Many people have had their eyes on DASH, and with good reason, but only a handful of people anticipated gains this large; this is the highest profit margin I’ve seen from Dash in years.
“A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” ? John C. Maxwell
In just over 24 hours, Dash (DASH) went from $162 USD to $320 USD, which boasts over 70% in gains for those invested, for some - far more. Dash is currently holding rank at 31 in the lineup of most-used cryptocurrencies by volume, but it may be moving up like the Jefferson’s at its current rate of explosive growth. I have had a neutral outlook on Dash since I came across it, often using it as an alternative to Bitcoin (BTC) or other expensive currencies for general tx’s (transactions) with excellent results as it is fast and cheap to use. I consider Dash to be a competitor with similar coins such as Litecoin (LTC), and while Litecoin will likely have a very bright future, Dash has the spotlight at this moment.
We have not seen explosive growth from Dash to this degree since January of 2017 where the coin went from $15 USD to $1,572 USD before crashing in December of 2017 and going through static ups and downs that gradually settled into a lower price point with a far higher market cap in 2019. Dash then reached a low of $43 USD per coin in early January of 2020, which pumped to $117 USD in less than a month and then began dropping. 2020 proved to be a fairly rough year for Dash in terms of mid-market price, but the market cap has continued to grow exponentially - Cointelegraph’s Sam Bourgi wrote an article on how Dash had a 282% trade volume boost in 2020.
So, what is the scoop? Well, in case the numbers don’t speak for themselves, Dash has a rather strong following, and with Bitcoin and Ethereum’s bull-runs, many altcoins have enjoyed an easy carry while Ethereum (ETH) and ERC-20 tokens suffer from unprecedented gas fees that have many people moving away from anything Ethereum based to avoid unnecessary tx fees. Low-fee coins are more useful than ever for this reason. This pump is an extremely strong example of how a coin’s trade volume influences the price, something often ignored by novice investors; even with these substantial gains, Dash is coming nowhere close to its all-time high.
With that being said, there appears to be plenty of room for profit and a powerful push by the Dash supporting community in the current market. I am waiting for DASH to reach a low in the next 24 hours and will likely drop a thousand dollars or more to ride the pumps in the days or weeks to follow this massive spike, assuming it drops a fair amount; it’s already down to 58% gains which is still far from what I would call an ideal buy-in point.
It doesn't seem likely that this will be the end for Dash; it is as bullish as I’ve ever seen, and I do not think that will be a one-day phenomenon. This pump began at 8 AM CTZ on February 12th, and reached its peak by 10 AM CTZ yesterday, February 13th - this is likely far from over, and we may even see it pump again today (Update: it did). Historically speaking, when Dash hits a hard profit - it keeps going for a good while.
I feel empathy for the loyal Dash supporters who were dragged into other project’s latest FOMO only to wake up and discover the sky-rocket of a price jump this morning, but such is the nature of the markets. Stellar Lumens (XLM) is also having an extremely good day, having reached almost 0.60c before rebounding with over 30% gains. While Bitcoin holds relatively idle at its high price, it seems to be driving the altcoin market into a state of heightened activity yet again.
It would be great to hear from some Dash loyalists on this matter - Twitter is going crazy with FUD (Fear, Uncertainty & Doubt) and FOMO (Fear of Missing Out) tweets on the subject, most of which appear to be promoting the pump to continue.
As always, comments, suggestions, and friendly debates are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
Cryptowriter is conducting podcasts which can be found on YouTube, Spotify, Anchor, PocketCasts, and more to come.
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
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