Coin Report #45: Morpheus Labs

Coin Report #45: Morpheus Labs

N.B: The following Coin Report on Morpheus Labs is community-selected.

Welcome to the 45th Coin Report. In today’s report, I will be assessing the fundamental and technical strengths and weaknesses of Morpheus Labs. This will be comprised of an analysis of a number of significant metrics, an evaluation of the project’s community and development and an overview of its price-history. The report will conclude with a grading out of 10. I hope you enjoy the read!

Introduction

Firstly, I’d like to congratulate the Morpheus Labs community on winning the community poll, particularly considering they were in second place for a few days; good effort!

I had heard of the project before this instance, as I would often see tweets about it and had a few individuals message me telling me to take a look; as is often the case, I simply don’t have the time to look deeply at every project that I’m recommended. That said, I did have a brief look into Morpheus Labs and realised there was rather a lot to it. As such, I was very much looking forward to beginning research for this report, providing me with an opportunity to really dig into it myself.

I hope this report will prove objective where it must be and fair on more subjective matters. For those who’d like to learn a little more about Morpheus Labs prior to reading this report, here are some primary links:


Fundamental Analysis

General:

Name: Morpheus Labs

Ticker: MITX 

Algorithm: ERC-20 and BEP-2

Sector: Blockchain Platform-as-a-Service

Exchanges: BitMax, Binance DEX, Hotbit, HitBTC, IDEX and Liquid

Launch Overview

Morpheus Labs was launched with a token sale in February 2018 that raised $9.6mn in exchange for its utility token, Morpheus Infrastructure Token (MITX). Originally, 1bn MITX were created, but 200mn were burned shortly thereafter. Of the remaining 800mn MITX, Morpheus Labs allocated 200mn to their token sale, in order to raise funds for development, whilst retaining 10% for the team, 10% for the reserve, 10% for the Foundation; 15% for the ecosystem and partnerships and 30% for future exchange listings. MITX was issued on the ERC-20 token standard. Following launch, a further 53mn MITX were burned in Q1 2019, culminating in a maximum supply of 747mn MITX, with no further tokens to be created. MITX is also available on the BEP-2 standard, trading on Binance DEX.

Morpheus Labs officially launched their platform on January 25th, 2019.

Price-History Overview

There is a fair amount of available price-history for MITX, given that it has been in existence for almost two years and has been traded for ~18 months. In that time, we have one brief market cycle play out, although the vast majority of the token’s existence has been spent in a downtrend. While I will go over this price-history in detail a little later, for now it will suffice to say that MITX formed its all-time high against Bitcoin shortly after initial listing in May 2018, at 972 satoshis. Since then price has largely been printing a series of lower-highs and lower-lows, with its all-time low coming in at 34 satoshis in January 2020. Against the Dollar, MITX formed its all-time high at $0.095 upon initial listing.

Project Overview

The aims of Morpheus Labs are wide-ranging, to say the least, and there is undoubtedly a great deal of ambition here. In short, they are seeking to streamline the process for organisations to utilise blockchain-based solutions in a cost-effective and efficient manner, thus allowing for faster, more fluid innovation within and between businesses.

As stated in their whitepaper:

Our objective is to build an enterprise-grade blockchain platform as a service (BPaaS) with an additional blockchain app marketplace that enables organisations of any size, regardless of whether they are a two-person company or a Fortune 500 company, to rapidly design, deploy and operate distributed ledgers.

Too much focus has been given to the price of cryptocurrency tokens but not enough to the fundamentals of Satoshi Nakamoto’s original purpose of the blockchain, which is to enable anyone and everyone to partake in the exchange of value and realise the power of the blockchain. We believe that blockchain technology has the power to change lives for the better and we are building a platform for inclusion. This BPaaS will be the vehicle to enable anyone to benefit from this technology.

Morpheus Labs’ BPaaS will help idea originators create their own blockchain innovation lab, by providing the necessary infrastructure and set of integrated tools. It will empower them to test-drive blockchain applications and experiment with the technology at a fraction of the cost and time.

