Analyzing TRBTs Launch
Tribute (TRBT) token has taken off and is showing off its tokenomics. With all 3 dApps in working order and providing dividends, users who invested early were heavily rewarded.
The token launched at $7.68 with price decreasing to $5.58 briefly. After that holders and those interested bought TRBT by the hundreds, with tbe price peaking at an all time high of $16.35 about 15 hours after launch. Fast forwarding to today, price has settled in at $5.45 as of this writing (all time low is $5.12).
When looking at the chart, its important to note that there was some level of support at $10.00 before breaking to the next support level of $5.45 - $5.70. These types of corrections are common, and the signs of a healthy market. Tribute is going through price discovery.
With holders being rewarded for staking, remaining in the top 50, and taking their chances in the lottery dApp, a price fluctuation and correction is more than expected. Many investors want to take their profit from their initial buy in, and some are redistributing their TRBT to the conTRIBUTE dApp as well as purchasing lottery tickets.
If volume is an indicator, there’s much more in store. At the all time high of $16.35, volume reached a high of $2,962,555. Volume is currently at $74,013, which is quite impressive considering how the UNI airdrop is contesting Ethereums network and creating unreasonable and expensive gas fees. Even through this, holders are utilizing TRBT and creating a unique token economy.
It is also important to note that the economy has not yet seen the benefits of the token burn which will further increase scarcity and demand. With every transfer 5% of the token amount are burned. In theory, increases the demand for the remaining token count.
TRBT’s launch was successful and its platform is working and performing flawlessly. With a small sample size of just 4-5 days, it’s hard to analyze just how things will play out. But we have seen the potential unfold right in front of our eyes, and it would be wise to monitor this project for its long term prospects.
(All technical analysis information was obtained from CoinGecko.com)
(DISCLAIMER: This is not financial advice. The purpose of this article is to analyze and educate readers on the technical and fundamental aspects of the project which is subject to this writing. Invest at your own risk.)