Hello readers,
I hope all of you are doing well in your life but if you are into crypto just like me, it’s quite possible for you to having a bad week because of the sudden unwanted crypto crash. Since the last week, the total cryptocurrency market cap has experienced a sharp decline and dropped more than ten percent. Looking at the current price of BTC which is trading for 26,417$ right now, has lost 9.3% of it’s value within the last week and for some tokens like Matic, Shiba Inu, Avax etc, the situation is even worse with more than 10% decrease in price since these last 7 days. Our beloved hive has also fallen down hard with -11.5% price impact and currently being traded for 0.36$ per unit as it didn't find enough resistance around 40 cents. One of my favourite coin SPS, the in-game reward and governance token of Splinterlands has also took a hard hit and from it’s recent high position of 0.024$, it made a large gap within the last week and currently being sold for only 0.021$ per unit. Most of the crypto tokens are now red and I didn't find any solid reason for this sudden drop so far. However, as a long term player and a believer, I personally think this is a great time to accumulate crypto for cheap price and hodl them until the golden days come in and that’s what I am onto right now.
As you can see from the weekly chart of SPS above that I got from coinmarketcap, last week it’s price was roaming around 0.0237$ per unit but then it started coming down gradually along with most of the other crypto coins and on 11th May, you can see a sharp decline in it’s price which took it down to 0.0215$ per unit. The lowest ever price for SPS before this dip was 0.024$ but Currently it is making a new lowest price by getting near 2 cents. I am an old splinterlands player and also a die hard stakeholder of SPS and every single SPS that I earn in the game through playing, I stake them all into my account along with the staking rewards as well and I even have set a goal for myself to reach the milestone of staking 100k SPS into my account. Currently I have achieved almost 75% of that goal and sitting on 73k+ total staked SPS, but it is really painful for me right now to see my staked SPS dollar value getting reduced by a couple of hundreds but as I strongly believe in the project, I think it is a great time to invest into whatever coin or token that you love, which is SPS for me.
But, due to this sudden dip, not only most of the crypto coin prices have fallen hard, but the earnings from writing blogs, playing the game and from staking rewards, which are my main earning source have also being affected and reduced. As usual, I don't keep a good amount in stable coins or even in any liquid coins as most of my earnings goes back into the game by buying new cards. So, though it’s a very good time but it’s also hard for me right now to invest and buy some stack while the lucrative price lasts. So, I decided to look for some alternative ways to gather some coins and exchange them for SPS.
Gladly, for my staked SPS I was getting a decent number of vouchers everyday and around 23+ vouchers were lying idle in my account that I generated in the past few days. I didn’t partake in the latest Zyriel promo card sale and instead I sold my vouchers after the sale began for around 0.12$ price per voucher but then I stopped looking for them for some time and when I looked again today, I saw that I had made a small chunk of them again. So, I decided why not sell this small stack of vouchers and buyback some SPS with it. I am still 26k away from my staked SPS goal and this swap would help me a little more to reach that goal faster.
As I thought, I sent all my vouchers to hive-engine and saw the stack is valued around 2$ at that time, no doubt it is very little but better than nothing at least. So, I sold them all for swap.hive and then went to the SPS trade tab. For selling those 23 vouchers, I received around 5.91 hive which I used to buy SPS and to my surprise, even that little 2$ amount brought me 99.9 liquid SPS as I directly bought off from the sell order.
Yes! I bought 100 SPS just by selling my little stack of vouchers that I generated as rewards from staking the same SPS token, how cool is that! Anyways, without thinking much I just sent the total liquid SPS into my in-game account and staked them right away. Right now, I have a little less than 73.5k SPS staked in my account and I am about to cross 75k SPS within next day or 2 as I restake every bit of SPS that I get from playing or as staking rewards. Last but not the least, I am also trying to swap some other layer 2 tokens that I earn via posting and with them I will try to buy some more SPS until this lowest price point lasts. However, this is not a financial advice to anyone and please do your own research before investing in any crypto coins or projects.
I hope you liked reading my post about the SPS accumulation strategy in this bear market today. What you are thinking about this bear season, are you in fear and selling assets or accumulating just like me? Let me know your thoughts in the comments below and I will be seeing you all in my next post!
