3.9K @SovereignGains This solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp @Collector_Crypt onchain whale keeps aggressively buy this dip.
Now holds ~7M solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp valued at ~$1.4 million, the 8th largest onchain wallet. Holds more solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp than even the OKX hot wallet.
3.9K @SovereignGains Wallet: https://t.co/VB6SE6KVR9
https://t.co/RW6gJCXIEa
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49.6K @sjdedic Just read the @4PillarsResearch piece by @ponyo_fp on @collector_crypt. The data work is solid, the conclusions aren't.
Going through the five concerns and where I think the framing flips:
1) Decreasing margin
On the net margin halving from 11.2% to 5.6%: yes, take rate compressed, but absolute net revenue still roughly doubled in the same period.
They defined a vertical, it got hyped, it got competitive, and they hold something like 75% market share. The race to the bottom on fees and margins is something you have to play when you're the category leader. Their market share tells you they're doing it right.
2) Whale driven user base
Valid concern and nothing new, and the team is the first to admit it. But extreme power-law distribution is sustainable for plenty of businesses, it's not automatically a problem.
What I'll add: the team is very aware. If you knew what they're cooking to expand the user base, you'd be as unconcerned AND hyped as I am.
3) Redemptions are bad for the business
On physical r
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337.3K @Bluntz_Capital 49.6K @sjdedic The people FUDing $CARDS on my timeline:
- angry sidelinooors
- rage bait engagement farmers
- uninformed "reSeArcHeRs"
- midcurvers who still think this is a toy
- people who care more about insider unlocks and Hayes' OTC dumps than actual business fundamentals
These people will hate on anything that looks remotely successful on the timeline, simply because they are so broken and dead inside from all the rugs and scams this industry has produced over the last few years.
They did the exact same thing with Hyperliquid after its launch. Now it's everyone's darling lol.
I get that trust is broken in this industry. Years of rugs and scams have conditioned people to assume the worst about everything. And honestly, I can't blame them.
But there's a world of difference between a founder who launches a token to extract and disappear, and a team that has been in the trenches for years building something real. If you can't tell the difference anymore, that's your problem.
After years of working side by side with
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