Galactic Punks— Holder behavior ( diamond hand or paper hand?)

Sales of galactic punks trend

First we look into those buy transactions and number of buyer on galactic punks. First day after mint the volume is the highest with over 3500 of punks being traded or sold. This trend started to decay and becoming less and less active overtime. This might indicate less buyer interested in collecting GP or there is many diamond hand which not going to sell their GP.

Sale of GP
Floor, ceil, sales of GP

Listing (post order) vs delisting (cancel order) of GP

To determine the behavior of those holders we need to look into their listing and cancel order transactions. Are they trying to list to sell their punk or are they impatiently listing and cancel their order to list at a lower price or vice versa. How frequent do they cancel their order or how frequent their list their GP ?

listing vs delisting of GP

User count in listing vs delisting of GP

How many unique users that trying to list or cancel the order of their GP? After the first day of minting process, there is total of 2k users trying to list their GP and 1k users trying to delist their GP. Notice how everyday the listing users are always higher than those who delisting their GP.

Users count of listing vs delisting

MAX & MIN price of listing and canceling listing of GP

First we look into both daily minimum listing and delisting price of GP holders. The minimum listing price are always lower than those delisting. Day by day there is some GP holders trying to sell their GP fast so they need to list it below the floor price to attract the buyers. For the time being we see both the minimum listing and delisting price are now stagnant around 40 LUNA. Maybe those now the holders are of those with diamond hand? They are not going to sell their GP with cheap price.

Min & max price of listing and delisting of GP

Listing and cancel distribution per day of GP

The overall trend is good to show the listing trend are decreasing. This means less and less seller going to sell their GP and decide to become a true holders of GP. On the other hand, we would like to see the delisting trend in relation with the listing trend. When less people are listing and more people are delisting, this will cause the supply to decrease significantly. When the same demand come over this will easily push up the floor of GP.

Listing and delisting trend of GP

Listing and cancel distribution of GP

Starting from the first day of GP trading, we see more than 89% of those listing are lower than 1k of LUNA and only 10% are listing above 1k LUNA. So in overall distribution only 10% of those holders are royal. For the delisting distribution, good things we see there is around 81% of users trying to delist their GP of under 1k LUNA. Like what I mentioned above, more delisting and less listing will eventually push up the price. So what is the case behind of those GP holders? In GP case, they are trying to list it even lower for exit liquidity to LUNA. Why did I say so? Let’s see the top 10 address that listing and delist those GP.

Listing vs delisting distribution of GP

Top 10 seller that List vs Cancel

We look closely and carefully into the top 10 seller that list and cancel their order. The top 3 for both is the same address and there is 7 of those overlap with the list and cancel listing. These 7 address are the most active in trading GP overall. The top 1 had list transactions of over 400 and cancel listing of over 300. Due to the low fees and ease of trading over randomearth secondary market, these address are actively listing and delisting their punk for flipping. This kind of things are never achievable in ethereum network due to their high gas fees. Imagine 1 cancel listing transactions had cost you 5$. 400 times of cancel listing alone had cost you 2000$ (what if the gas was high?).

Top 10 address trade GP

Conclusion

Now the sale transactions had decreasing and indicating a less active trading over GP and more of those fall into diamond hand. With the floor price hanging around 40 LUNA, and the trend of listing their GP become lower and lower, holders of GP tend to stay with the GP. With the current distribution of 4.9k unique owner over 10.9k punks on terra, the maximum each can own is around 2 punk per users. As time goes by this will be the factor in determine the value of each GP. Nevertheless, before GP floor price shoot up we will need to monitor those active traders that are trying to trade the GP for profit. NFT on LUNA can even on par with NFT on ETH due to their lower transactions cost. When the times comes, NFT on LUNA will dominate over any other chain.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ah Kek

Ah Kek

A stock investor that step into crypto space and deeply into crypto now