Earlier today a friend of mine lost a lot of money as a project was rugged pulled ow should I say she ran into a loss. being a heavy crypto investor, she basically invests in anything of value and anything she finds worthy of a buy i.e she always does her own research.
The project she invested in was just newly launched and their token was a little bit extremely cheap. the starting price was around 0.000000002 dollars for one at first. she invested 30 dollars. all of which was around two days ago.
Getting to today, she discovered that the token has risen to a value of 200 dollars in the afternoon. Not long after that occurrence, a FUD starting flying online that the price of the coin was dumping fast. Everyone in the group FOMO and sold almost what we have in our wallet.
this particular friend didn't FOMO and held her Coin tightly and she saw a decline of her token price from 200 dollars to 50 dollars. I sent her dm telling her to sell her coin but the reply she gave me was that two whales were dumping the coin and that's why the coin dumped.
this further highlights the fact that most of us only follow market trends without knowing what enacted such a trend. by the end of the day, her 50 dollars turned 342 dollars. while others where regretting she was swimming in wealth just by doing her own background checks and making a decision on her own.
What you are saying is of interest. A great lesson for sure. But still, I think even if it sold at $50, the gains were great. Of course, nothing compared to over 300. However, it is likely that those coins that rise that fast, tend to fall the same, hope that this is not the case.Hello @lebey1
wow. I have never seen it like this and I must confess to you that, I feel what you are implying made a lot of sense . i will put this in mind. thank you
Glad to read that your friend made a profit. I believe that the important lesson here is that we must do our own research before engaging in any business regardless of the its dimension.
Crypto markets are very volatile, and the best advice is not to risk what we are not willing to lose.
I agree with you
In this world of cryptocurrencies there are always ups and downs. The important thing is to accept the consequences of the decisions you make. Regards
accepting what it is is the first step towards enacting lasting changes
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Well a good lesson to learn, that we should always know what enacted a trend by that you can know if to hold or sell
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yes, I second too
Posted Using LeoFinance Beta
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