I look forward to evaluating the progress made towards these aims since inception.

Let’s begin with some Metric Analysis:


Metric Analysis:

Below are listed a number of important metrics, all of which are accurate as of 13th February 2020. For anyone reading this who has yet to read a Coin Report, it might be worth reading this section of the first report, where any potentially unfamiliar terms are explained. For any terms or metrics specific to this post, I will provide explanations besides the figures.

Metrics:

General:

Price$0.0059 (58 satoshis)

Circulating Supply: 348,379,945 MITX

Total Supply: 746,999,995 MITX

Exchange Volume$172,360 ($22,500 excluding washed volume)

Network Value$2.051mn (202.06 BTC)

Maximum Supply: 746,999,995 MITX

% of Max. Supply Minted100%

Network Value at Max. Supply$4.398mn

Exchange Volume-to-Network Value8.4% (1.1% excluding washed volume)

CategoryMicrocap

Average Price (30-Day)$0.0045 

Average Exchange Volume (30-Day)$129,331 (~90% of this is likely washed volume)

Average Network Value (30-Day)$1.59mn

Average Exchange Volume (30-Day)-to-Network Value: 8.14% (1.06% excluding washed volume)

Volatility* (30-Day)-0.2

Average Daily On-Chain Transactions (30-Day): 22.5

Average Daily Transactional Value** (30-Day): $16,705 (source)

NVT*** (30-Day): 122.8

% Price Change USD (30-Day)+44.7%

% Price Change USD (1-Year)+54%

USD All-Time High$0.095

% From USD All-Time High-94%

Premine % of Max. Supply: N/A

Premine Location: N/A

Liquidity (calculated as the sum of BTC in the buy-side with 10% of current price across all exchanges): 1.47 BTC

Liquidity-to-Network Value %0.73%

Supply Available on Exchanges: 22,103,777 MITX 

% of Circulating Supply Available on Exchanges: 6.34%

*Volatility is calculated by taking the average price over the given time-period, calculating the difference between it and the highest price and it and the lowest price over that same time-period, and multiplying those figures together. The closer to 0, the less volatility during that period, and vice-versa. Read this for more on volatility.

**Transactional Value in $ is calculated by taking the daily transactional value in MITX and multiplying it by price.

***NVT is calculated by dividing the Network Value by the Average Daily Transactional Value. See here for more on NVT.

Supply Emission & Inflation:

Block Reward Schedule: N/A

Average Block Time: N/A

Current Block Height: N/A

Annual Supply Emission: 0

Annual Inflation Rate0%

Circulating Supply in 365 Days: N/A

 

ICO:

The following details were taken from this source and this, plus with clarification from the team.

ICO Period: February – April 2018

Total Tokens: 800,000,000 MITX

Total Tokens Available for Sale200,000,000 MITX

Total Raised: $9.6mn

Average ICO Price Per Token: $0.055

Total Tokens Sold176,000,000 MITX

Further Details: Originally 1bn MITX were to be issued, but 200mn were burned. 25% (200mn) were allocated to the token sale; the team were allocated 10%; the foundation was allocated 10%; 15% was reserved for the ecosystem and partnerships; 10% for the reserve; and 30% for listings. Regarding the allocation of funds raised from the token sale, 35% will go towards platform development; 20% towards R&D; 30% towards sales and marketing; and 15% towards legal and miscellaneous expenses.

 

Distribution:

Address Count: 109,225

Total Supply Controlled By Top 10 Addresses: 68.02%

Total Supply Controlled By Top 20 Addresses: 74.49%

Total Supply Controlled By Top 100 Addresses: 89.37%

Inactive Address Count in Top 20 (30 Days of No Activity): 19*

*Excluding #1 and #5, both of which are burn addresses; thus, the top 20 includes addresses #21 and #22.

