Dear friends, earlier we promised to periodically publish articles with answers to the most common questions asked by our users. You can find the first batch of answers at https://blog.umi.top/?p=2387
Recently, we noticed that the most common question is about the UMI cryptocurrency price and the buy wall. This is why we decided to publish an article with a fairly detailed answer.
What about the UMI price? Where’s the 365 BTC wall and what happens next? We will now tell you everything. 👇
What about the UMI price and where’s the buy wall?
As you know, we created a “wall” to support the coin price on SIGEN.pro, that is a large offer to buy UMI at a price of $0.95 totaling 365 BTC. We told you about this in detail earlier —
However, now this wall cannot be found at the SIGEN.pro exchange. In fact, it was partially bought out by the founder of the ROY Club, and now 211 BTC are at the disposal of the community.
Why did he do it and how did it happen? Here’s the whole story. 👇
📍 For quite a long time, UMI has been trading at a price slightly above $1, but on June 30 the coin price came close to the wall designed to stop the massive sale and keep the rate above $0.95.
📍 However, some UMI holders were apparently afraid of a possible wall breakdown and began to actively sell the coin. Large sales caused panic in chat rooms which resulted in a real panic sale — a phenomenon that periodically occurs on the cryptocurrency market. This led to a decrease in the number of bitcoins in the wall.
📍 Alas, all this drove more panic. On the morning of July 1, the massive UMI sale reached its peak — 30 BTC left the wall in just an hour, and only 211 BTC remained in the wall.
📍 Observing the dynamics of the panic sale, the founder of the ROY Club assumed that users could disassemble the entire UMI buy offer due to the panic sale of coins. So he decided to use the coins of the ROY Club to buy out the remaining 211 BTC.
📍 Thus, the founder of the ROY Club sold several million UMI, receiving in return 211 BTC from our purchase offer. Now these bitcoins are at the disposal of the ROY Club.
📍 The remaining 154 BTC were received by users who sold their UMI at the time of the panic sale.
What happens next?
✅ On our part, there are no changes in our work — absolutely nothing has changed for us. We still believe in the widespread use of UMI since the coin has not lost any of its unique characteristics. We continue to work and develop the cryptocurrency on all fronts. We have the people, time, resources and opportunities to do this. Most importantly, we have a great desire to move on.
✅ Do not forget that UMI is still a decentralized network with instant and free transfers to anywhere in the world, as well as the opportunity of smart contract based staking at a rate of up to 40% per month. UMI is in great demand among hundreds of thousands of people around the world — from 79 countries. Our community is growing with each passing day.
✅ UMI remains an incredibly promising cryptocurrency, and we will be happy to continue to actively work on the implementation of all the plans announced at its anniversary. You can read more at https://umi-1-year.top/.
As for the coin price, both while the wall was there and after it was bought out, it is exclusively formed by the market — based on supply and demand. This is a market — every cryptocurrency and every global asset has both ups and downs. Growth is usually followed by a decline, and recession is followed by growth. These are the laws of the market, and they are the same for everyone.
⚡️ Moreover, the founder promised to use the 211 BTC that remained at the disposal of the ROY Club for the development of our UMI crypto community, as well as for stabilizing and boosting the coin price. Right now, these bitcoins are added to the UMI buy wall at a low price — first of all, to ensure high liquidity.
So nothing terrible happened. We are still developing UMI and believe in its bright future. We have everything we need for this — resources, opportunities and desire. So we are moving only forward.
Sincerely, UMI Team!