My Evaluation of DigiByte | Undervalued or Will it Fall More?
Before I begin, I'd just like to say I've had a very bad experience with DigiByte. I bought DigiByte at 385 satoshis when they were being hyped up for the awards and sold at around 270 satoshis when they failed to deliver anything more than a minor prize. They have now dropped to around 220 satoshis and here's my opinion why.
Why The Price is so Low Right Now
The T4I awards by Citi exposed the DigiByte community as a bunch of people who just shill the coin and sell as you can see from the 24 hour volume.
This wasn't helped by the fact that people were announcing DigiByte won before the awards were even announced (big red flag). Ever since then, the prices have been on a steady decline with current support at around 224 satoshis, but who knows how much lower it could get.
Even with the minor prize they won, some people thought this would be better than nothing. However, there has been no news regarding that, it literally seems like nothing. So, as more and more people lose hope, they sell and as more people sell, the prices drop further down.
DigiByte's Potential
DigiByte is a coin already used to "secure real world international trade shipments". However, not many people know about this. I feel like DigiByte and its community advertises the wrong things. Shilling up a coin's price by claiming they'd win a competition is nothing compared to real world applications of the coin.
Source
Prediction
I predict that DigiByte will gain support around the 225 satoshi level and start rising soon. I'm sure as soon as there is some news of anything, people would start regaining faith in DigiByte. I personally don't really like DigiByte due to my bad experience with their community but you guys might have better luck.
This is not a guarantee, this is just my opinion. Please do your own research before investing.
Most alts are on a general slide down so we'll have to wait it out!
Yeah, that's very true. Bad time for me holding around 80% alts, 5% USDT and 15% bitcoins haha oops
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Your post up is impressive. Followed @cryptoeater
Great post and very informative. @cryptoeater Have learnt a lot from it.
Hi @crytoeater,
I hope you're right because I have a lot of digibyte!