Dear users and fans of Cuprum Coin,
A truly amazing technical picture in February, after CUC stabilized for months between the price of 2.50 and 3.50 USDT.
Unfortunately, we witnessed an insane sale of over 7,500 CUCs with a market order that at one point dropped the price as low as 0.0327 USDT. To make matters worse, of that volume, more than 5,865 CUCs went below the price of 1.00 USDT, while of that volume, over 4,376 CUCs even went below 0.10 USDT, and of that volume, 3,793 CUCs were sold below the price of 0.05 USDT. At the lowest price of 0.03, over 1400 CUCs were even sold, while one order of 2034 CUCs went through at a price of 0.0491 USDT. Really amazing that out of that amount of 5865 CUCs under 1.00 USDT, the seller only collected about 700 USDT.
Although we had two to three such sales with the wrong order, a market instead of a limit order, which lowered our price to 0.33 USDT in August 2022 or to 0.57 USDT in October 2022, these were smaller quantities of 300 to 400 CUCs while we were still creating the market, so to speak.
After that, we wrote a special article for users, how to use sales orders on the WhiteBIT exchange, so that they don’t lose money, because we had complaints from them that the crypto exchange had deceived them, which was not true.
Given that we did not have major problems after that, except for the last, third time in October 2022 with the lowest price of 1.23 USDT, unfortunately we thought that this would not happen again and we did not have stronger orders compared to selling in a price difference of about 30 %, and the quantity up to the level of the price difference of 50% on the purchase always followed the sales quantity. Of course, we no longer expected such a sale, considering that we believed that users had learned to place orders, but we were wrong.
Intentionally or unintentionally, after the price stabilized around 1.00 USDT, we were at that moment damaged in market capitalization of over 300 million usd. I personally didn’t want us to return the price back to the beginning of that day of around 2.60 USDT for two reasons. The first reason; knowing that the seller had more CUCs, I wanted us to try to buy them around 1.00 USDT, which we mostly succeeded as the sale continued. Another reason, I knew that buyers below 0.10 USDT would want to partially or fully cash out the CUCs, so I decided to try to buy them back as low as possible at around 1.00 USDT, which we have also mostly succeeded in the past 15 days. We don’t blame them at all for a random profit of x10 or even x20 in a very short period of time, we even congratulate them for patiently waiting at such low levels for months.
So, as you can see on the chart, the price has stabilized around 1.00 USDT where there are quite strong buys, while stronger sells rarely occur at those levels. When it does appear, patient customers try to collect it as soon as possible. In the meantime, we have created a strong buy from the 0.50 USDT level, above which there is even more organic buying than ours, and how could it not be. We hope that we will not have such crazy moves again, although it can never be predicted. If you look at the exposed sell orders, there is very little volume up to the price of 2.50 USDT where we were before this debacle, not even 1000 CUCs, but we personally will not push the price back to that level for now.
To make matters worse, this happened on the day we released a PR announcing the launch of our CUCeX exchange. Whether this sale was intentional or unintentional, out of anger or hangover, we simply don’t care. We are moving forward, in the direction we have set out exactly and we believe in our CUC like never before.
In the end, we will remember February 2023 as the worst month so far for CUC, but also as an opportunity to buy CUC back at the lowest prices in history, and hopefully in the future. I believe that the most patient with the vision we have will profit greatly if they buy CUC at these levels, but as always we leave that to you to decide.
Very low liquidity is still the biggest problem for our CUC and the price can therefore change a lot, both down in this case, but also can go up a lot. However, we are persistent that this liquidity appears mostly organically, and less with our MM operations. Let’s see what March will bring us.
CUPRUM COIN, The Cryptocurrency of the Future