In the trading world of Cryptocurrency, there will always be pumps as well as dumps. Pumps happen when the value of single amount is exchanged to a high satoshi value. While dumps can also be referred as dips, happen when there are people selling there coins with a low exchange bid. Every coin goes through this stage. No one is exempted from people looking for easy money. So is MorningStar.
MorningStar day one trade was great. Then the following days there are some questions why sudden dip in trade volume. MorningStar was generous enough to give free MRNG amounting to 1000 MRNG as the lowest value for doing RTs. This is a great market strategy to gain attention from people. Yes, there were plenty of people who went quickly to join to get their MRNGs. However, this was abused.
How?
When MRNG got listed and traded in Nova, some of this people started to dump there coins. They sold their MRNGs at lowest price. The possible reasons :
One is that they want easy money. They think they can easily sell there MRNG to get BTC then ask the Dev for another MRNG to dump again. They are taking advantage of the Developer's generosity. This goes to show they don't really care about the success of the project, but their own interests. These kind of people are worst to deal with.
Second reason could be market manipulation. This happen when some experienced traders wants to take advantage of the dumps. They will either buy the lowest sell and then make a bid to sell the amounts they bought with a far greater value. This practice is not wrong at all. This even boast the market value. This people are wise enough to get at cheap price then earn big time.
All cryptocurrencies deal with this activities. So, developers are forced to make actions to prevent this dips or dumps. As for MorningStar, the developer was wise enough to act at the second day. The bounties were retained but the reward was reduced significantly. It was during that time the MorningStay community were able to identify who among the members are real real supporters and who are just after easy money.
The developer did the right thing limiting the bounty and the rewards. This will help in letting the dumpers lost their MRNG so they can no longer dump. Also, this will test the community of real supporter in how far they'll hold on there coins and let it stake while waiting for the price to soar high.
Real supporters will keep promoting the project even without rewards. They will keep their eyes at the target, the sucess of the project. There is more to the future than what it is today.
Some will ask "Will MorningStar survive these dumps?"
YES! Like every crypto, MRNG will surpass this. This is just the start and it is expected more challenges to come. The community stays strong and supportive. They are in guard of the market movement ready to buy those dumps until these dumpers run dry out of MRNG and they can't sell anything.
It is barely a month since MRNG was conceived and it has achieve great things already. The morning star of MorningStar still shines brighter. The developer is working hard to improve more. The community is very excited with the upcoming updates that the developer will announce.
Once the developer is done with the improvements, things will change for MRNG. It will make a mark in the crypto world. I believe it will be the first in the field. When that happen, MRNG will surely rise its value. Then, these dumpers will come to a realization how they wasted their chance for something great and find themselves buying the MRNGs they dumps at a higher price than what they gained form selling those.
MorningStar is just starting. The end is too far. For loyal MRNGs, HODL and stake. Great things happen to those who are patient.
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