Original author: Bright, Foresight News
Recently, DINO on the Base chain has been at the top of the growth list, and on May 19th, it hit a new high, breaking through the market value of 40 million US dollars. However, the first half of this coin holding journey that started in April 24 is a realistic portrayal of most projects in the cryptocurrency circle.
Assuming that you bought DINO at the peak in April 2024, you only need to endure 15 weeks of decline and 36 weeks of sideways trading, and then resist the urge to sell at a loss when it rises slightly in 5 weeks, then you can reap 6 violently rising weekly lines and make a profit of more than 70%.
And if you are extremely lucky, you have plenty of time to build a position without exceeding 1 million market value and enjoy a push back feeling of more than 40 times.
Rebellious little dinosaur
DINO (CODING DINO) was pre-sold in March 2024 and held a TGE in April. DINO is an ERC 50 smart contract asset issuance protocol. During the asset issuance phase, users can deposit ETH into the contract in exchange for DINO tokens. Before reaching the hard cap, they can deposit DINO at any time to exchange for their own ETH. After reaching the hard cap, the smart contract automatically adds a pool to start trading.
According to the article forwarded by DINO official Twitter, people bought DINO because there were too many big cuts (VT, machi) in April 24, using the pre-sale form of Bome and Slerf to issue coins for harvesting. People lost a lot of money because they blindly trusted these big cuts. Therefore, the concept of DINO is not to trust centralized people (project parties/KOLs), but to trust decentralized codes. And shouted that the narrative of DINO is consistent with that of Ethereum:
dont trust, just verify
dont trust people, trust code
At that time, DINO officials also asked: So can this narrative continue to expand? For example, in the future, asset issuance will no longer be done by transferring money to private addresses, but will be implemented using dinos smart contracts? In the short term, it may be difficult because most project issuers are not technical experts. But as long as retail investors unite and require project parties to use smart contracts to issue tokens, the project parties may eventually have to use smart contracts to issue tokens.
Unexpectedly, the prototype of Bonding Curve had already appeared at that time.
The DINO logo is also very interesting. Combining DINOs core narrative - only believe in code and resist the project owner/KOLs leeks, DINO chose a little dinosaur game that appears when the Chrome browser is disconnected from the Internet. This classic little dinosaur image is linked to the spirit of early code developers, independence, open source, and technical priority.
Silent coin price and vacuum community
However, like all unsuccessful meme projects, DINO, which lacked popularity, saw its price free fall after a month and continued to return to zero.
At the same time, DINOs social media and community also gradually became silent as the price of the currency fell. The last update on the official Twitter was a reference to Binance, and the deadline was September 7, 2024.
The last official Telegram update was the introduction of the Safeguard bot, which will be available until September 6, 2024.
In other words, the original DINO issuing team may have run away (probability > 99%), leaving the coin holders wandering.
Behind the violent pull
The soft rug in the first half of DINOs life cycle is so familiar to cryptocurrency players, and the big positive line in the second half is indeed a rare news.
From May 12 to 18, DINOs weekly trading volume exceeded 15.6 million US dollars, with both volume and price rising. According to gossip, some big players in the trading circle and local promoters have entered the DINO market.
However, despite the fierce rise, the situation of DINO on the chain is not healthy. Most of the top ten addresses have transferred tokens, and the address with the largest number of coins has accumulated 53.4% of the total circulating chips. And according to the chain, DINO has been continuously flowing into the top ten addresses. All this shows that DINO has a high degree of control over the entire market, so if you buy DINO at the current price, you still need to consider the risks.
In other words, DINO, which relies on decentralization, code independence, and retail investors resistance narrative, has already lost all its supporters. Instead, it is replaced by premeditated market makers and Degen chasing the increase. The life of a dinosaur awakened by humans may be even shorter.
