HI friends,
A little over a year ago, I made a post about how I was going to stake $1,100 worth of CAKE coin at a 190% APY, but it was locked for one year. If the price didn’t change, the value should have been around $3,300 when I unstated.
Here is the original post: https://hive.blog/hive-167922/@brian.rrr/smart-or-dumb
Fast forward to the one year lockup expiration a couple of weeks ago - the CAKE was worth $670! Ouch!
Instead of restaking, I sold it for a couple BNB coin, which was a good move as it dropped to $490 already, while BNB is only down a little.
Oh well, can’t win them all I guess!
Thanks for coming by,
Brian
Crazy swing. Cryptocurrency is a trip. Either a big win or a loss. Glad you got out and some BNB purchased.
When you partake to stake the cake, and for a year forsake, you make a BIG mistake!
Hehe, that is exactly what happened!
I have a similar experience with the CHMB token. They had a staking program with really high APY. The token was increasing because their game was promising. Due to oversupply and the prolonged bear market, their token kept on decreasing in value. When the staking was over, everyone started selling their tokens, and it is not worth a lot now. Since then, I try to avoid these staking programs with inflated APY.
That's the uncertainty of crypto for you
I converted some of my coins to BNB as well, I might buy HIVE with them.
You took a great move, now you can buy back if you want some more profit.
Dam that’s a huge loss. Oh well glad it was only $1,000 and not more.
I don't know much about the coin. But today I am buying some coins. you can check that in the chart. thank you
you sold for the right price, Now the coin has gone down a lot. That's why you can get more profit by buying now. But you know more than me. Thanks for sharing 🙏
You received an upvote of 100% from Precious the Silver Mermaid!
Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.