Analysis:

There’s rather a lot to work through here, but I’d like to begin as this section often does; with a glance at the metrics most related to transactional activity, as this gives us an indication of the non-speculative demand for any given project.

According to EtherScan, MITX experienced an average of 22.5 transactions per day for the past 30 days, amounting to Average Daily On-Chain Transactional Value of $16,705. This gives MITX a 30-day NVT ratio of 122.8; roughly 50% higher than that of Bitcoin at present, which has a NVT of 84). Though not exemplary, it is promising to see that the token is indeed being transacted off of exchanges.

Now, I’d like to work through the remaining General metrics, before taking a look at Morpheus Labs’ (non-existent) Supply Emission and concluding this section with some Distribution analysis.

Firstly, let’s take a look at Morpheus Labs’ Volatility, which came in particularly high. I calculated its 30-day figure to be -0.2, which places it 7th-highest amongst coins previously reported on, indicating to me that it is likely not currently in accumulation, at least not against the Dollar, to which the volatility measure is tied.

Moving on, let’s take a look at the two Liquidity-related metrics:

For buy-side Liquidity, I calculated that there was 1.47 BTC of buy support within 10% of current prices across listed exchanges, equating to 0.73% of its Network Value. This is quite impressive given that it is not listed on any of the larger exchanges. Of course, given that its nominal network value (or market cap) is very small, one might expect even greater relative liquidity. Nonetheless, there does appear to be demand at current prices.

Looking at the sell-side, I calculated there to be 22,103,777 MITX available for purchase on the orderbooks, equating to 6.34% of the circulating supply. This is the 3rd-highest among prior reports, indicating that though there is some demand at current prices, there is a relatively low desire to hold the token, with many opting to make it available within the orderbooks.

Before I move on from the General metrics, let’s take a look at those related to volume:

Morpheus Labs traded a report $172,360 of Exchange Volume over the past 24 hours, equating to 8.4% of its Network Value; a monumental figure. Unfortunately, it is highly likely to be a false one, although through no fault of the project itself. It appears that ~$150k of this volume is coming from Hotbit; an exchange notorious for wash trading. Having examined the orderbooks myself, this does indeed appear to be the case. As such, if we discount Hotbit entirely, Morpheus Labs traded $22,500 in the past 24 hours, equating to a more modest but respectable 1.1% of its Network Value. Further, its Average Daily Volume for the past 30 days was $129,331, equating to 8.14% of its Average Network Value for the same period. Again, discounting Hotbit, this figure is likely closer to 1.06%.

Now, with regards to MITX’s supply emission, in short, there is none, as tends to be the case with ERC-20 tokens that were issued following an ICO. Thus, annual inflation is a wonderful 0%; great for the speculator. This, in essence, means that there should be no real headwinds for price growth. Moreover, Morpheus Labs are expected to continue burning up to 45% of the original 1bn MITX maximum supply for the next 48 months; with 253mn of that already burned, this leaves room for another 200mn MITX, which would reduce the current total supply by 26.8%. Deflationary mechanisms such as these usually provide a tailwind for price growth, but, as we will see in the Technical Analysis section, this does not yet appear to be the case.

Let’s wrap up this section with a look at Distribution:

Looking at the Morpheus Labs rich-list, I found that there were 109,225 holders, which is the 3rd-highest figure recorded in these reports and very impressive for such a small project. Of these, the top 10 addresses control 68.02% of the current total supply (not circulating supply) of 747mn MITX; the top 20 control 74.49%; and the top 100 control 89.37%.

Naturally, this is excluding the #1 address, which contains the 200mn of the original 1bn MITX that was burned. Further, address #5 contains 53mn MITX that were burned in Q1 2019. If we exclude these, the top 20 addresses (thus inclusive of #21 and #22) have been almost entirely inactive when one accounts for exchange addresses. In fact, only address #10 had been active over the past 30 days, adding 485k MITX to its balance. Of the entire top 25 addresses, only #10, #24 and #25 were active during this period. It appears the largest holders are mostly content with their position sizes, with zero in distribution; all 3 of the active addresses in the top 25 had net inflows. Finally, we must also remember that most of the top 20 addresses were either team-owned, as described in the breakdown in the ICO section, or exchange addresses. There are only a handful of privately-owned addresses among these.

