Iron Bank - Back Up The TruckConje project, involved with ve(3,3) solid distributions for IB/FTM shakers, veIB holders will get solid airdrop. Aside from that, the main utility is the 6.6 trillion dollar per day forex market.. bringing fiat to fiat trades with no intermediary, no slippage, no fees. Some are saying solidly is curve, convex, and uniswap blended into one with a better reward distribution model. Only way to get solidly is to provide liquidity to ve(3,3) NFT holding protocols of which there are like 20-24, of which IB has the lowest mcap/TVL. TVL is already north of 1.2b in TVL after only a month, #27 on defillama.
7.3m total supply, 7.2m are "multisig" which apparently removes them from circulating supply mcap calculations? Feel free to comment on that if you know anything about it.
Either way, after a few other deductions (dev allocations, etc) there are 51,000 coins in circulation. Something about airdrops being automatically vested for 4 years as well.. vested airdrops to eliminate sell incentive and classic price drop at launch. I like it.
Supposedly at that circulating supply of 51k, its a 8-9m market cap coin only available on spooky swap by bridging assets over to FTM opera and then swapping wFTM for IB.
Launched a month ago and quietly went from $250 to $30.. just formed a very unnatural looking perfect cup over the last month back up to $250, and is currently finishing up the handle portion of the cup and handle around $170.
Currently, we have a descending triangle on the FTM/IB chart, which is traditionally a bearish continuation pattern, or can be a bearish reversal pattern if it comes after an uptrend, but the probability of downside breakout is marginally better than a coin toss. 55% or so.. which means it's a really weak pattern, and assigning bearish bias to it is not advised.
We have a breakout, retest, and support.
I think this could easily be a top 300 coin.. 200m market cap like $KP3R is a good start, which is 25x from here assuming "multisig" isn't some kind of technicality.
Thoughts, concerns, counterpoints, throw them in the comments. Let's debate about this and figure out what's going on with this coin.
Thanks!
