Could the price be so stable because of a gigantic whale?
Could the price be so stable because of a gigantic whale?
Maybe the xmr price is stable because some whale(s) sell the right amount at the right time, balancing supply to the present demand.
BTC wasn't stable when it was "the only coin used as an actual currency" way back in time
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So when the price breaks say $170 they sell until it comes down? When the price drops below say $135 they swoop in and buy? I don't know much about this sort of thing, but how much would it even take to move the price by n%? Would it just be Marketcap*0.n would get you how much to buy/sell to move the price that much?
I don't know, just a fun conspiracy theory 😀
Monero all-time high is $542.33 and that's not a cap, so I don't agree with the 135-170 channel theory. XMR has only been stable in this so-called crab market, moving sideways but I don't see malfeasance in that.
Value for crypto assets / currencies is pretty arbritrary, yes it's drawn out of PoW - equipment, knowledge + energy costs. But the value proposition opens it up to an open ended price in, say dollar$. Particularly with Monero there is much less observable network data so we can only go on the gestalt.
I would say that Monero is an unlikely candidate for manipulation as there are so many dark exchanges and non-public transactions, that anybody with the tools and wherewithall to manipulate a crypto-market would earn much more in doggy coins.
I'd say the price of Monero is closely pegged to the price of BTC, though there is a slight trend of Monero gain on this it still correlates hard. And BTC still roughly correlates with the stock market, at least since the noob wave of 2021+.
Post script, I have a feeling, but no evidence, that Monero is used more widely as a true currency than any other crypto - that is sidelining lightning network which is something different, more like a settlement layer. As I mentioned the price is open-ended but Monero stands to gain from the trends of state oppression, digitised currency and surveillance. Anarcho-cypher-punks unite!