$Met has already dropped to 0.9 before the market opens, with an FDV of less than 1B.

I am quite surprised. In my opinion, Meteora is truly a solid DeFi project with hardcore innovations. Moreover, it will definitely survive to the next cycle and the cycles after that. If you know, you know.

Yesterday it dropped from 1.6, and at that time I speculated that there might be on-chain MEV whales entering to arbitrage, because according to Meteora's CAMM opening rules, the first buyer, after paying 50% tax, would have a buying price of around 1B. The prices for the first few blocks were roughly around 1B, allowing MEV whales to directly coordinate with the opening to snipe and arbitrage.

I didn't expect it to drop directly to 0.9 today; this price is indeed hard to understand. However, the 40+% unlock selling pressure at the opening is quite significant.

Additionally, comparing it to the parent project Jupiter's 3.5B market cap is quite awkward. Meteora's official pool at the opening will give 30% of the fee income to Jupiter stakers. If there is 100 million in fees, that means 30 million goes to Jupiter stakers.

In the long run, @JupiterExchange and @MeteoraAG will be valuable decentralized applications that span multiple cycles.

JUPITER #Meteora

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