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FOMO and HYPE - I bought Coinbase pegged stock token $COIN !
Coinbase is one of the top dogs in the Cryptoverse and the NASDAQ listing was another step towards global crypto adoption. After the NASDAQ debut, $COIN closed at $328.28, a price that failed to maintain. During listing day, the shares opened at $381, surging to $429 before the constant drop. This drop was also fueled by Coinbase employees and shareholders who sold their shares immediately.
When Binance announced the listing of stock tokens I was happy and decided to get some $COIN! Feels a bit sarcastic that Coinbase stocks can be found on a competitor platform!
The Binance Stock Tokens are tokens that are pegged to the performance of equites that trade on exchanges such as NASDAQ. It the price of the underlying rises, so does the price of the token. The tokens are created on collateral held by a third party and represents a share in a stock corporation. You will need a Binance account to trade them, however USA, China and Turkey are restricted. The stock tokens will qualify for economic returns, therefore the holders will be eligible for potential dividends.
I wanted to be part of the crypto evolution and bought 2 $COIN few days after listing. I believe I rushed into stocks hoping for a surge after listing, which didn't happened. My options were $COIN and $TSLA and I went for the fresh option, buying two shares at 339 USD.
Immediately after my purchase the value started to drop and I started to think I aped into it, just like the degen I am writing about. It's funny that I reacted to FOMO and HYPE even if I always recommend people to DYOR and wait until the market will become stable.
Watching the chart makes me feel slightly better for not buying after listing at $404.99, even if I am not far away from the ATH.
More options were added since then, with Microsoft, MicroStrategy and Apple joining Tesla and Coinbase. After watching the prices goin more down than up, I am thinking about the best option for this investment. Should I do what I always do and just HODL, or wait for a spike and sell?
Shall I hold and wait for the value to grow, shall I sell and buy the crypto dip? Someone gave me option three... to buy mCOIN on Mirror and stake it in a LP with USDT. This way I own the share and also get a 60-90% APY. Sounds like a great idea as the market volatility will hit both mCOIN and $COIN but with the Mirror LP I will add some extra earnings.
Is laughable how some are saying that cryptocurrencies are volatile. The current price of $COIN is $248.11 so I am down by $156.69 and I don't know what happened....