Phoenix (PHB) Analysis & Market Overview
1. Project Overview
Phoenix aims to Empower the Future of Decentralized AI through Blockchain Infrastructure. The ecosystem includes a variety of Web 3 and AI-driven applications built on Phoenix’s Computation Layer and Layer 1 Blockchain.
2. Fundamental Analysis
The total supply of PHB is 46,038,285 tokens, with a circulating supply of 46,027,849 tokens. The 24-hour trading volume represents 40%, which is considered high.
3. Ownership Distribution
Data from BSCscan and OK Link reveals that the top 30 addresses hold 97.52%, with the top three addresses constituting 88.89%. This is a very high ratio. And there are 8 addresses marked as CEX, occupying the top few. Trading activity in the last 24 hours is significant. PHB will fluctuate greatly.
4. Major Holders
Address #1
This is a staking contract address. Through Phoenix’s business, it is not difficult to find that this is the contract address for staking PHB. In the past 24 hours, a total of close to 5,030 PHB has entered the stakes, which is not a large amount. But what’s even more remarkable is that there was only one redemption. This shows that protocol users are highly satisfied with the protocol. This part reflects fundamentals more than selling pressure.
Address #4
This address has had several PHB transactions in the past six months. Judging from the interval, it does not look like an exchange. We marked its trading over the past six months on the candle chart. There is only direction, not quantity. We can see that when PHB rose close to the October high, this address sold part of its holdings and continued to buy when the correction was not violent. And the last three transactions have successfully escaped the high point.
This address still holds 969,607 PHB, and the last three sell-orders only accounted for a small proportion. Judging from the transactions at this address, the current price may continue to pull back in the short term, but it is not enough to affect the long-term bullishness.
5. Position Distribution
We switch the position distribution to 6-month parameters in order to see the stacking up more clearly. We can see that the price touched the most intensive position distribution in the first half of the year on Monday and began a correction. The position distribution below the price is 0.7708.
6. Contract Data
Coinglass reports a real-time long/short ratio of 1, indicating a balanced market sentiment with no clear bullish or bearish tendencies.
Binance is currently the largest platform for PHB contract trading. The long/short ratio leans towards the bullish side.
7. Protocol introduction
Phoenix is mainly engaged in business in two directions. One is the Computation Layer SKYNet, and the other is the AI platform AlphaNet.
SKYNet is a Web 3-based infrastructure for scaling AI computation tasks and easy deployment of AI-enabled applications, including deep learning, predictive analytics, large language models (LLM), federated learning, and AI edge computing. Our Computation Layer is designed to bring both AI-driven capabilities to blockchain applications and Web-3 features to off-chain AI apps.
AlphaNet is an AI-driven, Web-3-based platform built to help retail and independent traders acquire a collection of robust tools to optimize their trading edge. AlphaNet will be Phoenix’s native dApp that will leverage our Layer 2’s computation, AI, and modelling capabilities as well as our L1 blockchain. Also very importantly, AlphaNet will highly utilize PHB and CCD (Computation Credits) and have transformative value for the Phoenix token economy and serve as one of the pillars of a robust and organic growth model.
The two businesses may seem different, but in fact, they complement each other. The primary purpose of SKYNet is to increase the accessibility of AI. This is the main problem faced by AlphaNet.
8. Summary
1. The ownership distribution of PHB is relatively concentrated, and the top-ranked addresses are basically exchange addresses. The 24-hour trading volume is relatively high, which means that PHB fluctuates greatly.
2. Judging from PHB’s staking contract address, the proportion of redemptions is small, user satisfaction is high, and the protocol itself is running well. Judging from the performance of the whales, there may be a correction in the short term, but it remains bullish in the long term, HODL.
Disclaimer:
This analysis is provided for informational purposes only and should not be construed as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or investment product. Cryptocurrency markets are highly volatile, and the value of tokens can fluctuate significantly in a short period.
Investors should conduct thorough research and consider their risk tolerance before making any investment decisions. The information presented in this report is based on available data and market trends, and subsequent developments may impact the analysis.
The analysis relies on data from various sources, including blockchain explorers, exchanges, and news outlets. While efforts have been made to ensure the accuracy of the information, there may be unforeseen risks or events not accounted for in this report.
It is crucial to note that past performance is not indicative of future results, and the cryptocurrency market is subject to regulatory changes, technological developments, and macroeconomic factors that can influence prices and market dynamics.
Readers are encouraged to consult with financial professionals and conduct independent research before making any investment decisions. The author and Sypool disclaim any liability for financial losses or damages arising from the use of this analysis or reliance on its content.
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