Quote from: axxo on July 20, 2023, 08:17:19 AM

Quote from: krishnaverma on May 10, 2023, 02:56:31 PM

I have mentioned multiple times in past here that people should be cautious with alt coins. If some coin has moved up like 100% or more in just 24 hours, it does not mean that you should also purchase the coin. You should first understand the reason behind prices moving up. Then, you should also analyze the benefits and demerits of the project.

One such option has come again in safemoon. The coin has pumped more than 100% when they reduced fees from 10% to 1%. Now new investors are rushing to invest in this coin. This is the situation when the past investors in the coin are like in 99% loss of their invested value. But greed make people loose all senses I think. If you are still thinking to invest in safemoon now, think twice.

That is true people should be cautious with alternative crypto currencies. The market is too volatile and anything can happen in a blink of an eye. We should had done a thorough research on a specific coin before investing in it. If an investor has a get-rich quick mind set they are more likely to make impulsive decisions without doing their due diligence and it may result to significant financial losses. To avoid such losses be cautious and always think a lot of times before investing.

Altcoin investment is also good if you are aware about possible peak of project before it died. Since you can able to earn with them as long as you are not into long term hold mindset on those token. But if you think about holding it because you want to get rich easily then provably you will be at huge mess and can't recover your losses since there's nothing to recover since the dev scam their community by dumping all their tokens.