And that concludes this section; onto the Morpheus Labs Community:


Community:

There are two primary aspects of community analysis: social media presence and Bitcointalk threads. I’ll begin with the former before moving on to the latter.

Social Media:

Concerning social media presence, there are four main platforms to examine: TwitterFacebook, Telegram and Discord.

Morpheus Labs is present on three of these platforms, all except Discord. To begin, let’s look at the various social metrics that I calculated from the Morpheus Labs Twitter and Facebook accounts:

Twitter Followers12,709

Tweets: 1,029

Average Twitter Engagement0.23%

Facebook Likes1,644

Facebook Posts (30-Day)2

Average Facebook Engagement0.18%

As usual, I will be using RivalIQ‘s social benchmark report for evaluation purposes.

Twitter:

Morpheus Labs has a modestly-sized Twitter audience of 12,709, which places it in the top third among coins previously reported on. However, it has relatively weak engagement, with its average engagement rate at 0.23%. This is 4.8x greater than the average across all industries but it is the joint 8th-lowest of all coins from prior reports. This is not particularly impressive and is rather surprising for a community that, in other respects, is clearly quite engaged (so much so that they were able to win the poll for this report). Perhaps the content being delivered to this audience is not quite hitting the mark.

Facebook:

Now, with regards to Facebook, Morpheus Labs has a much smaller audience of 1,644, which is in the bottom third of prior reports. It has an equally weak engagement rate of 0.18%, although the relevance of this is somewhat diminished when taken into consideration with the fact that only 2 posts have been published in the past 30 days. I would like to see more commitment (across both platforms) to provide content that is informative and, moreover, shareable – by doing this consistently, the current MITX community would be incentivised to help organically grow the audiences on these platforms for Morpheus Labs.

Discord:

There is no Discord for Morpheus Labs.

Telegram:

The Morpheus Labs Telegram group contains 8,220 members.

Regarding the activity of the group, there are, on average, a handful of messages a day, and certainly not enough to be considered constant discussion, despite the size of the group.

Below, I have summarised my key takeaways from the past week of activity in the group:

  • Version 2.0 of the Morpheus Labs platform is scheduled for release this quarter.
  • Regarding interoperability, the platform will begin by supporting applications, allowing for communications with external data sources; following this, interoperability will be functional between different blockchains for services like asset creation.
  • A revenue update is expected to be released this quarter.
  • The platform itself has five pricing plans, beginning with a free trial and ranging from $99 a month to a fully-customised enterprise-grade subscription plan.
  • They are partnered with VeriTAG, a Singapore-based tech company that is working to advance food safety.

BitcoinTalk:

The Morpheus Labs BitcoinTalk thread was created on August 9th, 2019, and has since generated 60 posts spanning 3 pages in 187 days. This equates to 0.32 posts per day, on average. However, in the past 90 days, the thread has had 12 posts via 1 individual poster, giving an average of 0.13 posts per day; a marked decline in engagement.

Regarding the announcement itself, it is presented as an infographic, with all relevant links to resources and social platforms displayed at the header.

The infographic itself is highly informative, with the tagline Rapidly Scaling Businesses on Blockchain front and centre, succinctly describing the core aim of the project. Beneath this, we find a more detailed overview of their purpose, more specifically to use Blockchain Platform-as-a-Service with an app marketplace to allow businesses to seamlessly and cost-effectively integrate DLT solutions. There are links provided here to further reading on this.

Scrolling down, we find a section on solutions, namely to allow businesses to experiment with different blockchains within one environment, allowing for efficient testing; enterprise grade security and deployment; ready to deploy applications; and crowdsourcing. Following this, we are introduced to the size of the market, with Morpheus Labs expecting to have 5% market share capture in 5 years. There isn’t much detail here beyond the valuation of blockchain startups being $10bn in 2018.

