At this point, the game has changed and control belongs to the committed community. A few may or may not notice the change in market activities, while some expect all green days ahead, I expect a mixed season. This post will obviously have no charts, data, or some sorta technical analysis to make me look all smart in the crypto field of studies, rather, it's a content of pure sentiments that only shows forth my awareness and understanding of the inner workings of the market. Chart readings and technical analysis can't always work because those factors don't control individuals' financial decisions. It's a free market where investors come in by choice and also leave in the same manner. These choices, however, can be affected by information obtained, personal feelings of growth and in some cases of withdrawals, a possibly sudden need of money. As a result of that, chart readings can't quite detect when an investor becomes hungry for his cash, so then, sole dependency on these factors could result in bad investment choices, which the end point is attaining losses.
I've personally been trying to restructure my decisions on what to keep and what to put away. I've come to the conclusion that a project's biggest long term benefit comes from its community strength. If it lacks the backing of ambitious members, it's likely to vanish in the short term. I once stumbled on a post on leofinance.io talking about the best investment choice one could ever make, the title was just perfect that only it alone was enough for a wise person. It talked about how not to invest in shitcoins and how it could be the best long-term investment choice. Shitcoins have really had their shit-shows this year, I won't actually go on mentioning names but we all know them. I've personally witnessed people losing millions because of hopping into the shitcoin trains, they are all still pretty much yet to recover, we really don't need to be told, the entire crypto market hasn't barely gained back more than 50% value which it lost, especially on the bitcoin side. As such, it's unlikely to believe any of these shitcoins that tanked are back on their feet.
The crypto space is a place of regenerating income, no doubts, but it's also a risky field where one can get crushed. Greed or call it extravagant expectations drives a huge amount of people in the current market. There's a whole bunch of short term investors, but it's a period we'd see them get wiped off the market. The larger portion of the market is experiencing a downtrend, while few are seeing green candles, there's a reason! Next week, we could see another set of coins seeing green candles, this is proof of the free market. Bitcoin no longer controls the entire market price movement, even though it affects its total valuation. We're in a phase of market independency. From here, we'd know what projects are here to stay and which will be folding up their bag of shits and heading back to the old town road. Talk about ripple (XRP) color me surprised as though I am, despite all SECs consistent efforts to pull it down, ripple still stands really firm, honestly, if they get through this, that's one of the long term investment fields anyone would want to be in.
On the other side, shitcoins chasing glories while devs probably scamming investors are slowly hitting their end days. Safemoon faced some unforeseen difficulties with the launch of their crypto wallet. Also, coupled with that, a conversation was sparked up on reddit, concerning how safemoon is just a shit project scamming people by the day. This report contains information on how safemoon devs have allegedly wiped roughly $68million off the safemoon Binance liquidity pool. I couldn't possibly care less about this, because from day one, it was a shitcoin and will always be. People on this ship are keeping their hopes high on becoming millionaires while devs are already achieving those goals, funny. Well, I could not really tell the uniqueness of these accusations which of course was denied by the team, a conversation led to another and it was revealed that certik actually raised concerns about the central nature of the liquidity pool of safemoon during its audit.
Some say it's funds allocated for paying devs and project fundings, but whichever it is, we're in a phase of market independency, only the projects with long term vision backed by a strong community will survive. So put your eggs in a basket with fewer holes at least, as the days get tough…
