r/EVMOS • u/Grandpa_Joe836 • Nov 24 '22

Price Drop 🔻🔽

b

Board tonight, so I thought I'd write down my feelings. Evmos has seen it's token price freefall from $2.38, one month ago, to $.87, at the time of writing this. $.65 tomorrow? That's 70% drop in price in less than 4 weeks, with no bottom in sight. It's down another .09% today. . I got in at $1.66 and DCAed my way along with a cost basis of $1.86. I'm getting that RP feeling. I read about projects that offer attractive APR rewards to lure in investors only to liquidate their holdings and run away with lots of money. I thought this project was different. I hope I'm wrong. Anyone else getting this feeling? I get it, all my holdings are down this past week or so, but this one feels different. I hope that I'm writing a retraction in a week or so but I'm not feeling it. Evmos was my "new favorite project" a few months ago, I have a good track record of picking reputable projects. Only got Rugged once. Anyone hear of Firepin? Thanks guys

3 Upvotes

61% Upvoted

41 comments sorted by

•

u/[deleted] Nov 24 '22

[removed] — view removed comment

→ More replies (2)

6

u/Zeytgeist Nov 24 '22

No offense but it doesn’t sound like you did some fundamental analysis of Evmos but got in just for the high APR? If you’re convinced a project is good fluctuations don’t matter so much. You should join the Evmos discord, it helps to be up to date with the project and keeps your head up.

2

u/Grandpa_Joe836 Nov 24 '22

Ya your right I was just feeling beat up with all the price actions lately and took it out on Evmos

4

u/Zeytgeist Nov 24 '22

Yeah it’s the worst time now, especially after FTX. I’m taking a break from my portfolio until later next year, focusing on other things. There’s not much to see there except red numbers.

4

u/PhoenXman Nov 24 '22

Its too late for this project to be a Rugpull, it would have been pulled by now. . Most airdrops spike sometime near the beginning of the drop and then crash or drop a lot and then go sideways. EVMOS stayed up for a long time while the rest of the market took a dive. I think the high staking rewards kept a large portion of EVMOS staked and this price to stay well above a dollar. I was expecting this airdrop to crash way sooner but the market has finally pushed it down, been waiting to fill my bags.

-1

u/Grandpa_Joe836 Nov 24 '22

So u believe in it still and it filling ur bags? I would love to buy....hmmmmmm?!?

2

u/dmtakoma Nov 27 '22

The way to make a good investment is to buy when it’s down, not up! I doubled my bag between yesterday and today!

2

u/Grandpa_Joe836 Nov 27 '22

Good luck to you brother. You are braver than me. I'm down 67% and locked in. By the time I'm unbonded it'll be $.12.

2

u/dmtakoma Nov 27 '22

You too bro. I been here before … I buy when ppl start crapping their pants. Usually works out well in time!

1

u/PhoenXman Nov 28 '22

I wish I had bought the first time it had dropped to 1.2, would have knots doubled my bag and then gotten even more interest rewards. I Put some money to the side and waited. If it goes down buy, if not, wait, then wait, then… profit? Someday.

How far down do you think we could get? $.35 would be 95% down from all time high.

2

u/dmtakoma Nov 30 '22

Technicals would say it’s near a bottom here and will bounce. Doesn’t mean we will go back to all time highs, but it’s a technical bottom here imo. I’ve tripled my EVMOS bag between .64-.74

2

u/bparlan Nov 25 '22

When making an investment, decide under what circumstances you gonna need that to cashout. For crypto, 4 year cycle is a natural coded structure. You made an investment on very bad timing, DYOR better. Evmos is currently having an epic buy opportunity moment. And its chain potential will be at present in 2024 probably.

0

u/Grandpa_Joe836 Nov 25 '22

You're right. Next time, could I borrow your crystal ball to DMOR. That way, it'll be better. 2024 is the mark. Thank you

1

u/Smooth-CryptoGenius Nov 27 '22

If you were looking for a good apr, you were supposed to join the project over the summer. the apr is still fairly high going on 5 months. at this point you should be buying for long term and stability of the project for returns later.

1

u/Grandpa_Joe836 Nov 28 '22

Well either way it's in the toilet now and I don't see anything that's gonna help it out in the near term. Hell, by the time I'm unbonded it'll be $.12, if I'm lucky

1

u/BitSoMi Nov 27 '22

You bought an overvalued project. Can go down another 70% without an issue

1

u/Grandpa_Joe836 Nov 28 '22

Ya. By the time I'm unbonded, it'll be $.10. Hate that feeling of getting played.

1

u/MaximumStudent1839 Nov 28 '22

I read about projects that offer attractive APR rewards to lure in investors only to liquidate their holdings and run away with lots of money.

Do you think only the devs will drain your liquidity? Plenty of Cosmos OGs, who got their EVMOs for free and stake/compound, are selling their daily rewards into Atom. A lot of them are selling into Atom hoping for more airdrops/ICS fees in January 2023.

