Cryptocurrency trading has been a learning process for me. Over the last few weeks that I have gone “all-in” spending all my time in trying to read charts, reading books about trading, and even participating in pump and dump scams(which I horribly failed and lost over 50% in matter of seconds), I have learned a few things, that is to buy low and sell high.
Of course, the basic principle of trading involves demand and supply. So long as there’s more demand and less supply, price will rise. Likewise, price will drop when there’s too much supply and less demand. So, as a group of traders, our HighOnCoins slack group decided to do an experiment where we decided to pump a low-volume coin and instead of dumping when the price reached its high, we HODLed. (HODL = Hold On for your Dear Life)
As a collective group of traders who trusted each other to hold after buying, our low-volume coin went from one of the last coins on Cryptopia(cryptopia.co.nz) to the #1 volume(as of today July 8th 2017). The price of this coin has shot up over 500% in just 3 days, an amazing result and this all happened while bitcoin was dipping slightly. In fact, 90% of altcoins were dropping while our coin was skyrocketing.
Our experiment worked! By relying on the simple idea of demand and supply, price of an altcoin can skyrocket. Now, most altcoins fail at doing this either because there’s no collective group HOLDling the coins or because a bunch of whales own the majority of coins and manipulate the prices.
At this point, we do not know how far this experiment can go but if you want to participate, we only ask you to buy the coin and HODL. Our goal is to HODL until the coin reaches $100 and at this rate, it doesn’t seem impossible. This could be the biggest HODL movement in cryptocurrency history and you could be a part of it.
Anyways, I want to thank all of you who have participated in our pump and HODL movement and let’s go where no man kind has gone, to the MOON!
The coin is called “Chaincoin”.
P.S. You can find me on YouTube under “HighOnCoins”.