I disagree, the sell wall in combination with the airdrop caused PAL to flash crash much lower than it's fair value.
Everyone can see the sell wall and know that PAL can't go above a 1:1 trading ratio even though there are 20 times less coins in circulation.
Inflation being generated by the sell wall is creating 10 times more inflation than there should be. Maybe just 5 times if you expect only half of all coins should be powered up.
This is obviously all gross speculation. I think we can all expect some very large changes coming in the near future.
I can see what you're saying and admit I never saw it that way. It would require that those buying would want the price to go over 1 steem though in order to deter them. However, if in actuality people were just buying in order to gain a stake (rather than merely speculate an existing investment) in the inflation (ie powering up to gain more), I would contest that the sell wall does not hurt at all. Sure, maybe it will prevent the price from exceeding 1 steem anytime soon. But I believe that this native demand for the token is likely just building momentum now and not yet realized as to how many people actually want PAL. If so being the case, I expect and thus far seem to be right in seeing PAL continue to climb to meet the sell wall (as demand for the inflation outstrips existing supply). If PAL meets the sell wall then it would prove that the inflation generated by the sell wall has indeed not hurt... it just took time for the demand to normalize to the sudden supply of the claimdrop.
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Considering that the price is hovering around 0.45 - 0.50 I'd have to assume you were right. There seems to be a lot of accumulation going on.
We also have to consider if Steem is on the precipice of doing something crazy like going x10. Looking at the history of Steem this is not a ridiculous notion. If that were to happen it would only take one big buyer to look at PALNet and be like:
and the entire market below the sell wall would be instantly cleared out.
Realistically anyone can buy out the market up to the sell wall.
It's only 10k coins.
Word. Either way. This is probably the most excited I've been about steem in a while. Token economy, here we go!
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