Sometimes the best investment in the crypto market is to do nothing

There is a very stereotypical complaint in the crypto industry: “Whenever I buy the price goes down, whenever I sell it goes up.” The ubiquity of this rhetoric indicates that there is some truth to it, as can be seen by those who spend up to five minutes on any trading site.

Those who have held a depreciating crypto money for a long time are accused of living in a dream world, while those who sell early are also accused of being weak. Among all these, there are 1-3 percent who really make a profit.

On the social media platform Reddit, an investor posted a confession about selling early. The user named “Wheelzoffortune” told the story of how he missed a life-changing profit from his crypto money investments by selling early.

The Reddit user announced that he sold tens of thousands of Dogecoins (DOGE) that he previously owned while the coin is still trading for under a cent. The user stated that he did not think the cryptocurrency would gain any value, which could have been the case had it not been explicitly supported by Elon Musk.

Dogecoin, which has spent most of its eight-year existence under a cent, has been the best performing asset in the crypto industry so far, gaining over 14,000 percent since the beginning of this year.

The Reddit user also announced that he sold his Ethereum Classic (ETC) investment while the coin was traded in the $ 4-5 range. The ETC has gained over 200 percent in the past seven days, reaching an all-time high of $ 107.

The comment that got the most appreciation from the responses to the post was: “It’s funny that the best thing to do is mostly to do nothing.”

Check Also

“Bitcoin is our worst enemy”

Charles Hoskinson, CEO of IOHK and Co-Founder of Ethereum, argued that Bitcoin is at a …

Leave a Reply

Your email address will not be published. Required fields are marked *