We then find a roadmap, though I will save detailing this for a later section.

Moving on, there is a Product Overview section, detailing the Blockchain Platform-as-a-Service (BPaaS). Here, we find that the platform will provide businesses with flexibility to select between various programming languages and blockchain runtimes that are more apt for their requirements, plus an intuitive development environment that allows for workspace management. There is an applications library from which businesses can select dapps to be downloaded to repositories and built upon. Developers will be rewarded for uploading their own dapps in MITX. Moreover, there will be one unified dashboard to make development efficient and teamwork seamless.

Beyond this, we find links to PR articles and blog posts, as well as a list of partnerships and clients accurate as of August 2019. These includes Waves Platform, NEO, Tomochain, Wanchain, NULS, NEM, Quarkchain and Vechain. We also find some testimonials and links to exchange listings.

In a separate post subsequent to the infographic, we also find an FAQ that is highly informative, with details taken from the website that we shall cover in the next section of this report.


Development:

For the following Development analysis, I will be evaluating project leadership, the website, the roadmap, the whitepaper, the wallets and finally providing a general overview:

Project Leadership:

There is no information on the website regarding the team but there are 19 employees listed on LinkedIn. Further, there was clearly information about the team and advisors in the original whitepaper but this has been omitted from the most recent revision.

Here, I found that the core team is comprised of Bruce Lu Yang (CTO with 11 years experience in senior management at IBM + Lead Senior Architect during that time), Chuan Pei Han (CEO with over a decade of experience in entrepreneurship) and Dorel Burcea (CIO with over 18 years experience in Application and Technologies within ICT, including time spent a UniCredit).

Website:

https://morpheuslabs.io

Regarding the website, it is quite basic in its design, though somewhat well-branded. The navigation menu is not particularly comprehensive, with links to an About Us page, an Our Product page (this forms the infographic discussed in the Bitcointalk announcement section), a page detailing the BEP-2 bridge for the MITX token, an Events page and a Connect page, along with a login link for the client. The homepage again forms part of the infographic already discussed, although updated slightly, with more testimonials provided and a contact form available. Social links are found in the footer of the site.

Overall, it is not a particularly intuitive nor highly informational website; I think there could be far greater detail on all aspects of the project. In general, it is in need of an overhaul, I feel.

Roadmap:

https://morpheuslabs.io/about-us

Both a technical and business roadmap can be found on the About Us page of the website, presented as a chronological visual, segmented by phases with dates and details. There are no further reading links for any of the goals nor any progress measures.

Beginning with the technical roadmap, this starts with Phase 1 in September 2016, where the initial concept was developed and the alpha designed. Following this, Phase 2 in October 2018 was the Beta; the official launch came with Phase 3 in January 2019, where the platform began to be improved from a UI/UX perspective. Phase 4 began in Q4 2019, with the beta version 2.0 of the platform, allowing customers to host enterprise grade apps, as well as initiating the process of interoperability. Phase 5 began in January 2020 and will see the v2.0 release of the platform to the public. Phase 6 is the final one, beginning in Q3 2020, with complete blockchain interoperability set to be implemented.

Regarding the business roadmap, Phase 1 began in 2016-2017, where Morpheus Labs placed top 5 in the Smart Dubai competition, got a 200k SGD seed investment from BANSEA and signed a partnership with Proline Integrated Intelligence. Phase 2 began in 2018, with $10mn being raised in an ICO, a partnership made with Sure International, KMSIM and Smartmind and the first blockchain partners found in Vechain, NULS, Neurochain and Quarkchain. Phase 3 began in Q1 2019, where Morpheus Labs announced a partnership with DeamPlus and became an AWS Technology Partner. In Phase 4, beginning Q2-3 2019, they began onboarding education providers, increasing and integrating blockchain partners and expanding on the adoption of the platform. Finally, Phase 5 began post-2019, with expansion now the goal for Europe and North America.

