/biz/ - Business & Finance

2.5M JNT sell order on mother fucking ForkDelta! Who is doing this?

Other thread is archived, so I'll leave this here.
>>9695479
I looked into the fat JNT address a bit the other day and I'm pretty sure it's just a cold storage wallet for gate.io. It's 29 days old, and yes, it's accumulated a lot of JNT, but it's holding a lot of other coins as well. Hardly any coins have been transferred out of it though. It's just for holding.

My theory as to why JNT has been piling up on gate is because people have been doing arbitrage between the exchanges. I just took a look at the intermediary wallet you posted and it fits this narrative. This would be one persons deposit address for gate.
https://etherscan.io/address/0x12dcafbd2baeae4280809a6fdd000198708271a5#tokentxns

Looking at the transaction times and amounts in the intermediary wallet it really seems like it's being used for arbitrage. As an example, in the first transaction, 4,872 JNT was deposited. An hour later, 4,941 JNT was deposited. Looks like they are buying low on Bibox, then sending them to gate to set higher sell orders.
After the coins are sold, gate.io is moving them to the cold storage wallet. It kinda looks like they are buying on Bibox with what their sell orders would net before they're actually filled on gate, so it's a bit more of a gamble on their part then a clear arbitrage opportunity...but I can't think of any other reasoning that fits.

I'm open to other theory's or doubts if any anons here want to discuss...

Who here still buying or intends to use this dip to double down?

I don't need to justify my position and am not interested in getting into a debate about whether or not this project is going up or down. I'm just curious....this still a biz coin? How many jibbies are we here?

But muh medium article.....where?!?!?

Just started looking into this project.
Anyone want to red pill me? Seems promising, but there's obviously a lot to go over.

Tell me why you're invested in this coin...