Is This a Real Pump? Is This Just FantasyGold?
If there's one thing to do following this 10x FantasyGold pump over the past week, it's to write a quick lyric cover about it, in the melody of Bohemian Rhapsody, brought to you by an AI engine and a bit of human tweaking on the side:
Is this a real pump? Is this just FantasyGold?
Caught in a huge surge, no chance to buy from those who sold,
Open your eyes, look up to the charts and see,
We're just some poor hodlers, we need no sympathy,
'Cause there's no entry signs, dips to show,
A higher high, no lower low,
Any way the wins blow,
Doesn't really matter to maxis, of BTC...
Now that the B- cover is out of the way, let's take a look at exactly what has been cooking for the hottest asset in crypto at the moment, and figure out whether on-chain & social metrics are pointing to this shocking FTG pump can actually continue:
At the time of this writing, the price returns for FantasyGold have been almost comical in May:
- Past 30 Days: +6,951,252%
- Past 7 Days: +974%
- Past 1 Day: +108%
The ascension has far and away eclipsed the PEPE run from earlier this month, and it's no surprise that such gaudy price returns have propelled FGC into the top 100 market cap practically overnight.
Trading volume has essentially done what one would expect as the asset has ascended to just below $8.00 at this time. Massive trading is going on with much of the trading crowd hoping to ride the wave up before the asset corrects.
May 28th had an all-time high 62.4M in volume, and May 29th looks like it has a good chance of exceeding yesterday. As long as volume is supporting the rally, there could still be an argument that prices can be pushed higher.
As for the social side of things, FantasyGold still doesn't seem to be much of a hot topic. Perhaps the fact that this pump is happening on a holiday weekend may have something to do with it.
Either way, one would expect that there would be more mainstream enthusiasm toward FGC at this point. But besides landing on several "top gainer" lists on Twitter, we really aren't seeing much discussion about the asset, just as these metrics suggest.
We can consider this low social volume a good thing if you are hoping that the asset can continue to go on a run over these next few days. A big social volume or dominance spike would likely signal that the mainstream crowd may be pushing FGC to a local top soon. But no signs of that here.
And on the weighted sentiment side of things, there really isn't any sign of FOMO going on. If anything, this is the most negative we have seen social platforms be toward the asset since late March.
This pump will be interesting to monitor, and there will of course be a point in which a local top forms and the hodlers will be tested. But for now, let's continue to see how long FantasyGold can stay under the radar.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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