Whitepaper:

https://morpheuslabs.io/storage/2019/09/WhitePaper-1.4a.pdf

The whitepaper is 36 pages in length and begins with an executive summary, detailing the core aims of Morpheus Labs and the problems it is seeking to solve; namely, to provide a Blockchain Platform-as-a-Service that allows organisations to efficiently test out and develop blockchain solutions using different protocols within one cohesive environment, streamlining innovation and thus capturing greater value from their businesses. The client can be a small business or a Fortune 500 company and the platform will accommodate their individual requirements, allowing for intra-and-inter-business communications.

The document goes on to discuss the primary issues facing businesses that are seeking blockchain solutions, such as the plethora of choice in protocols; which is most suitable? Businesses also find difficulties with fitting use cases and evaluating benefits, as well as the extortionate cost of development for potential failures; by utilising Morpheus Labs’ BPaaS, these costs will be significantly reduced, allowing businesses to afford to innovate.

There are Four Pillars of Value provided here for their clients:

  • Blockchain protocol choice; businesses can trial and test different technologies within one environment.
  • Crowdsourcing; businesses will be able to solicit contributions from external sources.
  • Enterprise-grade; the platform will be scalable for all organisations and fully secure.
  • App Library; businesses will have access to ready to deploy apps.

Moving on, we find a page detailing the features supported by the platform, including the following:

  • Multiple blockchains in one environment
  • Team functionality for collaboration
  • In-region hosted cloud data centres for reliable and scalable cloud environments
  • User and identity access management to secure access to the platform
  • Integrated cloud development environment with a full suite of tools
  • Ready to deploy application library
  • One-stop management for: provisioning and governing a network; provisioning software and middleware; mobile versions for project monitoring on the go; and applying operational intelligence to the network

We are then provided with a detailed look at the platform itself, which consists of an admin console, the dashboard, an operations console and the developer workspace. Screenshots are provided here of the working platform, with a clean, user-friendly interface apparent. We are also shown the Application Library, which is similarly designed for ease-of-use.

Moving on, there is a section dedicated to the market size, where we discover that the blockchain market is expect to hit $3.1trn by 2030, with Morpheus Labs expecting to capture 30% of the $690mn Serviceable Obtainable Market by 2021. This is hugely ambitious.

Now, turning to the Business Model, we find that there are a number of revenue streams available to Morpheus Labs, the primary three of which are the platform subscription fee, the app library fee and a course for development.

There is also a great tokenomics graphic for Morpheus Infrastructure Token (MITX), which I have provided below:

tokenomics

We are given a great deal of detail in subsequent sections about the tokenomics of MITX, beginning with Treasury Partners.

Here, we find that the entire platform will be exclusively powered by MITX, and that instead of forcing clients to purchase the token to use the platform (this would deter usage), instead Morpheus Labs will buy MITX directly from circulating supply using fiat payments for its platform. Treasury Partners will be essential to this process (they can be “liquidity providers, brokerage firms, OTC desks or substantial investors in MITX”, we are told) as these will buy from the market to provide tokens for customers. TPs will be selected by Morpheus Labs based on holdings and trading volume, primarily.

Regarding the platform subscription, clients can choose to pay in fiat or MITX tokens if they already hold them, with the latter expected to be the minority. Those that purchase in fiat will have the fee pegged to the MITX exchange rate, after which Morpheus Labs will purchase the equivalent from a Treasury Partner.

For the Application Library, this will be an open marketplace, with Morpheus Labs charging a commission on fees for app purchases or component and in-app purchases, as well as on recurring subscriptions. MITX will be used as a discount token within the marketplace, with publishers receiving a discount on commission for holding MITX. There will also be a revenue share scheme for holders of specified amounts of MITX.

Moving onto Blockchain Protocol Partners, here we discover that the protocols that Morpheus Labs partner with will provide the infrastructure that allows them to accommodate businesses. Protocols will pay a listing fee, payable only in MITX.

