June 25, 2022
A few days ago, @Idksamad7869 posted about the 1st SmartBCH trading competition and I am certain that risk-taker traders were excited about it. The competition will last for a month from today until the 25th of July which would give traders ample amount of time to gain profits and climb up to the leaderboard.
The details about the competition were also posted on Twitter by @BCH101 and it's sponsored by some top projects in SmartBCH, such as MistSwap, BlockNG, Hop.cash, Paytaca, and BCH101, with media partners, such as Satoshi's Angel, WuBlockchain, Bitkan, and HelloBTC.
The prizes are inviting and any SmartBCH trader would definitely dive in. A total of $10,000 and 10 LawPunks NFTs will be rewarded to the top 10 traders.
The rules are as follows:
RULES
1. Create a new SmartBCH address and deposit at least 5BCH.
2. Trade whatever tokens in the list (WBCH, MIST, LAW, LNS, Flex, JOY, GAME, GOB, FlexUSD, LAWUSD, CATS, gBCH ) Trade them only on MistSwap or Lawswap. Tradings on other platforms will not be counted.
3. Winners: Top 10 traders will get a share of $10000 and 10 LAWPUNKS. （The 1st place $5K, the 2nd place $2500, the 3rd place $1250. And the other 7 winners each get $178.5. All winners each get 1 LawPunks. Higher rankings choose first).
4. The winners will be ranked according to each eligible user's ROI based on the increase of BCH). (For example, if you deposited 5 BCH (or equivalent amount of tokens) and, in the end, you have 6BCH, then the ROI=20%).
5. The prizes will be distributed at the end of the contest and will take up to 5 business days.
It's tempting but along with it are the risks. Moreover, the minimum deposit which is 5BCH is too huge for small traders and not all have this kind of amount in their wallets. So this competition is only for risk-takers with at least 5BCH holdings.
However, it's just a matter of effective strategy to win the competition, because, obviously, Bitcoin Cash is not stable yet, as of the time of writing.
The previous performance of BCH in the latest market correction was great as it was able to maintain its support above $115. However, when Bitcoin got back on track, it seems like BCH went in the opposite direction and slowly declined.
The Money Flow Analysis (at the time of writing) shows that the large sells were higher than the large buy, and the total inflow is negative which made the price of BCH drop below its support. At the time of writing, BCH was tradable at $112 per token and it seemed tough for it to cross above $120 and maintain its support.
Big traders are the big market manipulators. They will dive into coins that would give them higher profit, regardless of their fundamentals. When BCH was rising, many were trading and took advantage of its positive trend. But when BTC got back on track, many seemed to abandon BCH and their attention was diverted to BTC. This is just my opinion though, you are free to correct it. But based on what I learned from some enthusiasts here, its total MarketCap dropped as well which is disheartening.
Back on track...
The very first SmartBCH Trading Competition started, and this could help add volume to BCH Network and might help it get back on track as well (hoping).
On the first day of the competition, some tokens showed a huge spike in the past 24 hours, and CashCats is one of them. Based on MistSwap Analytics, the token has an enormous increase in Volume at more than 3,000% and a more than 30% increase in its price.
CashCats is among the tokens tradable for the competition, along with MIST, LAW, LNS, Flex, JOY, GAME, GOB, FlexUSD, LAWUSD, and gBCH.
Based on the Dexscreener, the CATS token even went up to $0.001 which I missed, but eventually dropped to $0.008.
I was able to buy 1BCH worth of CATS at $0.00089 and was supposed to get 0.07 BCH profit when it rose to $0.0009+, unfortunately, I canceled my trade as I thought it will go higher, but it just dropped even lower, lol. It's a chance to buy more though, and sell once it rises again. I did get some profit from trading CATS, but in my main account, not in the trading competition account. LAW also showed some increase in the past 24 hours. But just like CATS, it's in a roller coaster phase and seemed like it can't go higher.
Knowing the market situation, we can't expect more upward trends in the SmartBCH market. But, let's still hope for that. And hopefully, this trading competition could add volume to BCH Network and help it lift from being stuck below $120.
The BCH low price has an advantage though. If the SmartBCH token goes higher and the BCH price goes lower, that means higher profit, and smaller profit if both go up at the same time.
So to participants, good luck with your trades guys. Just do it cautiously and never trade with your emotions.
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Best of luck Jane and I hope you will win the big prize! I decided to not take part... don't have time for this