Hello everyone. I’ve been involved with cryptocurrencies, and I’m in a tough situation. In previous bull seasons, I’ve seen many cryptocurrencies lose up to 98.60% of their value, only to later reach new highs and make many people happy. However, a 99.60% loss, as you can imagine, is a massive decline, and I’ve lost a significant amount of money. The coin I hold has partnerships with major companies like Haskey Capital, Samsung Next, Animoca Brands, DCG, and Ripple. Its market cap is between 1-3M$. But the situation I'm in now is making me anxious. While I hear about rises in the market every day, I’m still facing losses, and the project team has been silent for months. I’ve heard that similar situations are occurring in other low-market-cap tokens with similar partnerships. Do you think there could be a recovery from this loss?
Also, one other thing I’d like to let you know is that the data for the altcoin I hold on CoinMarketCap contains major discrepancies. There’s an uncorrected price difference between exchanges (since deposits are closed on Kucoin and HTX, arbitrage isn’t possible), fake price data (a price between Kucoin and HTX prices that is not being traded on any exchange), differing market cap data, and fake unlock data. Could the coin I bought, relying on big investment firms, be a scam? Don’t major crypto investment firms take precautions for these kinds of situations?
When they say that coins have partnerships, it doesn't necessarily mean anything. Always check exactly what kind of partnership it is. Also, one other thing I’d like to let you know is that the data for the altcoin I hold on CoinMarketCap contains major discrepancies. There’s an uncorrected price difference between exchanges (since deposits are closed on Kucoin and HTX, arbitrage isn’t possible), fake price data (a price between Kucoin and HTX prices that is not being traded on any exchange), differing market cap data, and fake unlock data. Could the coin I bought, relying on big investment firms, be a scam? Don’t major crypto investment firms take precautions for these kinds of situations?
Also, -99.6% loss requires 24899.999% rise in the price just to get back to 100%. You are lucky to get in at the bottom if it goes back up, but in most cases, there are good reasons why it crashed in the first place, and many of these developers quit before it has even a change to go back up, just because lack of funds and interest.
Also old coins aren't usually creating much fomo, and if they ever rise, it usually takes forever.