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Comments: Up against the wind, the pig soars like an eagle.
11 May 17:47
The Flying Pig Theory comes from Xiaomi founder Lei Jun's famous phrase "In a strong wind, even pigs can fly". Lei's original intention was to humbly remind entrepreneurs that the growth of wealth sometimes requires following the trend. As favorable wind is blowing, even some entrepreneurs who may seem "disadvantaged" can accomplish great things. It's still unknown whether the Flying Pig Theory rings true in venture capital investments, but in the case of cryptocurrencies, the theory has become an unexpected accurate prediction. With the arrival of favorable wind, a "pig" crypto coin really took off.
From rags to riches
Before May 8, even most veterans in the cryptocurrency field may not have known this token. Pig Token (Gate.io code PIG), like hundreds of previously undiscovered tokens, silently ran on the public chain before May 8, and was very likely to go unnoticed forever. Nobody expected that after May 8, this token would become another legend in the cryptocurrency field.
Trends in Pig Token prices
Data source: CoinMarketcap
From May 8 to May 11, the price of Pig Token soared from US $0.000,000,043 to US $0.000,005, with a cumulative return of 11,527.91%. At that time, Pig Token became the most daily traded coin on BSC's largest decentralized exchange, PanCakeSwap, accounting for 18.64% of the total trading volume. This token was listed on many central exchanges like Gate.io, Huobi and LBANK. On the second day after going public on Gate.io, PIG became the coin with the highest growth rate on the exchange, yielding 4,889.00% that day. In just a few days, PIG achieved tremendous growth, which is a spectacle even in the cryptocurrency field.
Where does the wind come from
Regardless of the future trends with the pig coin, it is an indisputable fact that this coin has taken off in a short period of time. The question of where the wind came from, and then where it will go, is a more profound one.
The Fed continues to pump the market
In March 2020, the Fed cut interest rates by 50 basis points and 100 basis points on two unconventional occasions. As Biden took office, the government adopted a more aggressive fiscal policy. After releasing a huge economic bailout of US$1.9 trillion in March 2021, the Biden administration announced another $2.25 trillion rescue plan. After continuous monetary incentives, the supply of US dollars is bound to increase substantially. As the money supply increases, holders will inevitably look for new sources of investment or speculation. At present, the global economy is suffering from Covid-19, and the development of the real economy around the world remains stagnant. Though the Chinese economy is the first to recover from the pandemic, the capital market is not doing well. The digital currency market, on the other hand, has become a new favorite for capital investment. Not only large institutions, but individual investors also transfer their assets into the market. Their pursuit of digital currencies has become an important force in this capital wind.
India epidemic worsens
The uncontrolled development of the pandemic in India and the spread of new virus variants have brought uncertainty to the global economic recovery. There are already signs of a resurgence of Covid-19, and the efforts towards economic reconstruction could be wiped out by the new outbreak. According to "Transferring Wealth to BTC Becomes a Mainstream Investment Target" provided by Grayscale, 63% of investors choose to invest in the digital currency market because of the coronavirus.
The Dogecoin myth
If the ten-year growth of Bitcoin has taught ordinary people the investment value of digital currency, then the surge of Dogecoin between April and May will make more people realize the wealth-making potential of the digital currency market. Whether intentionally or not, the hype of media and buzz on social media about Dogecoin has pushed the growth and revenue of Dogecoin to almost everyone who can access the Internet. The income from investing in Dogecoin is no longer fluctuations in the K-line on some peoples computers, but a fact that everyone knows. It may be an income graph posted by bloggers, or more likely a story of being rich that circulates among people. Briefly, in just a few days, under the blessing of social media, Dogecoin has become a wealth carnival seemingly within everyone's reach. Each time, there are always leftovers, unsatisfied ravers, and quirky lovers of the carnival itself. They are unwilling to see the wealth-creating spectacle of Dogecoin, so they turn to a substitute.
Image Source: Twitter
Why is this pig taking off
In fact, pigs are not the only ones taking off in the wind. Lions (Lion Coin, Gate.io code LION), Shiba Inu (Shiba Inu Coin, Gate.io code SHIB), and Akita (Akita Coin, Gate.io code AKITA) have all ridden the wave. But if you look into the reasons why these digital currencies were chosen, maybe it is simply that they have commonalities in their image with DogeCoin. They are animal based . Now when you open the investment interface of Gate.io, it is like being in the animal world. These coins are the most popular digital currency group in the market - "zoo" image coins. In addition to the similarity in image, these animal coins are similar in other ways. They all had extremely low prices before they took the wind. And the low prices not only lower their investment threshold, but also make it easy for them to surge in price. So, these trend makers only need to invest a relatively small amount of money to make the pig coin, whose price was originally close to zero, double in price quickly. Such a characteristic makes investors, who are eager to recreate or even go beyond the myth of Doge Coin's great growth, flock to the animal coins.
Some analysts believe that the high price of Bitcoin and Ethereum has separated them from the ordinary investors and turned themselves into exclusive investments for the wealthy. Ordinary investors' quest for animal coins is somehow a revolt. They expressed dissatisfaction with the proportion of wealth distribution to the bookmakers and institutions in the currency market through buying animal coins. The rise of animal coins are the "do you hear the people sing" in the digital currency world. This not-so-maverick PIG is one of the lucky ones.
Author: Gate.io Researcher: Charles F.
* This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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