If you are a follower of Lisk or following the coinmarketcap website you will have probably seen the crazy price rise of Lisk.
Like many here I was also shocked of the recent price rise. Lisk is currently still in heavy development and are planning to rebrand in the near future. But this current rebranding isn't activiated yet so I thought this price rise was very strange.
I went on to investigate this price rise.
When looking into the Lisk chat we can see an announcement that states that every nodes need to update because of a bug.
That is probably also why the current Bittrex wallet is in maintenance. And what happens when a wallet is in maintenance? No Lisk coming in and no Lisk coming out. People are buying Lisk and the available Lisk supply is coming smaller and smaller. This is something that has happened before on other coins.
So once the wallet is open again we will see people sending there coins to sell to take some profit. The availability of Lisk will rise again so the price will probably dip again.
But it could happen that Lisk will have drawn a lot of attention of investors and people looking into crypto. Due to the rise people will even start to hold their Lisk because they believe in the project.
This event could be a catalyst for incoming money into Lisk, even before the rebranding!
That's why I don't see it dropping to the start of the pump as well. We will probably see a correction once the wallet is back online . But we will also find a new price point, a price point that will give us solid support before the whole rebranding.