DINO rose 3500% in a single month, did the old dinosaur wake up?

Written by: Bright, Foresight News

Recently, DINO on the Base chain has been at the top of the list of permanent gainers, and on May 19, it hit a new high, strongly breaking through the market value of $40 million. But the first half of the coin holding journey that departed in April '24 is a realistic portrayal of most projects in the cryptocurrency circle.

Suppose you bought DINO at the top in April '24, you only need to survive 15 weeks of decline and 36 weeks of sideways, and then press the mood of 5 weeks of slight rise and stop loss to cut meat, you can harvest 6 weekly lines that are violently pulled up, and make more than 70% profit.

And if you are lucky, you have enough time to open a position with a market value of no more than 1 million, and enjoy more than 40 times the "push back feeling".

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RENEGADE LITTLE DINOSAUR

DINO (CODING DINO) WAS PRE-SOLD IN MARCH 2024 AND TGE IN APRIL. DINO is an ERC50 smart contract asset issuance protocol. During the asset issuance phase, users can deposit eth into the contract to exchange for DINO tokens, and before reaching the hard cap, they can deposit DINO to exchange for their eth at any time. After reaching the hard cap, the smart contract automatically adds to the pool and starts trading.

to the article reposted by DINO's official tweet, the reason why people bought DINO is because there were too many big cuts (VT and machi) in April 24 to issue coins and harvest in the form of pre-sale of Bome and Slerf, and everyone lost a lot of money because they blindly trusted these big cuts. Therefore, the concept of DINO does not trust centralised people (project parties/KOLs), but has to trust decentralised code. And shouted that DINO is consistent with Ethereum's narrative:

don't trust, just verify

don't trust people, trust code

At the time, DINO officials asked, "Can this narrative continue to expand?" For example, in the future, the issuance of assets will no longer be carried out by sending money to a private address, but by using Dino's smart contract? This can be difficult in the short term, as most projects are issued by non-technical experts. However, as long as retail investors unite and ask the project team to issue tokens in the form of smart contracts, the project team may eventually have to use smart contracts to issue tokens."

Unexpectedly, at that time, the prototype of the Bonding Curve had already appeared.

And the DINO logo is also very interesting. Combined with DINO's core narrative of only believing in code and rebelling against the project party/KOL cutting leeks, DINO chose a small dinosaur game that will be presented when the Chrome browser is disconnected. This classic image of a small dinosaur is tied to the spirit of early code developers, which is independent, open source, and technical first.

Silent Coin Price and Vacuum CommunityHowever

, like all unsuccessful meme projects, DINO, which lacked popularity, fell into free fall after a month and continued its zeroing trend.

At the same time, DINO's social media and community are also gradually silent amid the low price of the currency. The last update on the official Twitter was a bit of a rub on Binance, and the deadline is September 7, 2024.

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official telegram last update is the introduction of the Safeguard bot, with a deadline of September 6, 2024.

In other words, it is possible (with a >99% chance) that DINO's original coin issuing team has run away, leaving the holders on the road.

Behind the violent pulling

the "soft rug" in the first half of the DINO life cycle is so familiar to players in the currency circle, and the rise of the long white line in the second half is really rare news.

From May 12th to 18th, DINO's weekly trading volume exceeded $15.6 million, and the volume and price rose together. According to the grapevine, there is a big man in the circle and a pusher who has entered DINO.

However, despite the ferocious rally, DINO's on-chain situation is not "healthy". Most of the top 10 coin holding addresses have token transfers, and the top coin holding addresses have accumulated 53.4% of the total circulating chips. And according to the on-chain display, there has been a continuous flow of DINO into the top 10 token holding addresses. All this shows the high control of DINO's entire market, so you need to consider the risk when you get on DINO at the current price.

In other words, DINO, who lives on a decentralised, code-independent, retail revolt narrative, has long since lost all his supporters and has been replaced by premeditated bookmakers and degen, who are chasing the gains. Dinosaurs that are woken up by humans may have a shorter life.