374 cryptocurrencies are currently listed on the Binance exchange, but as you may have noticed, only a small number of them are written about on a daily basis. It’s as if the crypto universe is reduced to ten or fifteen coins. But what is the reason? I will answer with a recent example: Floki, the meme coin everyone has heard of, spent $150 million on advertising, which included installing a 56-foot-wide by 29-foot-high HD LED screen, located five stories above the corner of 1500 Broadway and West 43rd Street, occupying a display space of 1,624 square feet. This surface area exceeds the size of an average home in Manhattan, ensuring that Floki is impossible to ignore at the gateway to New York. As if that weren’t enough, FLOKI has signed deals with several English Premier League teams to have its name and logo appear on Sunderland AFC’s jerseys and on-screen advertisements during all league games. This is why only a very, very small group of cryptocurrencies occupy all the spaces on Binance and social media.
We are all convinced that Elon Musk has so much money that he is not interested in earning a little more, but the reality is that this magnate of fanciful flights to the planet Mars and intelligent robots was recently sued for applying a corrupt technique, a type of movement well known in the ecosystem called “Pump and Dump” in English (inflate and throw would be the translation). The charismatic Tesla magnate was sued for manipulating the price of Dogecoin. “Pump and Dump” is a form of stock market fraud that consists of announcing a cryptocurrency with great fanfare so that its price skyrockets. This is what we must be careful of and at the same time be alert. The market is too sensitive and reacts in a crazy way to events such as the death of the creator of Naruto. The death of Masashi Kishimoto was followed by a rise in his cryptocurrency that allowed a few to make a fortune in a very short time.
People get into crypto projects based on false advertising because they don't take the time to study at least basic economics, learn the law of supply and demand, and learn key market concepts like capital, market cap, price, circulating assets, and circulating supplies.
Knowing how cruel and criminal the market is, the best decision is not to move from a position that is considered safe after a thorough analysis of the project or the coin, as you like to call it. It is important to stop looking at other coins because that will steal your peace. Seeing others grow while yours seems to have stagnated is a terrible suffering that is capable of stealing your sleep, your appetite and even your peace of mind. So stop looking at other projects comparing them to yours. You must trust your decisions. All coins, when it is their turn, will rise in price; you just have to wait. These tips are only for those who hold coins, not for those who bet short and long and risk losing everything by leveraging an investment, although this seems more like gambling than investment. If you are a holder, your coin may lose value, but you still have it and at some point, if it is a good project, it will recover its price at which you bought it and even surpass it. So if you are a rational being and you invest in the medium or long term, the fact that your coins fall in price does not mean that you have lost your money; your coins are simply going down 📉 and when their price recovers, you will recover your money and make a profit.
To finish for today, pay close attention to what the news says, but always to do the opposite. The market exists because it wants to take your money, never forget that. The market is not good or friendly; the market, like banking, never loses, and if it were to lose, it becomes a crab like FTX or MT Gox. To beat the market, you need a lot, a lot of information, but good information, not biased or manipulated. You need to have basic knowledge of market economics and learn how a very young, unstable and extremely small market works. The cryptoverse is still defining itself, which is why it faces legal problems every day, simply because there is not enough jurisprudence to define it. That time will come, but not now. For now, pay attention to all the signs, learn how to use the Binance platform in detail. This exchange offers tutorials and you can invest with fictitious money without risk of losing so that you can learn how to handle a market as volatile as high-octane gasoline. Believe me, you can win, but you can lose a lot. Don't lose your positions, be patient and remember the squid game 🦑: "if you move, you die." Happy day or night to all of you, my invisible friends.
Jorge Ferrer
Bachelor of Business Administration
