Back to collectionA Thin Market Changes the Argument
Background: The previous day's discussion had not eased anxiety over token unlocks, and XAI had touched USD 0.66 during the session. Today: XAI fell to USD 0.62. Impact and next steps: As the price slipped further, the discussion shifted from how cheap XAI looked to whether buyers would be there when someone wanted to sell.
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Background: The previous day's discussion had not eased anxiety over token unlocks, and XAI had touched USD 0.66 during the session. In the node group, the Night Watchman saw people calling every fall an opportunity. He worried that this talk was obscuring the more immediate problem: the order book was thinning.
Today: XAI fell to USD 0.62. Someone in the group estimated that sell orders worth a few million US dollars could carve a 5% hole in the price. The Night Watchman declined to guess the bottom and asked those arguing to distinguish a quoted price from market depth. The same order travels further through a thin book.
Impact and next steps: As the price slipped further, the discussion shifted from how cheap XAI looked to whether buyers would be there when someone wanted to sell. The Night Watchman planned to keep market depth in the group's discussion of risk. Nobody yet knew how supply from the unlocks would reach the market.