, the Buy and Burn is able to outstrip them.
Have a look at the chart below. It shows the number of holders is specific holder groups based on the amount of RLB held onchain. You can see in each and every holder category that there is large decrease. In the whale/10 million plus category its 28 percent down alone.
So if
$RLB can go up thanks to
@rollbit buy and burn even with significantly more selling than buying pressure, imagine what could occur if buy and sell pressure equals out.. Or imagine that buy pressure actually outstripped sell pressure (just like every other token requires to go up!).
$RLB could fly quickly
It doesnt matter in the long term as the buy and burn will eventually buy out every seller..
$RLB 135/1000