Yesterday I wrote a post about why people should be staking their “FREE PALCOIN” offered by Palnet after claiming the airdrop at Steem-Engine. You can check out the post in this link https://steemit.com/palnet/@ketcom/why-you-need-to-stake-your-palcoin.
I had read that the max number of palcoin they doled out per steem user was 2500, I was given 405 palcoin, I bet if the criteria for giving out the palcoin were for handsomeness I would have gotten more. Lol. Just kidding! Anyways, I figured 2500 palcoin was a nice amount of coin to hold so I better buy me more palcoin and see what happens at that level.
I headed over to Steem-Engine and saw that people were still dumping their Palcoin which was good for me because I wanted to buy them cheap. I had deposited 75 Steem at Steem-Engine and all was to go to the purchase of Palcoin. At the exchange I saw that the sell order price was 0.0685 and the buy order price was 0.062. I was in no rush because I somehow guessed that more people were going to dump it and the price was going to go down further, so I spread orders from 0.05001 to 0.061. I chose the base of 0.05001 because a huge block order was at 0.05.
My plan was to buy more when I receive my payout latter in the day, after like an hour or so I went to check how my orders were doing. Lo and behold, every order had been purchased, but the interesting thing I discovered was that prices had sky rocketed to the 0.07 and above range. What!!! People suddenly stopped selling and started buying. By the time my payout finally came it had gone up even further and by this morning buy price was at 0.09011 while sell price was at 0.12.
Current Palcoin Price At Steem-Engine
I was only able to get additional 1237 palcoin from the market, add that to the 405 palcoin I have it means I now have a total of 1642 palcoin which is 858 off my target. And I have staked them all let me see what power that is going to give me. Lol. If I were to sell just the ones I bought I’ll make a whole lot of profit but that isn’t my goal.
I still hope to buy more and wish the dumping can start again so that I can buy more, a bit selfish of me ain’t it. Lol. I think I am looking at this project and wondering where it’ll be in a years’ time, the guys managing it are super at developing new stuff at a speed that is getting really hard to keep up with. So many updates development wise, they are good, kinda like they don’t sleep but keep developing stuff to help the community as a whole.
I am hoping in the future I can look back and be really happy about my decisions this passing days, I am already happy in a way now only that I still need more but the prices have shut up greatly, I may still buy at current prices but let’s just wait and see what happens I might decide to up my target to 5000 palcoin.
For now I am happy earning from two side, the Steemit side and the Palnet side. I plan to keep on staking the palcoin I earn from Palnet.io post and curation maybe someday I’ll be able to have enough influence to help a lot of people.
Thanks for reading my post, like I always say, upvote it if you liked it I’ll truly appreciate that. Keep your comments coming and follow me if you have not already done that. Again, thanks a lot for your support to me always.
Please remember that I am no financial expert and this is not a financial advice, conduct your own research before doing anything, best you can contact your accountant or lawyer before taking any decision.
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