Is it shitcoin season or am I out of fashion?
Setting apart my general principle of not buying into a new coin immediately upon its release, I would like to ask you if think this bull-run has been far too kind to the shitcoins?
My general idea is that most of the initial orders will be executed and completed through bots when it comes to new listings. This ensures that I really do not stand a chance in the initial bids of the listings. If, however, I do get a bid in, I am sure it will be far too late. The bot handlers will have had their pockets filled with the cheaper bags and will soon dump them for a chunk of the profits.
Hence, I always like to wait out the starting few couple of minutes, hours, and such depending on my read of the coin. I do not expect many to agree with my strategy, but I have had much success with this. I enjoy the hype around a coin and its listing. However, I dislike that I cannot immediately jump on the hypetrain and even if I managed to I would be at a loss.
I think one of the more prominent examples of it was Alice. The coin did quite well and then did quite poorly. I only heard of Alice on twitter when many people weren't happy about what happened with Alice. Turns out, some people still involuntarily follow the "Buy High Sell Low" conundrum.
Albeit Alice felt like something I wanted to get into, I resorted to back the coin on Binance and earn a nice bag of Alice through my BNB. I wasn't confident that I could catch the listing in time, and I wasn't confident I would get out of it in time either.
Then there is Shiba INU.
131% in a single day? I do not know anything about this coin. Haven't heard of it anywhere. And I won't change my perspective of it being a shitcoin unless I am educated otherwise.
But look at that movement. Look at it.
#28 in market rank currently. Yesterday it did 463%. No data on max supply. Market cap of 1.57. Today trading volume of over 10 Bil already? Can't say me it isn't a shitcoin. Can't tell me it isn't doing well either.
Now I am no expert. But I cannot be the only one thinking that the money from major alts is simply not finding a route to go into. At this rate usually the whales should be taking the bigger bags, and if the money keeps trickling down to shitcoins eventually the market will head to another huge correction.
screenshots from https://coinmarketcap.com/currencies/shiba-inu/
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