Token

Million

UNUS SED LEO

Coin

The UNUS SED LEO (LEO) token price has shown a consolidation for more than 128 days on the daily chart. Its candlestick formations have displayed an accumulation on a massive level on the daily chart. 
The bears and bulls appeared to be in proper harmony despite significant fluctuations in the broader market. The LEO price stayed within the range in intact condition, and no such setbacks have been displayed yet. 
The slippage of either side, from bulls or bears, would lead to a lightning-fast move, whether southward or northward. It depends entirely on the bias of any one side, but it would give LEO a direction. 
Looking at LEO’s market cap and 24-hour volume, the liquidity ratio was at 0.02%. This poor ratio displayed a significant lack of liquidity in the asset. Thus, investors should stay cautious (DYOR). 
<h2 class="wp-block-heading" id="h-what-do-unus-sed-leo-leo-indicators-point-at">What Do UNUS SED LEO (LEO) Indicators Point At?</h2> 
Indicators signify strong uncertainty of a slight bullish perception. For example, the overall trend developed at the start of 2024 turned LEO’s primary trend sentiment bullish, with a 65% advancement in price from $3.75 to $6.18 within 45 days. 
When writing, it was witnessed that the <a href="https://www.thecoinrepublic.com/price-prediction/unus-sed-leo/">LEO</a> price has been above the 200-day EMA band in the past 12-month span. However, the 50-day shorter band displayed mild bullishness or a sideways reaction of the price, as in the last 128 days, it traded near the orange band.  
<a href="https://in.tradingview.com/chart/LEOUSD/eoEK023O-What-Do-Indicators-In-UNUS-SED-LEO-LEO-Points-At/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
MACD also witnessed a steep reaction to its price consolidation, where the signal and MACD lines overlapped from a longer span, and the histogram was at 0.00572. 
Likewise, the RSI has also flashed a horizontal reaction to the LEO price. It was noticed that the RSI was slightly above 14-SMA, and the median line was 52.26. 
<h2 class="wp-block-heading" id="h-reason-behind-the-price-action-of-unus-sed-leo-token">Reason Behind the Price Action of UNUS SED LEO Token</h2> 
Based on CoinMarketCap information for UNUS SED LEO (LEO), the iFinex company has been committed to buying back these tokens from the market every month. The IFinex buys the token at the market rate each month, equivalent to at least 27% of the revenues generated by the company. 
Its circulating supply has been planned in such a peculiar way that it would diminish over time, which, as of writing, stood at 925.900 Million LEO. The floating supply was reduced from 985.239 million in total supply, which was initially set at 1 billion LEO. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="264" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-1024x264.png" alt="Rich list | Source: Coincarp" class="wp-image-626109" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-1024x264.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-300x77.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-768x198.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-1536x396.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-150x39.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-696x180.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131-1068x276.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-131.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Rich list | Source: Coincarp
 </figcaption>
</figure> 
As per the CoinCarp website, the statistics of UNUS SED LEO holders highlight that it has over 2848 holders. It was noticed from the rich list data that the top 10 holders have the most circulatory supply, precisely 65.93%. Bitfinex holds 64.80%, which counts to 648 Million LEO and sits at the top of the list. 
One of the primary reasons for the prolonged consolidation in price was in its tokenomics. Major buyback seamlessly happened in the LEO, with Bitfinex exchange company iFinex Inc, leading to a lack of trading activity in the asset. Besides, mass accumulation by iFinex led to its price stagnation at the major supply level. 
<h2 class="wp-block-heading" id="h-here-s-the-catch">Here’s the Catch</h2> 
There happens to be a catch here for a northward or a southward direction movement to come. If the iFinex decides to sell, a lack of demand in the crowd could lead towards a southward decline. Meanwhile, the abundance of demand could ignite in the northward direction. 
UNUS SED LEO (LEO) has been consolidating for over 128 days with low liquidity. Bitfinex, holding 64% of the supply, influences price. Indicators looked neutral at press time, and the price movement hinges on Bitfinex’s actions. 
The post <a href="https://www.thecoinrepublic.com/2024/07/26/bitfinex-holds-64-of-leo-tokens-supply-why-and-how/">Bitfinex Holds 64% Of LEO Token’s Supply: Why and How?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitfinex Holds 64% Of LEO Token’s Supply: Why and How?

Table of Contents

Thecoinrepublic.com

Egyéb ezen a dátumon (2024. júl. 26.) megosztott cikkek

Former Huobi Employees Implant Trojans in Wallets, Face 3Y Imprisonment

Senator Marshall’s Exit Marks Setback for Controversial Crypto Bill

Michael Novogratz’s Galaxy Digital Acquires $1B in Ethereum Staking Assets

AAVE and Monero (XMR) Prices Pumping – Here’s Why

‘We have to get rid of the folks who are in the way’ — Senators speak at Bitcoin 2024

Halfway Through 2024: The Most Notorious Crypto Hacks So Far

Join our free newsletter for daily crypto updates!