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chart for reference: these wicks are due to illiquidity x.com/DefiIgnas/status/2092243…

@DefiIgnas maybe the equity conversion narrative is too abstract for retail rn, people want immediate utility over future cap table upside

@DefiIgnas $2m monthly volume turns every BP conviction into an exit liquidity problem

@DefiIgnas not reading allat

@DefiIgnas the on paper ones always take longest to play out

@DefiIgnas on paper always makes too much sense

@DefiIgnas orderbook looking thin as paper on those moves

@DefiIgnas do you have any $secz ? what do you think about then?

@DefiIgnas imo great fundamentals without liquidity is just an expensive theoretical thesis.

@DefiIgnas Same here struggling with $fluid

@DefiIgnas Liquidity really is the silent killer.

man... i always say that good products can still trap you i've come to notice that the things you should be getting in are the things that are taking off without you. if the market is letting you scale into this, its telling you its not that valuable backpack has a great product and rich roadmap, stellar ppl at the helm and great backing, also narrative positioning is tight. but the token demand isnt driven by using the product. lack of token-product fit results in scenarios like this.

@DefiIgnas @Web3Arthur $BP (Backpack) struggles most despite strong fundamentals RWAs, new CEX narrative, solid tokenomics, competent team, Solana support because of terrible liquidity only ~$2M monthly volume Always factor in liquidity

@DefiIgnas Liquidity kills the hype, but the paper feels solid still holding tight

@DefiIgnas No hype. No one pushing it. Perps have stalled. Tokenization is going strong but still not clear how it will be monetized. I'm bullish but perps need to inflect imo.

@DefiIgnas Struggle = Opportunity

@DefiIgnas It tells me to buy cheap and hold If you think it will stay this way I don't agree

@DefiIgnas @tesnguyeneth Brick by brick Slow accumulation Then moon 🎒

@DefiIgnas Tokenization gets attention, but liquidity is what makes the ecosystem actually usable.

@DefiIgnas After that terrible airdrop, all the users left, there was no liquidity because the team let the community buy and sell the shitpack themselves 😂 Who would still use that goddamn exchange with high fees and sky-high liquidation fees?

@DefiIgnas $BP is just a 5 months old token 😌 launched in the bear market, what if bull market cycle happen ? keep buying a bag for a long term.

@DefiIgnas The whole point is no CEXs want to list another token without tokens listing fees. The industry keeps dragging down together

@DefiIgnas Same issue! Like wtf

@DefiIgnas @tesnguyeneth When there is liquidity, the token will be traded for $2 already.

@DefiIgnas GySFHFS5ZiN4Z5YnyPZcjjxpYcGvD7qHZYVjE9QzMHVH 75% holder bp

@DefiIgnas price is less a function of utility and more of attention people dont really care about wallets anymore

@DefiIgnas Because you can only buy $BP on solana Dex and Backpack exchange itself. There no other listings.

Time to accumulate slowly after that correction post rally. Huge things are coming and Backpack is one of the best positioned to offer every service worldwide. One of the main problems of the platform is spot liquidity overall, but that should be fixed as more people sign up when its available on their country. Not a big deal because the most difficult thing is to achieve the bureaucracy aspect, the rest should follow right after.

@DefiIgnas On paper it screens like a prom queen, on chart it trades like it missed the bus.

@DefiIgnas As far as I know, it doesn’t seem like anyone is selling it. Once you sell it, you cannot buy the same quantity again.

@DefiIgnas liquidity matters

@DefiIgnas 現在每日交易量增加很多

@DefiIgnas Keep Buying

@DefiIgnas All that's missing is the right opportunity.