CUB hasn't had a field week at all, with a lot of dumps and falling below support.
However, let's take a moment to investigate the issue, shall we?
What exactly caused this dump? Why did CUB dump so badly from $3.20? Can we still rally to $5? Let's take a look at all of these questions in details.
To start with, we will be using BSC scan to check the details of buyers, sellers and holders.
As i still can't post images on LeoFinance, I will default to leaving links for all of my findings.
Before we continue, I found an airdrop that I am interested in sharing with my readers. it is a chance to get free Solanium, which is backed by MXC. You can check out the details here.
To kick things off, the original CUB contract address is this: 0x50d809c74e0b8e49e7b4c65bb3109abe3ff4c1c1
Heading over to BSCScan.com, we can see that CUB has about 1,265 holders. This is a very good number for any project, but let's take a look at the TOP holders.
The first few top holders are contracts (as is to be expected), but then there is one address that is NOT a contract that holds about 5% of supply. 5% doesn't sound like a lot, but if we add up the percentage holdings of the contracts, that adds up to be a big amount of circulating supply. This means this person has some power.
Taking a look at his past history, it seems this person has moved CUB around to a bunch of addresses. Now i can't tract ALL of the addresses, but a majority of them actually did end up selling their CUB allocations on CubFinance, so I guess the person didn't want to be found?
Either way, I believe this person kick started the selling, and then everyone else just went for it too, selling all their assets as well. It caused the market to then fall.
This is my theory for why there is so much selling, even after the release of relatively great news with the Cub Bridge and LeoFinance platform redesign.
What do you think caused the crash? Let me know down below!