As an update to my previous report (Week 38), I decided to check again how much $ONION is being moved at exchanges. By using data available at exchanges and statistics from coinmarketcap, I can calculate an estimated count for the number of $ONION available at exchanges. With a circulating supply of 15 million $ONION, only 405,643 $ONION available at exchanges, or about 2.7% $ONION.
This is unbelievable for an airdropped coin. In my previous report, one week before the end of the airdrop, I calculated about 1% $ONION at exchanges. Looking at these numbers from a different perspective, 97.3% of $ONION is being held by those who believe in the potential behind DeepOnion. Next, take a look at the volume movement of $ONION.
Click here for full resolution
One day before the end of the airdrop (Thursday-Week40-Orange_chart_left side) we can see a gradual increase in movement, compared to (Week39-Purple), probably because many wanted to increase their airdrop amount and they bought more $ONION. As soon as the airdrop ended (Friday-Week41-Green_chart_right_side) we can see a sharp rise in $ONION movement, which is the post-airdrop dump. Honestly, I wasn't expecting that, but this is typical for an airdrop.
Looking at the blue chart, we can see a steady downtrend curve, which may indicate that $ONION are starting to become scarce again, just like they were before the airdrop. Keep in mind that there are investors waiting for the price to increase and another dump can happen any time, so the volume may not remain as consistent as the blue chart trend.
The end of the airdrop was just the beginning, DeepOnion is releasing new features every week. I’ll continue to follow the numbers and I’ll post an update if I see anything interesting.