Cryptocurrencies are very prone to pump and dump strategy. A lot of people will hype a particular coin causing the price of it to surge up only to dump it again when it reached its peak. This maybe a good opportunity for some especially for those ones who are actively watching the movements of its prices.
I recently invested a huge amount to cryptocurrencies as I decided to be more focused on it trying to grow the amount I invested to pay off all the expenses that I would incur on year 2020 during the turnover of the condominium unit that I bought. As such, I will have a portion called "CRYPTOWATCH" to give tips to my followers on which cryptos I am eyeing for.
The first of the CRYPTOWATCH list is Decentraland or its ticker symbol MANA. I regularly watch the top traded cryptocurrencies in terms of BTC volume. 6 days ago, MANA went on top rising more than 200%. The inquisitive me got me thinking why. There must be a reason why a lot of traders are trading it right?
Decentraland is a virtual reality world where users can buy and build on parcels of land. Property contents range from static 3D scenes to dynamic applications. A property owner can host other users on her land and determine how the world interacts with them.
Decentraland will have a Terraform event this coming December 15. The event will last for one week. In this event, people will use their MANA tokens to participate in an auction. An auction will take place for allotted land spaces inside the VR platform, where investors stake the Decentraland currency ‘MANA’ in order to secure profitable building sites.
Currently, I am riding the volatility of this cryptocurrency posting buy and sell orders as I expect it to have a lot of volatility as the event comes near. I might dump it after the event though.
