Hmmmmmm... someone is playing funny pump and dump games I think! SNM... I can't even remember why I have a bag of this on Binance! I don't even remember buying it, and I have no idea when it was from.... it is a residual holding that obviously had failed to gain much traction after that. So, I just let it sit in the Binance account... after all, it wasn't worth rescuing or putting on-chain. Plus, you never know when someone is going to start playing funny buggers and suddenly pump a trash coin...

... and when you see a stupidly high wick like this... well, 3000 percent gain in a single day... something is definitely fishy! Of course, in crypto... nothing is ever certain, but chances are... still fishy rather than something substantial!

So, keep in mind that for as long as I can remember the last highest price for SNM was around 30 cents (USD). And for most of this year, probably closer to around 15 cents at best. I probably would have missed this if I wasn't already trading some of the strange pump in prices of TWT (Trust Wallet Token) that has come about due to the interest in self-custody. However, at the moment... there isn't really much use for TWT anyway, so I figure I may as well take advantage of the volatility there. Again, I was already holding a stash of TWT anyway... so, selling into the mania, and repurchasing later is an easy trade to make. Even I could manage it... and I'm terrible at trading!

So... I had seen that for some reason... there was a rise from around 20 cents to something stupidly high, near 14 DOLLARS for SNM. I was at a family event so, I didn't immediately do anything about it...

... but when I got home, I did a quick search around to see if there was anything interesting happening with SNM. Other than a token redenomination... nope, and it appears that this was more of a pump and dump by some group. So, may as well ride the wave...

I immediately sold all my SNM... for what it definitely ISN'T worth! (famous last words...)... and went to sleep. On Binance, you can't set limit orders below a certain amount of the current market price... so, I figured that I would wait for the dump part before setting orders.

I couldn't even set orders for less than a dollar...

So... this morning.... a crash down to 2.5 dollars per SNM... still overpriced I think. But at least I could start setting my fan of repurchase orders! Since writing... SNM has crashed further to under 1.5 USD... who the hell bought into the pump and dump at the top?

I have my fan set up down to 0.15 dollars now... and they are getting filled as the dump part is taking effect.

So, definitely nothing to do with me... but I would be silly not to take advantage of this opportunity. I now have a chunk of BUSD... what to do with it. Some to sit ready to go... a bit to BTC and ETH... and who knows what else. For now, I will leave it in the HFT Launchpool until I figure out what to do.

Perhaps I should buy some really small bags of trash tokens... on the off-chance of this sort of thing happening again. I wonder who the hell orchestrates this sort of thing.... if you are on the wrong side of these events, you will definitely get burnt!

I can also be found cross-posting at:
Hive
Steem
Publish0x

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