Is 1 Satoshi Really 'The Floor'?
So often the argument, 'but it's 1 sat', is offered in encouragement for a low-tier shitcoin purchase. Often I have filled my bags at this rate and have been fortunate enough for the price to truly be at a discount, sometimes doubling my #Bitcoin in a day.
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Recently I purchased BIGUP. The slogan for this trashcoin is 'Built for BIGness'. No, I'm not joking. It went from 0.00000001 BTC to 0.00000002 in 30 minutes, dipped back down to 'the floor', then hit 2 satoshi as I'm typing this.
My question is, is 1 satoshi really what most traders call, 'the floor'? How many shitcoins have sunk beneath what is described as rock bottom?
Congratulations on your profit with BIGUP! But be careful because 1 satoshi is not always the "floor". If no one buys your coins, even if you set the sell at 1 sat, then your coins' floor is effectively 0 (see some of the 1 sat coins with no volume on Yobit for example, TWO).
Also some exchanges offer LTC and DOGE trading pairs in addition to BTC, so you can trade coins for effectively less than 1 BTC satoshi at those places (1 Litoshi or dogetoshi ;)).
Never thought of the doge/ LTC trading pairs. Followed 🤑.