A little over two weeks ago, I was talking about Rising Star and news about its explosive growth on the short term from the dev.
Today I went over to TribalDex to do my daily tasks and noticed STARBITS was up 100% in the last 24 hours, down from over 250% at the high.
Ok, I said to myself, that happens on Hive-Engine tokens, liquidity is not so high.
At the same time, STARBITS is one of the more liquid tokens on Hive-Engine. So that doesn't happen regularly with STARBITS.
Let's take a look at the candlestick chart for STARBITS for the last 30 days:
Looks like someone big might have accumulated for a while, but grew impatient starting yesterday. We will see what's the most likely reason for that.
At the time of writing there is still a buy wall of over 4mil STARBITS at 0.0003 HIVE / STARBITS.
Here's how the buying pressure looks like, in-depth:
And today's volume, by comparison with the rest of the month:
So why does this happen, you wonder? Here's your hint:
Looks like new Rising Star set of cards are coming soon, from the message above from discord... That means new unique cards to add to your collection, as opposed to doubles, if you already have a lot of cards, which top players do.
This is a two-way opportunity, in my opinion. Those who want to sell some STARBITS can catch a great price pump. Those who want to load up on STARBITS to buy packs when they'll be added, are also happy to pay extra, to remain or become competitive in the game.
Personally I sold a bit. I won't get the new cards right out of the gate and I found the price enticing. Plus, there's always time to get the new cards later on. At least I hope so, I don't have a ton of experience with Rising Star on the long term.