Do not be a potential bagholder, chained down by the heavy links of CHC. Please, for the love of all God, do not chase this coin. It has went to the moon over the few days. If you want to buy the coin, fine. My simple advice would be to wait for it to come back down to reasonable levels.
I'll be honest with you guys, I know next to nothing about the fundamentals of the coin. It appears to be another decentralized governance clone of Dash. It could be similar to ZEC, PIVX, Monero, or a host of others that already do the same thing and have huge followings and superior market caps. That being said, this isn't an attempt to downplay what CHC has done. It is fantastic that the early investors should be rewarded for placing their faith in the coin early on. I dislike seeing people get sucked in to the fear of missing out.
"Why not buy? It might not EVER come back down!"
Ummm, no. It will. Coins always do. Sure, if you bought at the top, it could keep going up for a bit, but if you don't own any presently, my opinion is you missed the boat. And so what? This is crypto. There is always another boat ready to leave the harbor.
The risk of it dropping 50 percent of its value in the next day or two is strong. I understand the FOMO though. I did the same thing with a couple different coins when I first started buying them. Looking for the next coin to moon is much more beneficial than buying into one that already has.
50 percent retracements are quite normal. Moves like what we're seeing are just flat out not sustainable. It happened with PIVX. It happened with XEM, XRP, and STR. It will happen with another coin. And another coin. The trick is finding the ones that have the potential to moon, and nibbling at them.
The Rich List is Your Friend
So what is a rich list? Quite simply, it shows the richest people in a particular category; in this case, I'll show you the Chain Coin rich list. It should be noted, that the number 1 on the list is the burn address, with 13.51 percent of all the coins. That being said, here is the image:
I'll let you guys decide how to interpret that information. It should also be noted, that most alt coins have similar rich lists, so this is not totally out of the ordinary. I want to be transparent.
What a MOVE!!
Starting to see a pattern?
How about now?
Ok, if you can't see it now, go ahead and buy high and sell low lulzzz
Be careful guys. Crypto is a ton of fun, but it can also wreck people. It can blow up their accounts. If you never buy coins at the top and wait patiently for reload zones, you will never, ever get rekt. That word won't exist for you. Sure, it is a possibility of the coins going up higher . . but don't play the odds. Play the charts, not your emotions.
Have a great day/night and thanks for reading! What do you guys think? Have you done this? Has it worked out for you? Or are you bagholding? Let me know in the comments. I did it with PIVX and had to patiently wait for the market to come back up to me. I think we all have at one time or another.