$ASKJ Plunges 95.64% as the Market Rejects the Token

The cryptocurrency landscape knows its fair share of volatility, but some tokens experience a sharper kind of tumble—that is, they suffer a decline that is definitely steep and, in some cases, stunning.

The cryptocurrency market has witnessed its fair share of volatility, but some tokens experience a steeper kind of tumble—that is, they suffer a decline that is definitely steep and, in some cases, stunning.

$ASKJ is one such token, which was founded by the same team that brought you $ARC. Once its pairing to $ARC ended, however, its price launched a free fall that has sent it down 95.64% since, with no apparent hope of resurrecting itself any time soon. Indeed, the price of $ARC has also dropped sharply—this time by a stunning 92.18%—so right now, the future of $ASKJ seems very much up in the air.

A Rapid Decline: The Impact of ARC’s Struggles on $ASKJ

$ASKJ’s decline can be largely attributed to its linkage with $ARC. When $ARC started to go down in price, $ASKJ went down with it, and it went down with a dramatic speed and dramatic looks. At one point, it looked like a fountain of money: you put in money, and almost magical, multiplied money came out. Now, it doesn’t look like that, and if you think about why it doesn’t look like that, you arrive at a point where you think about what $ASKJ is, and then you think about what altcoins and memecoins are.

At present, $ASKJ’s market price is far low from its starting price; the opening price for $ASKJ was $125. The price is currently $22, reflecting a 82.4% drop. Since the continual declining of $ARC, the performance of $ASKJ is under a lot of pressure, and prices are dipping. Additionally, $ASKJ’s price is tied to the performance of $ARC in the market. In other words, $ASKJ is facing a lot of consistent selling pressure. Thus, $ASKJ is under both a lot of pressure and a downward spiral in the market.

Wallet Insights and Buyer Sentiment: A Lack of Confidence

Recent on-chain data from Stalkchain token insiders has given even more recent and greater insight into the current state of $ASKJ. The analysis has revealed something that is quite worrisome: the overwhelming majority of the top 90 wallets holding $ASKJ are currently in the red. This means that what was once an investment is now an unrealized loss for these holders, and there is no immediate sign of a recovery. The largest wallet has an unrealized profit-and-loss (PnL) of -$219.95K, and the current value of what is held has dwindled to just $7.54K. Overall, this situation does not inspire any confidence.

The market is also notably short of new buyers. Daily inflows of small amounts do occur, but they are not substantially different from what was happening before and are not sufficient to get the price moving in a meaningful way. From this, we could infer that the sentiment is weak—not just in terms of the buyers we do have, but also in terms of the kinds of buyers that are entering or being seen in the market.

Because most of the leading wallets are holding $ASKJ at a loss and no new investment is coming into the token, the price looks to be caught in a death spiral. The absence of buying interest puts more weight on the token and seems to make a recovery even less likely.

What Does the Future Hold for $ASKJ?

Given the existing conditions, the future of $ASKJ looks bleak. The absence of fresh buyers, combined with the already substantial losses seen by major holders, puts the token in a delicate spot. Barring some sort of miraculous upswing in market sentiment or a recovery in $ARC’s price, $ASKJ looks poised to keep heading down.

1. No Fresh Capital in a Weak State: As stated, the lack of new buyers and the reality that almost all big holders are in the red suggest that $ASKJ is in a pretty weak state. The absence of fresh capital to offset the selling pressure is a pretty big concern for the token’s ability to regain some life.

2. Continued Pressure to Sell: In the absence of flowing forces or clear evidence that positive sentiment is resurfacing for $ASKJ, the token is likely to endure continued pressure to sell. In fact, it could take only a small number of large orders to sell the token for $ASKJ to see another sharp drop in its apparent value. And if the current trend of selling $ASKJ continues, it could look forward to almost daily value losses; the current upturn in the crypto-universal market looks insufficient to provide the necessary buoyancy.

But what happend to $ASKJ founded by $ARC Team

AskJ is founded by the team of @arcdotfun and it is paired to $ARC but this token have dropped in price