When it comes to Dollar Cost averaging I show in the last post about hive and how I plan to DCA in to build back my stake. Well this is not the only crypto I plan to do this with. I am actually DCA into a few stocks and cryptos but this post is going to be about Buying and stacking SOL, ADA and ETH.
Now I could break this down into 3 post but I think the best content will be all 3 post and we can see how stacking rewards and buying go.
The first coin I will start with is ETH, now this is one I have been buying longer or more so that I bought more of to start.
When it comes to buying and stakeing I have been using weathsimple, it is a Canadian company in the fintech space. I have been using weathsimple for 5-6 years now without any problems. It does suck as you don't get control over your private keys but that seems standard with exchanges.
With these 3 tokens I am only buying in with $10 Canadian a week, I know this is not much but it will add up over the course of a few months.
Let's take a look at the weekly buy
You can see that week 1 I was able to get 0.004 while week 2 I got 0.0043 so not much but a small amount extra with week 3 being 0.0042 so the price has actually went down leaving more ETH when purchased
With eth I do have auto stake on, meaning I can buy it and it will stake the new purchase and auto stake rewards for compounding.
AVG ETH Price = 2453.03
When it comes to the next coin I am purchasing and auto staking it is ADA or Cardano, This coin is offering a 2.6% APY on staking with weathsimple. I know I can set up my own wallet but I figured I would wait till I have a good stake and move it over. With staking Reweds starting after 20 days I should start getting rewards by the next weeks post.
With ADA you can see over the 3 weeks the price has pretty much stayed the same with me getting 27 on week one and 27.05 and 27.34 on weeks two and three meaning price has only changed a few cents.
AVG ADA price = 0.3667 Cents
The third coin I am buying and staking is SOL, As you can see i choose to pick the staking coins on weathsimple and buy them, I was holding quite a few ADA being i had to see everything but I have never looked into SOL till recently and it seems like a good pick.
With SOL the staking rewards happen quite a bit more at every 3 days or so, This coins is offering up to 4.8% APY nothing great but I love the idea of stacking coins that you're holding anyway to earn a little more.
As you can see over the 3 weeks the price has gone down very little to allow almost the same purchase weekly. The staking rewards are already showing up and compounding.
AVG SOL Price = 29.52