Two days ago, someone on Reddit shared a thread about unusual transactions involving 2.8 trillion Pi. I checked piscan.io and saw this in the list of largest transactions.
Without an official announcement, such operations can be misunderstood. There is no indication in the whitepaper about such a huge supply of Pi. The official document limits the maximum supply of the token to 100 billion, and 20% of that will go to the core team.
Thirty minutes later, I saw the price of Pi drop from $0.52 to $0.3939. It is good that before I took a rest, I was able to exit at $0.48. When my son saw the price of Pi dropping, he asked me to sell his 236 Pi.
When I woke up, I bought back at $0.459 when I saw an unusual support. The run was wild. In just less than an hour, Pi bounced to $0.79, more or less 70%. I did not sell, thinking that the token has already found its floor price and speculating that it will continue its run.
However, as I woke up this morning, I saw a bloodbath. Big names are dropping huge. BTC lost 8.01%, ETH 14.94%, and XRP 15.94%. I have no idea what happened last night that triggered such a sell-off. As I checked Pi, it was still stable at $0.60, but I was anxious that it would soon follow the crash, and so I decided to sell at $0.5935 with close to PHP 2,000.00 gain. I am reminded of one principle in trading, and that is to protect your profit. Gain is gain, though I was not able to maximize it the other day.
After securing our capital, I advised my son to use his fund to add liquidity to a Cent pool on Hive Engine. He agreed, and so I transferred his 117 USDT to MEXC and bought 606 HIVE. I used 50% of the fund to buy 100,000 CENT and the remaining 50% to buy 730 BEE.
I spent $2.84 on transaction fees both on MEXC and Hive Engine. I didn't expect that transferring 605 HIVE on Hive Engine would cost me 5 HIVE for the transfer fee. That is bigger than MEXC. And so, after I completed all the transactions, the total value of my son's liquidity position is $114.16.
I think this decision is far better than speculating on the price of Pi. With $0.38 worth of daily reward, this is relatively more certain than what's going on on crypto exchanges. $0.38 is equivalent to PHP 21.76, which is PHP 652.80 per month. That's a good start for a passive income. Thanks, Pi, for giving my son that 117 USDT capital!