Who is this ? And why he dump everyday

Hello Everyone ,

This account, which is the biggest whale in the pool, is my guess png team

He regularly sells amount he has on hand every day converts it into avax and creates a daily dump in price of pangolin.

What exactly is this account or team aiming ?

what is your ideas guys?

0x84d34f4f83a87596cd3fb6887cff8f17bf5a7b83

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He is Sam, Ftx Ceo. or Could he? COULDN’T BE…

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That whale have swapped 1,3 million PNGs in return for 287K AVAX, worth a volume of 7,1 million USD in the last 14 days. His medium price for these transactions is 0,2134 AVAX.
I think his aim is obvious.

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i dont think so , because when i check his transaction he usually take his money from binance.

Maybe he is CZ :slight_smile: and he trying destroying here for bsc swaps

And Png Team just watching him they dont do anything …

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Welp, this person has a liquidity of 63M$, which is nearly half of all liquidity on Pangolin. Wow. Imagine him leaving Pangolin for good. It would definitely crash Pangolin and make it unusable. Emin Hoca, is this you? Should we thank this person or blame him for massive drops in PNG pricing. Btw. one might also suggest that since this system allows users to do this exactly, this person is not to blame. Also, having 50-60 of these guys here would make this DEX one of the biggest ones, that’s why we would not want to lose such a bigh WHALE.

BUT, and a big BUT, if this is developer team itself or a singular developer, then we need an explanation. This seems sketchy if that’s the case. Because, obviously this account is not here to contribute to the system, but to use it to reap its rewards. Staking in favorable liquidities and dumping PNGs for Avax does not look very system-biased. We should definitely follow up on this account. Thanks for sharing!

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I thought this was interesting also. I noticed:

  • This account came through with a lot of AVAX when it joined the pool.
  • It created liquidity for a lot of pools, not just a few
  • It seems to swap PNG for AVAX only, and not other assets
  • The C-chain balance (when I checked it a few days ago) wasn’t changing too often

My view is this account is actually VERY useful to Pangolin because, it keeps PNG pricing somewhat stable, i.e. if PNG was randomly mooning before achieving its only purpose (governance) it would be too tempting for all users to just dump and leave. Additionally, it’s not swapping to other assets, which I find interesting, i.e. it’s not purchasing wrapped assets, but rather AVAX which likely is beneficial for most pangolin participants (presumably all of them should have some AVAX).

When companies go public, there is usually the concept of a “Green Shoe” where the underwriter to a certain degree ensures “stability”. Whoever this is, is performing a similar function and I think this is critical in the near term while we still wait for the platform to mature (with governance, other pools, more users, etc.).

Regardless any of the above speculation being right or wrong, every participant, whale or not, is free to do as they please. I can’t imagine any one of us really having to justify our short/long term activity and I don’t get why we expect any differently from an account that has more than the average amount :slight_smile:

Instead of focusing too much on the instantaneous price of PNG, let’s get the word out regarding pangolin so that more people (and hopefully) more whales join the liquidity pool and diversify risks!

For more on “Green shoe”, check here:

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So what are your plans with all that AVAX :smile:

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Don’t think I’d be explaining it here if it was me, but I appreciate your good thinking and accept it as your well wishes on the future state of my wallets hahah

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He has lost like 40Million dolars with IL, lol.

I noticed also that he doesnt have any png pair, he is just dumping the rewards that he gets with that massive ammount of liquidity, for sure i think those with png pair should have more rewards so things like this doesnt happen, if he had png pairs farming for sure he wouldnt be dumping himself that hard

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I wish I had not provided liquidity into PNG pairs, I am literally giving my Avax coins away to this guy.

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me too bro :frowning:

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I can see now that this is suppressing the price. If we are not incentivized to provide PNG liquidity pairs there is much less demand for PNG.

Sad thing that happens with all DEX tokens. Whales come and mine the shit out of it and then dump dump dump.

Ok guys. What will we do now ? Will we Close our pools,sell all Avax Png tokens and go out?

I think it’s important to remember that for an asset to really be valuable, it should be useful first.

Maybe most of you will think I’m crazy but is PNG yet intrinsically valuable to sustain the prices that correspond to $5, $10 or $20 as we saw in the near past ? I hate to say it but I think stable value build is better than huge run ups and huge run downs.

If anything, the activity from this address is keeping it somewhat stable.

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You say you’re always happy with a downward acceleration graph? @FireStorm

Either you are that whale or you really don’t have money in this pool or you’re crazy…

I think you are misunderstanding and let me try to clarify.

What I’m saying is the 20$ price point for PNG is senseless because this is a token that effectively is created out of thin air (literally fits the description “magic internet money”) and doesn’t yet serve a purpose.

I’m merely stating that the fundamentals associated with the token can’t sustain a higher “value”. Until we as the community and pangolin as the product creates a MORE compelling use case and real intrinsic value, expecting a large liquidity provider to HODL PNG tokens is a stretch.

Said in another way, the sells of PNG (again no real utility yet) are all occurring against AVAX, i.e. a protocol token that provides high capacity, high speed, instant finality transactional capability and smart contracts. Do you see my point ?

When you look at it purely from a perspective of “I need to make money with this token as soon as possible”, yes you are correct, somebody else selling ahead of you isn’t great. But when you look at it from “what is the actual real value of PNG at the moment”, price coming down makes sense.

I know everything in crypto, particularly the stories most people hear about lambos, etc. made people expect instant gratification, but if you truly want to change the way things are done (in the case of Pangolin, the way assets are traded), you need to focus on long term value.

For the PNG token to start sustaining the higher prices that all the participants dream of we need to:

  • Stop worrying about PNG price so much, it’s only been a couple weeks since launch
  • Get the governance mechanism in place
  • Focus on creating value through good governance proposals and gain market share against ETH based AMMs
  • Go out and spread the word about Pangolin and how awesomely it’s working on Avalanche

On a separate point, the whale has lost a ton of capital due to the moves in the market (and due to acquiring AVAX vs. other assets) while participating in Pangolin. I don’t understand why nobody is mentioning this :slight_smile: A large liquidity provider that provides liquidity across MANY pools is a net benefit for the adoption of the product, am I wrong ?

This entity / person, is choosing to KEEP the liquidity in pangolin rather than move it to Binance to dump and convert to fiat. Again, let’s evaluate the situation completely, rather than focusing on a subset of the entire activity.

Hope it helps, you can still call me crazy, no problem :slight_smile:

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