At the start it looks like there was sell off event just before the NFT horse drop went live… so short-term traders taking profits in anticipation of a sell off event (right they were).
After the horse drop went live the NFT horses were sold out on BSC & ETH within a matter of seconds (as expected) I stayed up last night to try snag myself a ticket but missed out unfortunately due to not having 0.4 BNB ready in my wallet for the transaction fee. I definitely was not expecting it to be that high but in hind sight was a smart move by buyers. Very smart move!
After the fast sellout we started to see the price drop from $2.90 all the way to $2.30 before being bought all back up ( ). This tells me that a lot of people had a tantrum, and started selling their DERC. As well as trading their DERC for an “NFT Trading Token” to buy the second hand horses off the platform from people who got lucky and are now selling for a quick profit.
These 2 events are what I believed caused the drop in the price.
As I was witnessing this all happening I managed to add 23% more DERC to my position at $2.42 with the USDT I had on my Crypto.com exchange.
Although I was a little surprised by how fast it was bought up considering how angry everyone was. Just a simple shift from weak hands to strong hands. I hope you benefited from the dip!
The team announced the next airdrop will be releasing 2000 GEN0 horses next round so hopefully we can get lucky and purchase one!!