Recently I published an article about Let's review Binance LaunchPad Token's Performance Since Launch
The article is liked by many. Therefore, I am now going to write one article per asset. I will also use santiment data to try to unravel the behaviour of promoters for that asset.
The focus of this article is Bread
There are large number of features that santiment derives from blockchains of the projects. I will be using few of them to derives my point.
% Token Supply on Exchanges
This feature measures the percent of the total token supply which is on exchanges. Below picture shows for Bread
It is obvious from the chart above that as the %token supply on exchanges increases -the price decreases. And who owns so much supply? Answer is simple - IEO promoters have that much supply.
MVRV Long/Short Diff
MVRV is the ratio of market value to realized value. And this feature measures the difference in long and short period MVRV. Below picture shows for Bread
It is obvious from the chart that sometime in May'2018 the value of this feature went below zero. Which is an indication of start of bear phase for the asset. It came out of bear phase in May'2019 but now again close to entering the bear phase.
Network Growth shows the number of new addresses being created on the network each day. Essentially, this chart illustrates user adoption over time, and can be used to identify when the project is gaining - or losing - traction.
It is obvious from the chart that there is no significant growth of the network since beginning. That means that there is no suitable product that can be used by the users.
Hodl waves reflect the behaviour of asset hodlers. If a hodler keep holding the asset then it effectively reduces the supply of asset and helps increase the price of the asset.
A HODL wave is created when a large amount of tokens transacts on the way up to and through a local price high, becoming recent token (1 day — 1 week old), and then slowly ages into each later band as its new owners HODL.
A HODL wave manifests visually on the chart as a pattern of nested curves caused by each age band becoming suddenly much fatter (taller) at progressively later times from the rally.
The image below traces HODL waves for Bread
As can be seen the hodlers, i.e. promoters, of last resort are absent because all the waves have downward slope.
Just by combining these four graphs it is obvious that promoters of the project encashed the initial jump in the price during early phase of launching the IEO. And afterward they have not done much for more than a year.