Will MIR bounce similarly to its fellow listings?
On May 6th, 2021, Coinbase listed 4 new tokens (CTSI, RLC, MIR, and TRB) for which three have already seen quite a significant increase, namely CTSI, RLC, and TRB. However, the one that seems left behind so far has been the Mirror Protocol (MIRUSD).
But first, let me provide a quick description of what the Mirror Protocol is for anyone who might be interested:
The Mirror Protocol is branded as a governance token that "allows the creation of fungible assets, that track the price of real world assets".
But what does this mean?
My summary in short is:
If you want to buy a stock, but not buy it on the stock market, you can buy it using the Mirror Protocol instead.
The appeal might not be obvious at first (as you can already buy stocks, why buy tokens instead?), but the significance comes to mind when one thinks of new possibilities such as:
1) stocks are now available via blockchain without brokerage registrations required or restrictions for only allowing citizens to purchase a stock, and
2) one doesn't have to save up to buy an expensive stock, but can finally buy only a portion of a stock similarly to how can be done with cryptocurrency (for example, one would not need roughly $250 to buy the Coinbase stock COIN, but can now buy only half for around $125, which becomes even more appealing for anyone who has ever wanted to buy BRK.A which requires a whopping 437K as of today).
The interesting part that caught my eye is that MIRUSD seems to have been in an ascending channel for some time now on the logarithmic chart, and is currently dancing near the bottom of this chart signifying either a potential crash downward or possibly a potential bounce to shoot the price upward exponentially similarly to the other newly listed tokens.
Although TRB and CTSI technically have smaller market caps (as of today), the differences are not necessarily significant (in terms of cryptocurrency at least), and RLC is the only one that is even greater than a 11B market cap today. Hence the potential seems interesting for what might be in store for MIR if it does indeed follow its sibling listings.
As always, this is not financial advice and is solely my opinion. But please like or comment if you agree or have opinions otherwise.
But first, let me provide a quick description of what the Mirror Protocol is for anyone who might be interested:
The Mirror Protocol is branded as a governance token that "allows the creation of fungible assets, that track the price of real world assets".
But what does this mean?
My summary in short is:
If you want to buy a stock, but not buy it on the stock market, you can buy it using the Mirror Protocol instead.
The appeal might not be obvious at first (as you can already buy stocks, why buy tokens instead?), but the significance comes to mind when one thinks of new possibilities such as:
1) stocks are now available via blockchain without brokerage registrations required or restrictions for only allowing citizens to purchase a stock, and
2) one doesn't have to save up to buy an expensive stock, but can finally buy only a portion of a stock similarly to how can be done with cryptocurrency (for example, one would not need roughly $250 to buy the Coinbase stock COIN, but can now buy only half for around $125, which becomes even more appealing for anyone who has ever wanted to buy BRK.A which requires a whopping 437K as of today).
The interesting part that caught my eye is that MIRUSD seems to have been in an ascending channel for some time now on the logarithmic chart, and is currently dancing near the bottom of this chart signifying either a potential crash downward or possibly a potential bounce to shoot the price upward exponentially similarly to the other newly listed tokens.
Although TRB and CTSI technically have smaller market caps (as of today), the differences are not necessarily significant (in terms of cryptocurrency at least), and RLC is the only one that is even greater than a 11B market cap today. Hence the potential seems interesting for what might be in store for MIR if it does indeed follow its sibling listings.
As always, this is not financial advice and is solely my opinion. But please like or comment if you agree or have opinions otherwise.
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