There will also be Community Nodes, whereby a specified amount of MITX will be staked whilst hosts are tasked with community growth, making the hosts eligible for rewards based on performance in this respect.

Finally, there will be a Product Council, which will consist of community members who assist with the development of Morpheus Labs, testing new features and providing feedback, all the while being required to hold tokens to ensure membership.

Moving on, we find a detailed overview of Proof of Alliance, which is the mechanism used by Morpheus Labs to “effectively regulate the token velocity across the platform and all involved stakeholders.”

There are three primary pillars of PoA, which are all staking mechanisms:

  • Staking Mechanism for Developers: this involves Dapp developers staking MITX to increase app visibility within the Application Library, allowing developers to have apps featured at the top of search results, ensured via a tiered staking model, with $100/month of MITX being the minimum staked.
  • Staking Mechanism for Subscription-Based Discounts: users of the platform itself will be entitled to discounts on their subscription fees, again utilising a tiered approach, with a minimum 10% of total subscription cost being staked for a 15% discount and a maximum of 20% for a 25% discount.
  • Staking Mechanism Distributors: these will be required to lock up an amount of MITX that corresponds to the size and length of agreement, with three tiers available. Distributors are required to contact Morpheus Labs for detail on amounts.

Further in the whitepaper, we find a roadmap, though I have already covered this in an earlier section. We also find use cases for MITX, including the subscription payment for the platform and discounts within the platform, licensing fee costs for exclusivity for distributors specific to regions (these are companies that will be sole providers of the license to the platform, resold to their customers) and staking for exclusive features. We are also provided with details on the distribution of the token, which I have covered previously. Finally, we find testimonials from current clients.

Wallets:

MITX can be stored on any wallet compatible with ERC-20 tokens. It can also be stored on Binance DEX on the BEP-2 token standard.


Technical Analysis

MITX/BTC

MITXBTC

Given that MITX has been in existence for almost two years and has been traded for ~18 months, there is plenty of price data available here, as can be observed from the chart printed above.

Beginning with MITX/BTC, we can see that price formed its all-time high shortly after initial listing in May 2018 at 972 satoshis, which remains intact to this day. From this point, price rapidly declined, falling for months until a low of 56 satoshis was found in October 2018. This became the base from which price began to rally, peaking at 280 satoshis (prior support turned resistance) later that month. Price then fell off again, printing a lot of wicky candles due to illiquidity, ultimately finding a higher-low at 74 satoshis in February 2019. From here, a short-term bull cycle began, with price rallying for several weeks to highs of 425 satoshis in April 2019, from which point it has since been in constant decline. 74 satoshis was once again tested in October 2019, holding for a few weeks before price fell through in December, breaching the all-time low and printing a new one at 34 satoshis in January 2020. Price has rallied off the low but remains below 74 satoshis, with it now acting as resistance. Trendline resistance remains in play from April 2019 and price is below both the 200MA and 360MA. I would wait for a reclamation of 74 satoshis and ideally a break above trendline resistance before entering a position, as, right now, this could well just be a bearish retest before more price discovery to the downside. If we are able to sustain a move above 74 satoshis and conquer trendline resistance, I’d expect the next resistance to come in at 144 satoshis. Beyond that, the next resistance is 400 satoshis. Again, remember that there is no emission to keep price down once it reverses, so I’d expect the reversal to be sharp when it occurs.

And that concludes this Coin Report on Morpheus Labs.


Conclusion

This report is now over 5,000 words, and it is time to draw it to a close.

My final grading for Morpheus Labs is 8 out of 10.

Here, you can find my grading framework, for reference.

Lastly, here is a link to a Google Sheets file with any significant data from previous reports compiled for cross-comparative purposes. I will keep this updated as I continue to write these reports.

I hope this report has proved insightful and that you’ve enjoyed the read! Please do feel free to leave any questions in the Comments, and I’ll answer them as best I can.


 

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