5 crypto currencies I’ve invested in and what I learned from it

#1 Thing to keep in mind:

As things stand right now, investing in crypto is synonymous with high risk.

#2 thing to keep in mind:

Crypto is not a get-rich-quick scheme anymore. Making money in the crypto market involves high research, solid nerves, and luck.

With these things out of the way, let’s dive right into the cryptocurrencies I’ve invested in and what I’ve learned from them.

Related: Is Crypto gambling? 7 pros and cons of the crypto market

1. Elrond (EGLD) – Now MultiversX

The first cryptocurrency I’ve ever bought is the Elrond token. The Elrond network is a decentralized blockchain, with the EGLD token being the coin that governs this blockchain. 

When I researched the papers, three things caught my attention:

  1. Indeed, this blockchain is highly scalable 
  2. That the team behind it is solid and full of perspective
  3. It has the potential to rival the Ethereum blockchain

I am still invested in the Elrond project; it hasn’t disappointed me so far. 

By the end of 2022, the Elrond blockchain changed its name to MultiversX, adding more value to the ecosystem. I have another detailed article about Elrond alone, discussing why Elrond is the next Ethereum.

With the introduction of the MaiarDex and other features like whole NFT markets built on the blockchain, my initial investment of $3,000 was worth almost $50,000 by the peak of the last bull market in 2021. 

Even though right now (in the spring of 2023), the market seems down, the EGLD (now MultiversX) will bounce back. 

Lesson: The game has changed. Even though you can still make some impressive numbers, the best strategy is to follow a long-term investing plan.

2. Solana (SOL)

Solana is another blockchain protocol that uses the coin SOL to reward its validators. 

While doing research in the crypto world, I always kept an eye on the evolution of the Solana network. 

In June, I had an intuition that then was an excellent time to buy Solana. I invested a couple of hundred dollars in the coin (SOL). Three months later, I sold the coin with a return of almost 5x. 

After thinking about my “intuition” months after I made the profits, I realized that it was more likely that months of prior research and learning had to be held accountable. Something must have clicked in my subconscious and made that decision for me. 

This is also true for the moment I chose to sell. The profits would’ve been much more significant if I had waited a little longer, like two to three weeks. It is also true that if I was to wait longer than that, I risked not profiting. 

Lesson: What may come as “intuition” or “inspiration” is backed up by long periods of research and continual learning. 

3. Binance token (BNB)

BNB is the token that powers the Binance blockchain. As you may know by now, Binance is one of the biggest crypto exchanges in the world. 

After I withdrew my position from SOL, I invested in BNB.

Based on past success, BNB was a solid coin in my book. 

I took into account the fact that I would lower my risks if I invested in BNB. Let’s face it, if BNB was to crash, and with the Binance exchange, we would’ve had more significant problems than me losing a couple of thousand dollars. 

But as the bull market ended, the BNB coin wasn’t performing as well as I would have wanted it to. The profit was not negligible but somewhat lower than I expected. 

On the plus side, I recovered the profit loss from selling SOL too early, which was a massive achievement. 

But, considering all the factors, I decided to pull my money out of BNB and keep it in USDT (a stablecoin that always has the same value as the dollar).

Lesson: Even coins that seem powerful can have troubles when it comes to growth and scaling.

4. Eos

Eos is another blockchain network that is powered by the EOS coin. 

The story of EOS is quite tragic. Price-worthy, it is hard for it to recover. 

I bought EOS in the last bull marked (2021), hoping it will reach its ATH (all-time high) by the end of the bull run. The price was around $6, and it was growing fast. The ATH I was aiming for was over $20. It reached $10, then $11, but something started to happen.

The coin started a quick decline. Within weeks, the currency lost three times its value. 

I decided to wait a little longer, but when the coin approached the value it had when I initially invested, I decided to sell. I lost a bit of money but had I waited longer; it would’ve been a disaster. 

EOS is trading now at (March 2023) at $1,16, and it never passed over three dollars from over a year directly. 

I don’t see this coin recovering soon, but you never know!

Lesson: Past success of a crypto coin won’t guarantee its future success and growth.

5. Shiba Inu

After Dogecoin’s success, I decided it was worth a shot to invest in another meme-coin.

A meme coin is a joke coin. But what starts as a joke in the crypto world can be worth BILLIONS of dollars just months later.

At its peak, back in 2021, the total market cap of Doge was well over 80 billion dollars. That is more than the value of Ford Motor Company (if not double!).

Then in August 2020, another meme-coin came to the market. Shiba Inu (SHIB) launched itself as a competitor to Dogecoin. It branded itself as “the doge killer.” 

Between August 2020 and January 2021, it was practically worthless. But in May, a considerable leap happened.

The price of SHIB jumped from January 2021 to May 2021 by 270,000 times. This means that if you bought $100 worth of SHIB in January, then in May, you would’ve been a multi-millionaire (27 million dollars, to be more precise).

I admit I didn’t see that coming, but I decided to try my luck with this coin. 

The catch, though, is that I bought it after it was viral, so after May 2021. 

After I bought it, the total market cap of SHIB raised to a little over 40 billion dollars. I made 10x of my investment ($200), sold half near the ATH, and kept half for “just in case.” 

The truth is that I don’t believe in this “just in case” strategy when it comes to SHIB. The total market cap still sits at a fantastic six billion dollars, but considering the massive supply of SHIB, I don’t see much growth in the future. At least not a 2,700,000% type of growth.

Lesson: If there is hype around a coin, the incredible growth is likely over by then.

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