Yep, sometimes the rationalism simple does not work and yesterday late evening I had to close my long position in futures on this shitcoin that, at the end, did not explode as expected, thanks to the "funding rate" which was abnormally set to 0.5% by the exchange owners.
I had never seen this huge funding rate set just before the airdrop.
Actually, the price on SPOT was much higher than on futures, with a difference sometimes larger than 6% which is something really weird to see.
In short, people was buying on SPOT while SHORTING on FUTURES.
As a consequence, I get one of the worst trades of the period, my target was 50% Up and I closed the position with only 5% profit...
What I am doing now?
Obviously, I'm going SHORT with this shitcoin...
Still a few hours left for the snapshot on the FLARE airdrop so, despite it could still rise a little, my view is that is going to fall strongly afterwards.
Let's see if this time the reasoning beats the manipulation (LOL).
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
@toofasteddie