Is anyone FUDing into Gold?

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Garry Kabankin
Mar 24, 2020

Takeaway

  • Summary: Finding out is tokenized gold another sort of "safe heaven"
  • Assets covered: PAXG, DGX, XAUT
  • Metrics used: Top holders percent of total supply, Number of holders by number of owned coins, MVRV


Yesterday's great Dino's insight revealed investors and traders moves towards "cash" - stablecoins.


Today I'd like to overview what's going on with gold tokenized on blockchain.


Gold is a well known treasury to save holdings when markets crash.

Not to multiply but just to save maximum possible.


Most active projects in this area are: PAX Gold, Digix Gold Token and Tether Gold.


1. Top 50 wallets percent of total supply trend:

PAXG: decreasing since the top
DGX: decreasing same period
XAUT: Decreasing after during and after the drop

It doesn't look like confident gold position increasing. Quite opposite, top holders sold and keep selling gold on blockchain.


2. Holders distribution

Most cohorts except biggest owners acting like this:

Smaller PAXG fish increasing positions
Smaller DGX fish increasing positions
Smaller XAUT fish increasing positions

Put simply, it means that most whales do not trust tokenized gold.


3. Risk evaluation, MVRV

Actually not sure this metric applies here as well as for another "gold" - BTC for example. But let's see.

PAXG MVRV is above the water, risk higher then average
DGX MVRV fluctuating around zero level, uncertain risk
Tether Gold above zero, risk higher then average

Summary


Cash is still the king. Stablecoins, yes.

Gold tokens seems to be an option only for retail holders at this moment.

Wealthy owners leaving it.


Bonus


A watchlist to track gold tokens - https://app.santiment.net/assets/list?name=Tokenized%[email protected]#shared

PAXGXAUTDGX
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Garry Kabankin
Mar 24, 2020

Thanks for reading!

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1

Assets from this insight

PAX Gold logo

PAX GoldPAXG

$ 1899.45

0.04%in last 7d
Tether Gold logo

Tether GoldXAUT

$ 1921.63

1.43%in last 7d
Digix Gold Token logo

Digix Gold TokenDGX

$ 58.71

2.32%in last 7d

Conversations (1)

By the way, Digix DAO is dissolving and burning their government tokens, DGD, right now - https://etherscan.io/address/0x23ea10cc1e6ebdb499d24e45369a35f43627062f#internaltx Related insight - https://insights.santiment.net/read/digixdao-giving-back-it's-%24100m-treasury-5637