In 2017/18 COLX gem pumped from 1 sat to 126 sat. Why not this time?
Mid 2017 CV2 re-branded to COLX. This hyped the coin a bit because the old ‘buy the rumour, sell the news’ always works. COLX was moving between 2 and 10 sat and trading volume was nice on Coinsmarkets and Novaexchange. In the following months the news died and so did the COLX price, slowly dropping to 1 sat.
In November 2017 BTC started pumping fast and by the end of the year it hit ATH of $20K. A few days later, still before the end of 2017, COLX started pumping fast from 1 sat to over 100 sat within 2 weeks time. So what caused this sudden interest in a very low cap coin? This is my perspective of it and why it will happen again:
Lots of cryptho lovers start with buying some BTC with fiat and then move on to exchanges where the lottery begins. Before not to long most of there BTC is in all kinds of coins. Then BTC starts pumping like crazy to $20K and FOMO kicks in. The news spreads and new ‘investors’ try there luck but wont buy into BTC. Why not find low cap coins and trow a few hundred into it?
COLX just provided the opportunity: a Low cap coin, exchangeable on a few accessible markets. There was an active community with a positive vibe. There also was a website with a team and a vision for the future. Thats all. FOMO took care of everything else.
Now we are back in 2021 with BTC pumping higher then ever! The whole crypto sphere already passed the 1.1T market cap and is still on a roll. At some point we will reach an ATH and many new ‘investors’ will make the jump to crypto. Sure, there are more coins then ever but do they all have the minimum requirements to buy into it? And don’t forget, crypto market cap is higher then ever!
Is COLX ready to accommodate this new influx of money? It looks like it is: easy access exchanges, a lively Telegram community, a dedicated team and a clear vision for the future! Now it just needs the FOMO, but we are not there yet…
(btw, atm 126 sat is $0.05)