Do you really see it mooning? Yes it could give you a x10 but I don't see it going much further than that! Still it's a good boat to jump on as it's still in its early stages!
Has a super-high amount of Circulating Supply too
IMO, I still believe in it. It will moon. It is still in its early stage, products are all ready, android version of the app should be out in future, not listed in major exchanges, and they're still waiting to penetrate more countries and get more telcos.
Others see these as obstacles, but I see them as opportunities.
Again, I always disagree with the argument of high circulating supply means a harder price increase. In essence, it is all about demand.
Firstly, just like Ripple, they too had billions in supply. When Ripple was at $1, everyone kept saying it is impossible to go any higher due to its high supply; however, it nearly went to $3. Or TRON, it was $0.03 when I found it and it surged to $0.20 in a matter of days (let's not talk about its crash lol).
Now why I disagree about why supply matters. You can disagree or call me weird for this belief but here it goes: it is really all about demand.
Now let's assume a scenario: DENT is featured in a financial news or hit headlines in some BTC news site. Many speculators or investors likes it like we do and starts coming in to buy.
They can do 2 things: to make a market buy order (that is, purchasing at whatever asking price from sellers to fulfil their quantity order placed); or they could make a limit buy order (look at the
0.000000430 mark. It means many speculators or whales have priced to pay no more than this price to have their order filled. However, all prices listed in this order book are already in limit buy or sell orders). Market orders (buy or sell) fills any of them, remember this key point.
Now the thing with crypto speculators is there aren't much saavy speculators. If not, they are just plain impatient. They would all just make market orders to buy whatever price the sellers are asking for.
So say, in total, there's a 1 million coin demand from speculators making a market buy order. Now look at the above market depth or order book, guess where's that gonna take DENT price's satoshi up to?
The answer is:
0.000000465
Because that 1 million coin demand has fulfilled all seller's asking price and its available quantity. Now at 0.000000465 there's still a remaining quantity of 16-18K left (lazy to calculate) for takes.
And 1 million coin at such market order prices is barely $100K USD. We're gonna talk about many, many more speculators and even whales making big orders so it could be more. Just remember how Ripple went up so madly.
But now guess what? Do you think askers/sellers (in red) will just leave their original asking prices there? Nope, they know it's in demand, so they start pushing their asking price higher and higher. But with market order, it just keeps getting filled and this drives prices further up.
This also explains why different exchanges have different prices for altcoins. Like Ripple's current price in Bitthumb is US$3.83, while Bitfinex is US$2.65. Why? Different market depth.
It is never about the supply in coins. People kept bringing up this argument that Ripple can never take over Bitcoin because of market capitalisation. Then some even said that if you put all of IOTA's or BTC's total market cap value into Ripple it will never reach $3, $5, or whatever.
Market capitalisation formula is: current price * circulating supply.
This is a false and totally wrong assumption or belief that market capitalisation determines its price. It never is. It is all about demand. It is all about the war between askers and bidders. That is why it is called "last price" in binance, kucoin, or whatever exchange. The "last price" the last order was transacted, that is, the buyer's offering price or seller's asking price. If a buyer accepts the seller's asking price, it will become the last price; if a seller accepts the buyer's offering price, it will become the last price.
I can also tell you it is about a game of psychology, and why you shouldn't just blindly HODL to a coin and so on. But, well... it's Sunday.
Have a beautiful Sunday everyone
