Switchboard ($SWTCH): Profit-taking vs. CandyBomb support

SWTCH’s first week has been a rollercoaster — initial listing pump followed by profit-taking, red flags on tokenomics, and reward dumping from Launchpool. But CandyBomb is still live, and it may influence near-term price action.

🔴 Post-Listing Profit Taking

SWTCH surged +27% on Sep 9 after its Bitget listing, then reversed sharply.

24h volume dropped 24% to ~$31.5M, signaling weakening momentum.

If sustained volume falls below $20M, downside risk increases.

🔴 Tokenomics Red Flags

Audit (Sep 9, Ghanem Lab) flagged 100% team ownership and minting enabled.

78% of supply is concentrated in one wallet.

Circulating supply data is unclear, raising dilution fears.

🔴 Launchpool Reward Dumping

Bitget’s Launchpool ended Sep 10, distributing 5.5M SWTCH (~$583K).

Many farmers likely sold instantly, adding to sell pressure.

High-APR events attract mercenary capital that exits fast, leaving charts red.

🌱 CandyBomb Still Running (Short-Term Support)

Unlike Launchpool, CandyBomb (1.2M SWTCH trading rewards) is ongoing until Sep 16.

This creates gradual buy-side activity as traders need to maintain volume to claim rewards.

Instead of a one-time dump, it distributes over time, which may stabilize price action temporarily.

📈 Outlook

Near-term: CandyBomb could provide temporary bid support, reducing sell pressure until it ends.

Medium-term: Without clearer circulating supply data and reduced concentration, risk of further downside persists.

Long-term: Oracle adoption narrative is still valid, but tokenomics issues are hard to ignore.

Question: Do you see CandyBomb’s ongoing distribution as a meaningful stabilizer, or just a short-lived pause before unlock risks and centralization catch up?