Dogecoin has dropped from 100 Satoshi to around 85 Satoshi in the last few days and I think, even at this price, selling Dogecoin could be a good move, considering that Dogecoin came up from around 40 satoshi recently. I think the euphoric sentiment from the Dogethereum bridge test and other news has worn off and Doge is slowly coming back down to reality and may bottom at around 60 Satoshis. I do believe that another DOGE run will come soon as soon they release the actual date of the DogeEthereum bridge launch or announce when they are going to list Dogecoin in Coinbase and include it in the Coinbase custody program. Those are the two triggers that will trigger the next bull run for Dogecoin so it may be smart to sell off now, wait for it to drop to around 65 Satoshi, before buying back in.
Dogecoin trading strategy for DogeEthereum Bridge
With the Dogeethereum bridge coming up soon and Dogecoin up close to 100% since before this week, its time to consider what to do with your Dogecoin, especially if you bought in just before this week. The September 5th test could have big ramifications for the price of Dogecoin based on how it goes. I believe if it goes well, the price may remain fairly stable or may even go up a bit but if it doesn’t go well, the price could drop a lot due to delays in the Dogeethereum bridge launch date. If you bought in at 39sats before this week, selling would not be a bad idea as it would represent almost 100% profits and then you could look to buy in after the price has dropped a little bit. If you bought in at the height 2 days ago, you almost have to hold it and hope the bridge launch goes well. This is not the best prospect, but I don’t think its a horrible one given that I think DOGE has a good long term future. However, if I bought in early, what I would actually do is sell half of my holdings, take some profit and wait with the other 50% for the large potential in the case of a very successful launch. Since there is news of Coinbase potentially adding DOGE and Yahoo finance already adding Doge, there is a chance that DOGE won’t be coming down in price anytime soon. Selling half means that you already regained everything you bought in for if you bought in earlier this week and you still leave yourself a lot of room for potential growth if there is more good news to follow.
Crypt Bridge Trading Bots and spotting them
Crypto-bridge is often the first exchange that many coins, especially MN coins, will trade on and therefore are very vulnerable to trade bots that can easily tank the price of a coin. These trade bots generally put up large walls that are very hard to sell or buy through and then do small spot buys in between those walls, gaining 15 to 30% for each swap. They rely mostly on people who want to get into the market quickly that do spot buys and people who are desperate to dump back into BTC to make money and they make a lot of it each day. You can always check the Bridge to see the accounts that are buying and selling. Two of the accounts that perpetrate this the most are gaut01 and Kalder56. If you see their orders, do not fill them and just hang onto your coins.
Crypto ICO Strategies to make money
There are a lot of ICOs going on these days and more to be coming out in the future. What should you do with these ICOs to maximize your profit? What should be your mentality be when you buy these Tokens or coins? This article will hopefully give you a bit of insight on how to utilize ICOs to the Max.
After watching coin price charts after an ICO or after when coins first get listed on exchanges I have noticed that many initially explode 3-5x their pre-ico value. Many people just hold or “HODL” and hope that it keeps rising. I do not believe in this strategy as I think it is foolish. Most of these coins after the initial spike usually drop down to near their ICO price or slightly above it. Therefore, in my opinion, after you see a 2.5x spike or more of your initial buy price, you should sell, lock in the profits and wait for the coin to drop to buy back in for more coins or use the extra money to buy something else. Some of these coins even drop below their initial ICO price and stay there for a long time and in those cases “HODL” is certainly not a great strategy to use.
“HODL” is essentially a strategy of buying into a coin or company and then praying that it goes up forever. Since you are holding no matter what, it doesn’t matter what news or events happen, you just hold until eternity or until you die of old age. You can make much more money just by paying attention to news and headlines and buying and selling accordingly. Also holding forever onto new ICOs is generally a bad idea because they are like penny stocks, many of them will fail so if you see a 400% increase on your buy-in value, don’t hang onto it hoping to make 2000% because 95% of the time, it will not happen. Just look at the PAC example. I bought 10 million old PAC for $100. That $100 became $3500 but unfortunately I was trying to hold on until $10k and now its crashed back down to $150 and I’m not sure if or when it will go back up to its peak again. Now I’m still up on my initial investment but for those people that bought when it was at 1 Satoshi and didn’t sell at 3 Satoshis, they have lost 85% of their money and it may be a long time before they can ever hope to see those kinds of prices again.
Also if you sold at $3500 or even $1500 and waited for 2 weeks, you could have bought in all the coins you originally sold out and still have $1000 left over to invest in other coins.
They key to ICO investments is not to hold on forever but to have a realistic goal that you can achieve and then lock in those profits once that target is hit. That goal should not be more than 5x or 10x your original investment and when you hit that target, you should sell out and lock in your profits. If you see that ICO coin fall back close to the ICO price, buy back in at less than half the price and then take the extra money and invest in something else.
Crypto is not a space for large regrets. You can’t lament that you only made 400% instead 1000% because you sold too early. Making 400% by selling too early is much better than losing 50% because you sold too late and now you can use the 400% profits to buy other investments. You shouldn’t think you lost out by “only” making 400% profits, you should have the mindset that now you have 300% more money than you did before. I believe this strategy of selling at spikes for ICOs is much better than holding over the course of many ICOs and you will continue to make money if you follow this strategy.