TOKEN HOLDERS ANTICIPATE PRICE CRASH
Like many platforms, the NEO development team holds a substantial amount of the native token. It sells these periodically to raise funds. Thus, the large amounts occasionally entering the market should come as no surprise.
Whale Alert announced the unlocking of NEO tokens earlier today:
1,660,865 #NEO (11,235,177 USD) transferred from Dev Account Locked to Dev Account Unlocked
— Whale Alert (@whale_alert) March 24, 2020
It is worth noting that the NEO tokens in question have not yet been sold, and the fund has not announced when and how they will be. Nevertheless, it is safe to assume that the sale will take place in the near future, so the price of brands has fallen.
Crypto prices are currently rejecting a major correction last week and, of course, the NEO team would like to see higher prices before deciding to liquidate. Fortunately for investors, the fund has a reputation for being financially transparent.
NEO SITS AT A MAJOR CROSSROADS
The platform, created in China two years ago, quickly entered the tenth market. As the first true competitor to Ethereum, the key to selling NEO was the ability to create decentralized applications (Dapps) in well-known coding languages.
Since then, the message surrounding NEO has disappeared. Like most altcoins, its market value is from 2018. Startups collapsed, and their market level continues to decline. His biggest problem was the emergence of strong competitors such as VeChain and Cardano, who also promise to take their place in the DApp space.
NEO can still come back because it has a talented development team and there is no shortage of lawyers. A major update is scheduled for this year called NEO 3.0, which will include the launch of a new network.
Most analysts associate NEO's future with the adoption of the Chinese government, which has not yet adopted a clear position on the adoption of the "chain". There have already been rumors surrounding the platform involving influential leaders as well as large Chinese companies. Needless to say, investors want this to be true.
Proponents of NEO can be sure that the platform has a clear vision of the future, but there can be no doubt that market value is important in the field of cryptocurrencies. Therefore, the fund must be very careful when it comes to actions that can damage the price of the brand.