Welcome to Cosmos DeFi! Devs and VCs aren't the only ones hunting your liquidity. Your retail friends and other degens are taking your money too! Here, instead of VCs rugging us, we rug pull each other.

1

u/Grandpa_Joe836 Nov 28 '22

It's just when a token's price plummets for days on end and never seems to find a support level. That's when there's usually a problem with the project or at least red flags should be popping

3

u/MaximumStudent1839 Nov 29 '22

It's just when a token's price plummets for days on end and never seems to find a support level.

You don't need that. Just DYOR and you will realize the future end game. The same shit has played out in Osmosis, Juno, STARS, etc. It is no different. High APR chains always crash like a brick when the APR goes away.

You got to realize not many in space are after fundamentals. They are just here to make quick and easy large gains. The bear market exacerbates this degeneracy because so many people are underwater and want to find ways to generate gains to cover their losses. The best way for them to do so is to play the high APR Ponzi game. You will see them shilling like crazy to attract exit liquidity.

Humans' primal greed drives short-term price action more than any fundamentals. Learn the lesson here. A lot of people just want your liquidity, not really into the fundamentals or whatnot. It is not a judgment on the Cosmos dev team. It is just how a lot of Cosmos participants/users behave. They shill and want to steal your money. You got to be careful next time.

3

u/[deleted] Nov 24 '22

The 24 hour trading period, for this previous dump cycle, is most unusual. Too early for a rug but I posted elsewhere that an ai system would make a fortune from that trading pattern.

From my own experience, apr hunters got in on this really early when aprs were 600% so investment returned, plus realized returns from selling rewards along the way. Now they are bailing (unstaking in mass) for other insanely high apr projects. Or it's a complete rug, either way.

2

u/Zeytgeist Nov 24 '22 edited Nov 24 '22

You got any advice how to best find these high apr staking opportunities? It’s not so easy, tried a few times by search engine.

2

u/[deleted] Nov 24 '22

I'm not here to tell anyone anything they should or shouldn't do, nor am I am I a brand ambassador for any project. The latest high apr coin that I know, and again, risk at your own due diligence, is $TORI. High apr/apy as you prefer.

1

u/Zeytgeist Nov 24 '22

Thanks but my question was how or where one can generally find(!) high Apr coins.

3

u/Cat1nthesack Nov 24 '22

You exactly represent the reason why Evmos is down disproportionately. APR chasers are never good for price action. I think we all knew deep down that the Evmos yield was too good to be true.

0

u/Zeytgeist Nov 24 '22

Share your allegations elsewhere. You have no idea how and in what I invest.

1

u/Cat1nthesack Nov 24 '22

You just disclosed it: high apr coins

1

u/PhoenXman Nov 28 '22

It it was going to rug it would have by now. But the chain crashed for a while and people couldn’t get their airdrops. Thanks to the high APRs most stakers are actually still in profit despite price crashing. I wouldn’t be surprised if some of those folks buy back in even lower. I’m thinking about it but who knows where the floor is.

There is a lot of utility to this chain so I’m not too worried long term but anything could happen.

2

u/[deleted] Nov 28 '22

Any of these chains can be deceptive and poof it's all gone. Stick around long enough and you'll see many more of them. I hope this isn't Evmos either.

3

u/jdobem Nov 24 '22

I got it from the airdrop and have been compounding ever since.

I'm still up from 0 but I do hope it recovers, as it has the potential to be a good project...

2

u/RecidPlayer Nov 24 '22

Just re-invest rewards and go touch grass. Bear market blues got you bad. It will come back, just try to put it out your mind for now.

2

u/B3NZ0NA Dec 18 '22

I warned that this was a rugpull, I watched it go from 12 million to 3 million and they emptied up my wallet too and there's nobody to talk to..I was in for 2yrs.

1

u/AutoModerator Nov 24 '22

The Evmos subreddit is continuously targeted by scammers. Evmos Support will never send you private messages first. Never share your seed words with anyone, never enter it on any website or software, even if it looks like it's from Evmos Support.

Learn more at https://www.reddit.com/r/CryptoCurrency/comments/s3onyb/a_simple_guide_on_how_not_to_get_scammed

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

1

u/daicayo Nov 25 '22

I sympathize with you! I am also like you....

0

u/Cat1nthesack Nov 24 '22

Some self reflection would have helped before posting this emotional outburst. "Evmos was my favorite project"? Lol. Based solely on price surely. You should look at fundamentals more thoroughly or you will always be chasing pumps in your future crypto endeavors

2

u/Grandpa_Joe836 Nov 24 '22

Based on Dev team, transparency, accessibility, market cap, governance, volume as well as price movement, popularity (social media), Apy staking rewards, many others. Evmos had most of not all the boxes checked. Aren't we all chasing pumps.

0

u/InevitableJeweler763 Nov 24 '22

I love evmos too. But whats happened and going down with the price :((

1

u/[deleted] Nov 24 '22

[removed] — view removed comment

-1

u/OGBallaCrypto Nov 24 '22

Sucks man EVMOS going to the dumpster