In just 4 days,
$PNKSTR went from a $7 mil market cap to a $17 mil market cap and burned more than 1.6% of the supply. 🤯
Let's talk about what happened and about future catalysts for Punk Strategy!👇
- In September, Punk Strategy sold 3 punks.
- Huge
@cryptopunksbot sweeps started a few days ago. Dozens of Punks were sold, and the price floor moved from 29,5
$ETH to 34
$ETH.
- A new strategy was launched that brought a huge amount of volume to
$PNKSTR as well!
- New buyer in town. 0.2% of the
$FWA trading fees is dedicated to buying Punks listed by Punk Strategy regularly.
- About 200 new holders joined the
$PNKSTR fam.
Everything mentioned above drove value to
$PNKSTR, but the most important factor was the price movement of Crypto Punks.
$PNKSTR is a form of leveraged bet on Crypto Punks, and it is directly affected by their price performance.
If Punks are sold, it creates a liquidity event that burns tokens, brings more fees, and pushes the price up. You could see the leverage in action a few days ago. The Crypto Punks floor went from 29,5
$ETH to 30
$ETH, and
$PNKSTR did more than 2x!
Of course, it works both ways. If Crypro Punks floor goes down,
$PNKSTR will suffer even more. But it collects fees on the way down and captures value anyway.
So what are the main catalysts for Punk Strategy?
- Direct connection to Crypto Punks success. If Punks go up,
$PNKSTR will go up even more!
- Every other NFT Strategy burns
$PNKSTR, so Punk Strategy is also an index for the success of the broader NFT ecosystem.
- Success of
$FWA. 0.2% of
$FWA fees will be used to buy Punks from Punk Strategy regularly.
- If
@Rhynotic dedicates some of his time to the Strategy Ecosystem, it will be another catalyst for sure.
$PNKSTR is just a patience game! If you believe in CryptoPunks, it is a no-brainer. The mechanisms mentioned above will never stop.
$PNKSTR is code-driven, so it is easy to predict what is going to happen. In my opinion, the success of
$PNKSTR is preprogrammed in the market with good sentiment. I'm ok to hold and wait through bearish times. I should be alright long-term.
Remember,
$PNKSTR can be worth 1$ even with a $10 mil market cap thanks to the aggressive burn mechanisms.
@token_works