Since WIP #5 was published, smart money arbing the spread is pouring into wMEMO, resulting in upward price action. These aren’t whales, well, except for Omar. These are retail speculators looking to score an easy 25% profit. If you think the buying pressure is because new investor’s see a bright future in Wonderland, not sure what you’re smoking.
There is no roadmap for Wonderland. No communication. No official tweets. They took down all real time info on the website. Total radio silence. With WIP #5 being the only real event to speak of, all Wonderland becomes is a fat bloated carcass to scavenge.
Each mini-dump in the midst of this buying pressure are Rage Quitters throwing in the towel and selling. The settlement in price at $28K is the equilibrium between arbs piling in and RQers bailing (AHEAD OF A VOTE).
Each Rage Quitter selling is being replaced by someone who bought wMEMO for this first time just to arb the spread. To some, it may boggle the mind that they’ll be eligible to cast a YES vote and be whitelisted at backing. Their incentive to cast a vote YES at least as strong as yours is to vote NO. The point is that this is becoming less of a Rage Quit vote and more a GIMME MY FREE $$$ vote.
The thesis here is that giving away upwards of a 40% of the treasury to arbs is a tradeoff worth making in order to purge the disgruntled from the ranks, and that even though the Treasury is smaller, it’s big enough and remaining stakers win because they get a proportionally bigger share of the remaining profit (i.e. BSGG).
Rage quit IMO solves nothing because it won’t magically turn sentiment from disillusionment to hope. The only thing that will do that is bringing in a new team and BEING PROFESSIONAL and delivering.