Why We Should Stay Away From VeThor Token(VTHO) for now

So Binance has made official annoucement to list VTHO  36 hours ago.

We have seen this coming since long long ago ,No idea what took Binance so long .Before you think I'm making fud just by reading the Title,I ask you to read till the end.It's just my opinion after all.

Overall Market is Bullish, VET made 4x within 45 days which means Whales have collected millions/billions of VET.

That also has another meaning.Whales also have collected huge amount of VTHO as holding 1 VET can generate  0.000432 VTHO per day.

So,they have 2 scenarios,pump VTHO price as so they can dump their holdings.Or Just dump directly to the fomoers.

So,lets talk about first scenario,

Pumped 1200% (Yes it is 12x,if you bought 100$ VTHO when it was listed and sold at top, your 100$ will become 1200$)

Now,take a look at first two 1H candles volumes.So,I'll take that as PnD was already made to dump their VTHO holdings.

Currently there is a 120% range(marked by 2 green lines) with resistance being 0.00217 USDT and support being 0.000999 USDT which is too risky for trading.

But if history for secondary coins(TFUEL,ONG,GAS & now VTHO) are to repeat, 2nd scenario is more likely.

Whenever the secondary coins get listed on binance,they dump like there is no tomorrow .
Lets take a look at their charts.

ONT/USDT

Reached 4$ on the listing day and current price is 0.1183$ (-95.29 % )

TFUEL/USDT

Reached 0.025209$ on the listing day and All-Time-Low is 0.001181$ (-95.32 %)

So,you can tell me that not all coins will perform the same just because they are similar in secondary structure.
But Take a Look at who holds VTHO most.

It's just the first list of Top VTHO holders and I can already see Binance 1,Binance 2 & Binance 3 are top holders of VTHO.(Not surprised)

So,it is more likely that history will repeat for VTHO as Binance provides good liquidity to dumpers .

Currently 700 BTC volume of VTHO is being traded in Binance last 24 hours which is about 20% of total VTHO marketcap (4063 BTC).

Thanks for reading the article.Share me ur thought on VTHO.

If you want more of these setups,follow me on tradingview where I usually posts charts there https://www.tradingview.com/u/tikyikhant/