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Crypto,  Trading Journal

Trading Journal #2

January 19th, 2024

Yesterday I sold $Bingus.

I originally thought to sell because I wanted to add to my $DVD position without dipping into more of my stables, but I was hesitant because I figured Bingus will run alongside POPCAT.

However, I wasn’t loving how Bingus was acting, and decided to lock in my nearly 1x in profit.

When I sold, it was at about a $530k market cap. As of right now, it sits at $380k mc.

So, for now at least, it appears my gut instinct was right in telling me to sell.

Honestly, I like the meme and the community, but I just have a hard time seeing this one recovering.

Part of the reason I sold was to get an unbiased perspective on it. I wanted to see if I would feel comfortable rebuying it under the current circumstances… and I don’t.

If POPCAT pulls a run to $100 mil, then it could definitely run as a sympathy play.

However, I’d probably lose more in opportunity cost than I would profit on this coin.

There’s just too many new coins that are fresh, with way more social media juice behind them, and no previous top buyers eagerly waiting to break even by selling a retest of all time highs.

I’ll leave it on my main watchlist for now, if for no other reason than I’d like to see if my hypothesis is correct.

That’s the only trade I’ve made since the last journal entry, so that’s it for this one.

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