Earlier this year, the price of cryptocurrencies where on top,all the cryptocurrencies where bullish, moving positively, skyrocketing from 10 to 20% and all.
Alot of people and investors , where talking about the money they made from the increase of the various coins most especially meme coins like bome,wif and all.
I had this coinmarket app installed in my phone, so I was just checking the price of the coins from time to time,sometimes I will just wake up in the midnight and I will go to the app and notice a coin has increased massively ,in my head ,I will be like why didn't I invest in this coin?? ,if I had invested I would have gained a certain amount of money. These where the things I normally do think of each time I see a coin moving higher.
I even normally follow this people on tik-tok that will be advising you on the coins to invest on,the potential of the coins and how they think it will increase in this bull run time. Pls don't listen to this people,because I have been a victim.
I was so foolish following this people, and because I was also seeing the price going up on coinmarket cap I also decided to go for some of this coins.
Now,I told my mum that cryptocurrencies are increasing at that moment, and this year is the time of bull run,there will be bitcoin halving and every year there is bitcoin halving ,there is always an increase in coins which has been like that every year. I persuaded her , and she somehow decided to invest about $53.334 into it and i also took about 21.4$ from my savings to invest. The total money in the wallet was about 75$.
I bought the cryptocurrencies and kept the coins i bought for both of us in my okx wallet everything was going up and the value of the money we both invested was rising, i was always updating her on how it was going up and she was happy as usual to see she was making profit.
My ignorance of crypto was a big problem for me,as I was just thinking of making money quicker in the short run and I wasn't aware of the fact that there is nothing that goes up that won't come down. I and my mum where clouded with the thought that the coins will always go up and never come down at any point in time.
Now, when it got to around April to May the cryptocurrencies started dipping and I was feeling sober because I noticed the total was about 59$ already from about 75$. That wasn't enough, my mum called me to sell the coins and send her the money she gave me for the investment that she needed it urgently ,I tried explaining to her not to sell the coins immediately, the situation of the coins and how everything has changed,but everything was in vain,as she wasn't even ready to listen to what I have to say. After series of explanations,she agreed to collect just 47$ from me,but I was still at loss as I had to sell some of my coins to make her money complete and the dip was still hitting my remaining coins.
My watch list on coinmarketcap
Morale of this is that : Never be in a hurry to buy coins because it's in the bullish era, but rather check if it has great potentials and what the benefit of the crypto will be in the long run and not in the short run. You do not want to lose but gain.
Thanks for reading.