Why can’t the nest coin rise (why has the nest coin been falling)

Why the nest coin can’t rise. Editor’s note: This article is from Honeycomb Finance News (ID: fengchao caijing), authored by Kyle and reprinted with authorization by Daily Planet Why can’t the nest coin rise? Because it does not have any fundamental endorsement support; At the same time, it also lacks sufficient liquidity, leading to a sharp drop in its price, which makes some investors believe that there is a foam and speculation in the project. Regarding these issues, the founder of nEST, He Yi, stated in an interview: “The market value of this project has exceeded the price of Bitcoin, but based on the current situation, this valuation is quite low and difficult to evaluate.” Many people in the Nest community also have doubts about this approach, “How can we treat a project as air?” So what is the reason driving this series of issues. Firstly, there are many people in the market who consider themselves’ leeks’, so they choose to hold those so-called counterfeit coins as their investment strategy. In fact, this is not the case in many cases. For example, some tokens on Ethereum have certain value support, but because of the hype of most people and the influence of other factors, they are all aimed at making fast money. So there are some so-called “shanzhai” projects in the market, such as Sushi, Uni, or BCH, which are difficult to attract people to participate in, and even some shanzhai projects cannot gain market attention. Moreover, these projects are mostly traded on various platforms, and such platforms are often very rare, which causes some problems:

1. Most people do not buy nest, but are more willing to buy shanzhai coins. 2. Most people only purchase tokens from a certain platform and cannot sell them, and either they no longer do any operations or they will sell a portion of their nest assets. 3. Most people don’t really know what counterfeit currency is. 4. Many project parties themselves do not care about counterfeiting or consider its practical use. 5. There are still many projects that only run away after initial investment. 6. Some team members were trapped and eventually had to give up and start posting new things. The fundamental reason for the rise of counterfeit coins due to the seven major reasons lies in many applications in the Nest ecosystem, including decentralized stable currencies such as nUSD, which can generate profits because they use smart contracts to ensure network security. Additionally, in many cases, users need to pay for their tokens to make a profit. On July 16, BitKeep, the blockchain protocol based on nToken, officially released the nEST system development plan, allowing users to transfer ETH into Bitkeep smart wallet, and then use it to create a decentralized exchange. At the same time, it also provides a Oracle machine interface for users to trade. According to the official introduction, BitKeep is a completely trusted network infrastructure that can run multiple dApps and smart contract services, including nDEXs, cross chain switches, etc. In addition, NEST is also the first ERC20 token automatically executed through smart contracts, which can be issued on the Ethereum blockchain

Why has the nest coin been declining

According to Coindesk, since the price of Bitcoin fell below $38000, the nest coin has been in a declining state.

. In the past 24 hours, the price of nEST has risen from approximately $11000 to over $42000 so far, with an increase of nearly 100% (approximately $50 million), but there has been no significant rebound recently. Nest is a decentralized trading network supported by community driven development platforms and decentralized applications

NestProtocol founder Yang Haipo said, “If I really want to know why the nest coin has been declining, then we can consider using this token as collateral to short.” He explained, “Because this is not a real project, people don’t have to worry about this issue, it looks crazy now.