Teehee... it starts to feel like the fun of a bull market is starting up again, token drops and crowdsales are starting to appear again. Which does make for some easy money, but you have to be quite wary when it comes to chasing airdrops (don't... it is dangerous, just use the things that you would ordinarily use!). IEOs and crowd-sales are more controlled, but they can still result in a loss of capital if the token just dumps...

So, recently KuCoin played host to the SUI crowd-sale... at 0.1 USD per token with a buy in of 1000 USDT with allocations by lottery based on exchange holdings. I think that OKX also had something similar, but I don't have an account there so I have no idea about that. Actually, I have really pulled in my exposure to exchanges since the collapses a year or so ago... I'm starting to wonder if I should stick my neck out again and start accumulating more exchange tokens again?

Anyway, last night, I had set the alarm for the SUI listings on both KuCoin and Binance. I had SUI tokens on both, the 1/13 of the Spotlight lottery on KuCoin, and the Launchpool from Binance. And the immediate objective was to dump as fast as possible to recover the initial 1000 USDT outlay for the Spotlight allocation.

Now, the timing and actual pricing wasn't really much of a concern for me... I just wanted to market dump what I had. I figured that if the price was above 1 USDT per SUI, then it was an immediate dump.... anything lower than that, then I would have to start considering whether or not to hold out. Keep in mind that I still have 12/13th of my Spotlight allocation of SUI tokens left to come in... so, there was really no incentive to hold the 1/13th allocation from the main-net launch.

I had actually thought that the Binance listing was going to be 15 minutes after the KuCoin one.... seeing as there wasn't as much liquidity on Binance, that would seem to be an interesting thing. I wonder if I should have moved my SUI tokens immediately to Binance... on the other hand, trusting in the withdrawal functions of a newly launched mainnet... likely with CEX throttling for security... nope, too risky to attempt a lame arbitrage.

... and it turns out that I was right. Binance started quite high and stayed quite high... it has only started to settle down to a similar price range as KuCoin over the next day. The price in the first few minutes was ranging from about 1.5 to 2 USDT per SUI.

... meanwhile, on KuCoin... the larger immediate liquidity of the Round B full unlock at 0.03 USDT per SUI, and the larger 1/13th unlock of Round A at 0.1 USDT per SUI meant that it was always going to face stiffer resistance from dumpers (like me...). Generally in that same period, it was ranging around 1.2-1.5 USDT per SUI.

So, I did manage to recover my 1000 USDT quite easily in the end... plus some. And I still have the 12/13th allocation from the Spotlight that will be released on a monthly vesting schedule. I guess I might take some of that off to fund some exchange tokens... maybe. Or maybe I'm just too old to play these games anymore...

I can also be found cross-posting at:
Hive
Steem
Publish0x

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