MERL (MERLIN) Airdrop Selloff

Stats according to Coinmarketcap and CoinGecko -
Marketcap ---------------115 million
Fully Diluted Marketcap---1 billion
Circulating Supply ------226.5 million
Total Supply ------------2.1 billion
All Time High (release) -----$1.54

Total Value Locked (BTC before airdrop began) - 2.8 billion - which is amazing!

The current situation is that people are unloading their airdrop tokens onto the market as exchanges are buying bags to trade.

A lot of these new Layer 2 narratives are great projects but they start out with high marketcaps from their total value locked up air drop incentive. Simply put, buying and selling has not yet stabilized the price action so we see a freefall.

The timing is perfect due to market drop and Japan economic status news mixed with BTC profitability for mining cost (53k ish) for bearish momentum.

There will be a bottom. I suspect it will be at the marketcap liquidity ratio of the holders which is very hard to calculate at the moment. So to give you some sort of target (not financial advice) -
I would look to long around BTC getting a confirmed uptrend from 50 - 53k. MERL could be around .4 cents by then but what do I know?

Comment:

Forgot to explain the chart labels
- The grey levels seemingly on the candles are Spacemen BTC key levels indicator (free on tradingview) Yearly Open/Prev Week High ect.
- Daily naked point of controls are ndPOC (highest Buying Selling price in that range)
-Yearly algorithmic Vwap - Vwap
- 618 Fib pulled from absolute top to bottom
-786 as well in that fib
-Nami Trading SMC Pro indicator for breaker blocks with volume info for referenced weight of each breaker block's importance.

Comment:

Deviated the current range, dropped back into it, now fighting to fall below the Point of Control. Looking for support locally at 786 and ndPOC below.