On the bright side it has increased profitability of remaining nodes by a bit 
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I for one am happy about that aspect of things.
The new tokenomics are bad for firo in the long run, but necessary for stability amidst hashrate problems. The new attention is good tho.
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Since when is there a FIRO/BUSD pair?
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Since June 17th 2022.
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Welcome Icicleman, great time to join the community.
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I’ve analyzed the trading data on Binance and here are some of my findings:
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In the first hour of the pump (starting at 08:07 AM UTC), someone bombarded the FIROUSDT trading pair with roughly 20.000 “Market Buy” orders totaling around 2.000.000 FIRO (almost half of which were filled at a price of $1.5 - $1.6).
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The buying then continued pretty much effortlessly up to the $4 mark where it met resistance (this happened over the span of 12 minutes).
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Most of the trades on the FIROUSDT trading pair over the last 48 hours were executed in the price range of $4 - $6.8 (if the original buyer was selling at those prices, he/she/they made a handsome profit).
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The order book for the FIROUSDT trading pair is rather unbalanced at the moment with 1.6 Asks for each Bid (this indicates selling pressure).
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In the first hour of the pump, someone also purchased around 500.000 FIRO on the FIROBUSD trading pair.
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The order book for the FIROBUSD trading pair is extremely unbalanced at the moment with 2.5 Asks for each Bid (this again indicates selling pressure).
I don’t know who is responsible for this activity, but it goes without saying that there is some serious money behind this. This may have been a hedge fund or an investment fund.
They may have been pulling a “pump and dump scheme”, or made a strategic investment because they believe in the project. But there is also a possibility that there is malicious intent behind this (someone might be preparing an attack on the network). It’s just really hard to say at this point.
It is worth noting that this price spike caused a 10x increase in the FIRO network hashrate (a lot of mining software switches coins automatically based on profitability), but the hashrate has now settled around 2.5x compared to the hashrate before the pump.
Anyway, hope this is helpful.
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In the first hour of the pump (starting at 08:07 AM UTC), someone bombarded the FIROUSDT trading pair with roughly 20.000 “Market Buy” orders totaling around 2.000.000 FIRO (almost half of which were filled at a price of $1.5 - $1.6).
This concerns me. 2mil FIRO would potentially give a party 33~% Master node share, which could easily compound over time.
But given:
Most of the trades on the FIROUSDT trading pair over the last 48 hours were executed in the price range of $4 - $6.8 (if the original buyer was selling at those prices, he/she/they made a handsome profit).
This is amusing. Basically a pump and ‘dump’. Any evidence they walked out with a hodl that the market effective paid them for? Market manipulator’s dream.
Thanks for the info.
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I am unable to see who is behind each trade, so I can’t say for sure whether the trader that caused the pump still has the coins or if they have been dumped back onto the market.
I can clearly see that the pump was caused by a large trader because there are repeated strings of large trades all going through the exchange at the same fraction of a second, but then the pump starts drawing some attention from other market participants and the trades kind of get drowned in the “noise” of trades from various participants (there has been a total of 415.000 trades on this trading pair since the pump started less than 48 hours ago).
I’m not sure how the rewards for the masternodes work in terms of whether they accumulate rewards (coins) based on the amount of transactions taking place? But if that’s the case, then perhaps it’s possible for someone running a bunch of masternodes to inflate their rewards by bombarding the network with transactions (causing a volume spike)… I have no idea.
In any case, there is definite profit opportunity in pumping the price sharply by purchasing millions of coins and then slowly dump them back onto other traders who are hoping to catch the momentum. On a chart it would look like a sharp uptick, followed by stagnation, followed by a slow bleed-off, followed by a potential plummet back to previous levels.
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Masternodes don’t earn from transactions, miners do that. Larger number of transactions don’t do anything to profitability.
Of course I’m familiar with the whole usual modus operandi of pump and dump but the volumes are kinda off the charts for a small actor especially on a relatively small cap like us. We are among the top traded coins in the world for these past few days.
Interesting analysis though. Worth noting that we had ~600 masternodes cash out over the pump which to me is healthy and expected.
But yeah the team has been pretty on edge with this and we have been monitoring the network extra hard for unusual activity.
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Was there an increase in masternodes?
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I don’t have any link that I can share. I just accessed the Binance API through a software called Quantower, and used the “Time & Sales” log to analyze the trades.
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Could this player have exited on this recent pull back?
Thanks for looking into this.
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I haven’t analyzed the individual trades for this morning’s sell-off, but just from looking at the chart I think it’s highly likely, the volume does at least indicate that.
Also, the current state of the order books for FIROUSDT and FIROBUSD suggests that a further sell-off is likely, just not as extreme as we saw this morning.
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I was also under the assumption that it was a whale a couple of days ago. The order book down to about 200k+ firo across all three pairs if I recall correctly.
I was also under the assumption that the dump was a long squeeze. As it dumped something over 50% effectively liquidating everyone who was margin long for 2x and over.
I am now under the assumption that most of the Firo on Binance is in a short position. You can’t borrow any Firo on binance for the past 24 hours and the withdrawals are paused. So I don’t think the player has unwinded his position yet. The player is still waiting to see if his shorts are going to be filled. Basically waiting for further capitulation. I think.
Or the player unwinded and the short positions right now are all from other market participants.
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Binance withdrawal was resumed few hours ago.
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It’s not possible to short Firo on Binance.
You can use margin to enter a leveraged long position, but Binance don’t offer any trading instruments to short Firo.
I think the whale has already dumped everything, and the ones that are left are the bagholders.
The bagholders now have to decide whether they want to hold on to their losing positions or cut their losses (which entails further sell-offs).
Thanks for sharing how to get public data of binance, this could be a useful resource for people.
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