If you have read some of my previous articles, you might remember that I recommended buying PenguinFinance tokens (PEFI) on Avalanche before Christmas. The reason was very simple -> an upcoming IDO for BinaryCat. When I wrote that article, the price of the token was between $1.4 and $1.5, and I recommended it as a very short-term trade knowing that the IDO was about the be announced.
After that, the price went to $2.2 at the highest. Personally, I sold some at $2, even though I kept most my tokens as I actually wanted to take part in the IDO on PEFI (which I did and the tokens I bought were later sold at 3x profit).
Why should you buy PEFI right now?
I cannot guarantee anything, but for some reason, some giant whale sold a giant amount of tokens yesterday, pushing the price from $1.6 to $0.9. Since then, the price has gone up continuously, but it is still only at $1.2, and we already know that PenguinFinance will announce a new IDO later this week, and there will be even one more IDO following the upcoming only in January.
What does this mean? I do expect the price of PEFI to increase already later this week based on the announcement of the new IDO, and I wouldn't be surprised if we would see PEFI at $2 again quite soon.
Don't risk money that you cannot afford to lose, but I feel quite safe about this one. And the best thing is that PEFI is a project I really like no matter what, so even if the token price should drop, I wouldn't feel uncomfortable actually holding on to the tokens.
PenguinFinance has done KYC with AvaLabs, and it is endorsed and closely cooperating with AvaLabs, also making me feel very safe about the project.
How to buy PEFI tokens?
You can buy PEFI tokens on Pangolin, on Lidia, and on TraderJoe, all decentralized exchanges on the Avalanche blockchain. The easiest way is by using MetaMask and simply adding some AVAX to your wallet and making sure that it is running on the Avalanche blockchain.
Do you have any thoughts, comments, or questions? I would love to hear your thoughts and comments!