Not a day goes by in the cryptocurrency space without some insane drama. Yesterday was no different. However this drama was fantastic news.
The Token
Ampleforth, a cryptocurrency that is meant to be "smart commodity money" that is meant to be pegged somewhere around 1 USD. The unique thing about this token is that the supply uses a specific formula to balance itself out every 24 hours to keep the price close to the 1 dollar mark. On any given day the amount of Ampleforth in circulation can swing drastically.
The News
Yesterday, the team announced they would be airdropping their governance token called FORTH to people who have used/held Ampleforth (they used some strange formula I cannot comprehend).
When the dust settled, my $7 worth of Ampleforth that I have been holding because the gas fees to sell it are about $100, was worth a little more than 123 FORTH. I thought to myself: "wow, this is cool, maybe it's a free $100 or something to participate in governance voting on chain."
The Magic
I was absolutely shocked when I took a look at the price:
This airdrop was worth about $6,000 USD... That is an insane amount of money that simply fell from the sky from using $7 worth of Ampleforth because it was too expensive to sell. I am incredibly thankful this has happened, but need to be responsible with it at the same time.
The Lesson
Though I am not as dedicated to my work on Publish0x as I am on here, I think this serves to show that it is good to branch out and diversify. You never know what little coin you are holding could pay big and you never know if posting an article somewhere a little different may not pay dividends in some way.
What Did I Do With It?
Well I kept some of it, I've learned my lesson with that. I paid off some bills with some gross fiat. I bought some BTC, ETH and Hive. I also bought the dip on BNB and put it into a farm with some Cub.
I did my best to diversify and I plan on HODLing very long term.
If you have ever traded Ampleforth with a wallet (not an exchange), you might be eligible for some of this magic internet money. Here is the claim link, give it a shot! https://www.ampleforth.org/governance/claim/
If you enjoyed this article please feel free to reblog/rehive!
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My name is Rob and I am a college student doing my best to get involved in the crypto world. I have enjoyed blogging thus far and thank you for reading my article! Give me a follow and let’s build the community together through consistent engagement.