Why this cryptocurrency coin will make you poor if you hold it now (Ocean protocol)

In October 2020, a data based blockchain token started to gain incremental momentum which attracted alot of people in the crypto space to buy and hodl it. This was around the same time I started accepting to trade for lazy chaps that were too afraid to make losses trading crypto. Find out about my trading strategies via my telegram channel here.

The token ranked at number 74 on coinmarketcap and later topping the gainers list on Binance exchanger for almost two consecutive weeks was Ocean protocol.

But there was more smoke than fire. Despite launching in July 2019, Ocean had never seen a drastic uptrend like the one experienced from July 2020 onwards to December 2020.

Why the bullish trend?

Earlier on, Ocean had announced the ocean token hard fork. This news triggered a massive inflow of investor capital into Ocean which caused a bullish trend. Then on September 27, 2020 Ocean Protocol Foundation initiated a hard fork of the Ocean Token contract as described in this announcement. All Ocean token balances from the previous 0x7AF token contract are reflected on Ocean token contract 0x967.

But what is Ocean Protocol?

Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements. There is staking on services to signal quality, reputation and ward against Sybil Attacks.

Simply put, Ocean helps to unlock data, particularly for AI. It is designed for scale and uses blockchain technology that allows data to be shared and sold in a safe, secure and transparent manner.

Events unfold

Weeks later on 18th August 2020, Ocean protocol climbed to an ATH(all time high) of $0.752522, the same day it experienced a total market cap of over $229 million. The days of success seemed to be right ahead of Ocean, investors pulled in, traders made the noise and skeptics cuddled their hearts. Hodlers folded their sleeves and crypto enthusiasts started the noise. It all seemed clear that OCEAN was headed for the good times ahead. The most notable naysayers even envision that Ocean would see a $2 price mark as soon as possible.

Then the inevitable happened.
OCEAN would never see the ATH(all time high) as imagined and we analyse why this was and might never be possible;

1. Ocean protocol never addressed a real world problem. Despite mentioning that they are in the data economy and are offering a means to unlock data particularly for AI, ocean does not address a real world problem meant to help the BoP(bottom of the pyramid. This was a fundamental flaw and soon, people would notice and run away, investors would sell off and the token would remain worthless.
2. OCEAN never addressed a utility issue! You see, the reason bitcoin is a success is that it eliminated the middle man who is the central governing body and then replaced it with minors. OCEAN fails at this point and rather gambles around a problem that is too far fetched.
3. Even if Ocean was to succeed, it is still way too ahead of its time. A simple estimate would say that Ocean is 5yrs ahead of its time. This would mean holding Ocean would require one to wait for at least 5 years before its value is matched with a real use case. Unfortunately, alot of good projects will have come on board, swept us away and delivered far better value in the data economy than Ocean would ever address.
4. The community factor: Ocean community is docile, weak and does not match the total supply of the ocean token. Imagine a maximum supply of 1,410,000,000 Ocean token being marched with a community of less than 10,000 members and about 1,000 hodlers. Does that even make mathematical sense? Any wonder why its price made a nose dive just weeks after its all time high?

Not even competitions held by exchangers like Kucoin could save it. In our opinion, Ocean is dead. Not even a huge pump will save it from the bearish trends it will face in the coming days.

This is not just criticism. We are professional crypto traders and we also trade for others. Hundreds of people trust us with their money with a belief that we shall trade and pay them back a guaranteed 3% profit whether we make loses or wins. Even during losses, we always make sure we pay every single investor.

Our trading strategies go take into consideration so many factors to avoid losses but rather make winning trades. Its no secret that we make a balanced view of Ocean Protocol to conclude that we from Celestina.com shall not be holding any more ocean any more. Maybe you could do the same or not.

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