"Dogechain hype" did I just lose my $10 part 2

I began to tell us last time how I ventured into the Dogechain community to explore the new chain and to find out about the possibility of creating a project on the chain, and how I got carried away by the hype of the community and spun around the Dogechain, to the point I decided to reach out and purchase 75 Billion CDoge. The token is an auxiliary token for an upcoming Dex on the chain. I bought the tokens with 110 Dogecoin which was worth around $10 at the time I bridge them to the Dogechain network.

I put the $10 into the meme or what we called shit coins with the mind of "This is what I can afford to lose", and as expected, the token price went up to the moon with a market cap of $70 in a few hours and I was aiming for a 10x profit of what I invested into the project. Instead of a 10x profit, the price of the token was dumped as early investors begin to take profit in the "hype".

This is my first time witnessing how crypto investors profit from a hype token. I failed to understand how to deal with the hype and make a profit from the fluctuation of the token. It was like a coordinated call to buy and sell at a predetermined time, maybe that was part of the marketing tactics for the project as well.

The $70k market cap of the token went down to $21k in a few minutes and I was like "What happened? I just lost $10 to an experiment, what a foolish way to lose money!

Oh boy! There's a hype infection on the Dogechain that I have not seen anywhere before. I have heard about "bot buying" before and I think I have seen them in action in this project. I began to believe there is a pump and dump group taking part in the project, and as if a new call to buy was made, the token market cap suddenly shot up to $71k with the highest single purchase of $7k.

Now I understood the control and manipulation of this token. But I am still undecided if I should take a profit. Now, my 54 billion CDoge tokens have increased to over 90 billion due to the reflective nature of the token that has a 10% buying and selling tax. 5% of the tax from any buy or sell goes to token holders which gives holders some advantages should the project succeeds. At a $71k market cap, my $10 investment is now worth $25 at the time of writing this and I am still undecided whether to take a profit or sell all and exit the project.

Now that I understand how the hype works, I believe there will be a last-minute pump leading to the launch of the Dex which is said to be coming out tomorrow. This time around I will not allow the dump bots to outsmart me and dump on me, I will take profit or sell off my tokens and exit. But I am still not sure if I will exit. Since it's a Dex token, I will likely take some profit to get back my investment capital and use the rest to earn a staking reward or pair it with some other tokens and farm with them.

This is where my $10 Dogechain adventure has taken me thus far. I don't know if I will fall again or win next time. But I am very glad that I got to experiment with my emotions, being confronted with emotions and reality to explore something I've never done before. I did learn a lot and I am looking forward to finding out more when the Dex launches. I am still not sure whether I will buy any other tokens to pair with my asset for farming purposes as the Dex launches. If there will be no single pool for the CDoge tokens, then, I will likely exit or swap a few for the Dex reward tokens and stake them.

Someone asked me on noise.cash if there's anything we can learn from the Dogechain community and bring over to the smartBCH community yesterday. As I have seen so far the Dogechain community has successfully created a decentralized bridge, making the dl-ecosystem as strong as it is right now. Moreover, the community seems very enthusiastic and passionate about projects on the chain. I think there's a lot of potential for success. So, I think we can draw some lessons from them.

Disclaimer

The article is not financial advice nor does it try to promote the Dogechain projects. It is just a journal of my experiences, and observations as I go through the experiment.

Anyone who after reading the article decides to invest in the Dogechain does so at their own risk. I do not have any more information than what I have shared in the article. It is an experiment, I only want to learn.