I Got 1 Million $SHIB airdroped in a trading competition! What Should I do?

pakhitheboss

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Quote from: Kelward on May 06, 2024, 09:24:12 AM

Quote from: pakhitheboss on May 06, 2024, 08:32:27 AM

Quote from: Sayeds56 on May 05, 2024, 10:24:40 AM

It sounds good that most of the time you make investment in Bitcoin which is a prudent decision in view of leading its leading role in cryptocurrencies market with it distinguished features. As far Shiba Inu, whether to hold it or sell them in bullish market is ultimately your choice depending on your fincnail circumstances and risk tolerance level, however if were in your shoes, I would consider converting most of them into Bitcoin.

After I decided to keep those tokens on my local exchange, I discovered that my country's tax law requires me to pay a 30 percent tax on any capital gains and a 1 percent TDS (Tax Deduction at Source). This means that if I sell those coins, I will end up paying more in taxes than I would make from the airdrop. Therefore, I have decided to hold onto my Shiba Inu tokens until they have a USD value that is high enough to cover the taxable amount. In short, I am not going to do anything with these coins until I believe they are profitable for me after taxes.

You've pretty much summed up what you should do now, considering the tax law in your country, because it won't make financial sense to sale at a lose. As it is, it's best to hold on to your Shiba Inu, till it's value reaches what can be meaningful to sale and convert to fiat or reinvest in a reputable crypto like Bitcoin. Although I consider Shiba Inu, as a top altcoin that is worth holding, because it's not a scam project, people are however speculating that it's market cap, could make it not to be very bullish in this season. Your not left with much choice but to keep holding it, good luck.

What you are saying is what I realized after a day. The government will make my life hell even though it is a small amount of money. It is better for me keep it dormant unless those tokens are giving me a good multiplier, to which I am expecting somewhere around 10x or more. Already those tokens are again pumping due to sudden surge in Bitcoin price. I think it is evident for me to keep posting returns from those tokens for everyone here to contemplate whether meme coins can make them rich in some time or not.

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Quote from: pakhitheboss on May 06, 2024, 08:32:27 AM

Quote from: Sayeds56 on May 05, 2024, 10:24:40 AM

It sounds good that most of the time you make investment in Bitcoin which is a prudent decision in view of leading its leading role in cryptocurrencies market with it distinguished features. As far Shiba Inu, whether to hold it or sell them in bullish market is ultimately your choice depending on your fincnail circumstances and risk tolerance level, however if were in your shoes, I would consider converting most of them into Bitcoin.

After I decided to keep those tokens on my local exchange, I discovered that my country's tax law requires me to pay a 30 percent tax on any capital gains and a 1 percent TDS (Tax Deduction at Source). This means that if I sell those coins, I will end up paying more in taxes than I would make from the airdrop. Therefore, I have decided to hold onto my Shiba Inu tokens until they have a USD value that is high enough to cover the taxable amount. In short, I am not going to do anything with these coins until I believe they are profitable for me after taxes.

You've pretty much summed up what you should do now, considering the tax law in your country, because it won't make financial sense to sale at a lose. As it is, it's best to hold on to your Shiba Inu, till it's value reaches what can be meaningful to sale and convert to fiat or reinvest in a reputable crypto like Bitcoin. Although I consider Shiba Inu, as a top altcoin that is worth holding, because it's not a scam project, people are however speculating that it's market cap, could make it not to be very bullish in this season. Your not left with much choice but to keep holding it, good luck.

pakhitheboss

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Quote from: Sayeds56 on May 05, 2024, 10:24:40 AM

It sounds good that most of the time you make investment in Bitcoin which is a prudent decision in view of leading its leading role in cryptocurrencies market with it distinguished features. As far Shiba Inu, whether to hold it or sell them in bullish market is ultimately your choice depending on your fincnail circumstances and risk tolerance level, however if were in your shoes, I would consider converting most of them into Bitcoin.

After I decided to keep those tokens on my local exchange, I discovered that my country's tax law requires me to pay a 30 percent tax on any capital gains and a 1 percent TDS (Tax Deduction at Source). This means that if I sell those coins, I will end up paying more in taxes than I would make from the airdrop. Therefore, I have decided to hold onto my Shiba Inu tokens until they have a USD value that is high enough to cover the taxable amount. In short, I am not going to do anything with these coins until I believe they are profitable for me after taxes.

Sayeds56

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

Please read my reply to all those who have replied to my thread before posting any replies. Here is the link to my reply: https://bitcointalksearch.org/topic/m.64036195

It sounds good that most of the time you make investment in Bitcoin which is a prudent decision in view of leading its leading role in cryptocurrencies market with it distinguished features. As far Shiba Inu, whether to hold it or sell them in bullish market is ultimately your choice depending on your fincnail circumstances and risk tolerance level, however if were in your shoes, I would consider converting most of them into Bitcoin.

pakhitheboss

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The amount of tokens that I have received looks big but the actual value of those tokens in USD is not much. If I go ahead and sell those tokens for Bitcoin I wouldn't be able to withdraw them due to Bitcon exchange transaction fees.

I think it is appropriate for me to forget about those tokens and let them stay in the exchange wallet. If in future this narrative of meme coins continues and gives me a decent profit then I might will go ahead and sell those tokens for Bitcoin.

As of now I think it is better to wait for the next bull run and wait for the right time to get a good profit.

Do you guys think it is good idea?

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

Isn’t that just about $24? It sounded like a lot. Anyway, I think it will be okay if you just hodl it. I thought it was worth more, I’d have suggested that you trade some for other memecoins, if you are a memecoin trader. If not, maybe Bitcoin or other normal Altcoins would be great as well.

PrivacyOui

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

Yes, buying Bitcoin is your best move you can make.
Memecoins can lose value pretty quickly while Bitcoin is much more safe to lose value.
No one knows where Shiba Inu will be in a few years but we can be sure about Bitcoin to be a leading coin even in a few years.

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

The surprises of altcoins and meme coins is that $25 worth of those coins can become $2500 or $25, 000 if the token gets pumped. The 1Million $SHIB is currently worth about $24 which is not too much to risk holding. Even if the token turns out a shitcoin in future, you will not be angry at your self because the money is small. There is a possibility that the SHIB can pump when you are no longer holding them again. I was asking my self, 'what if 1 $Shib becomes $0.5 in future? Hold.

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Well it does make us think that is alot of money to have 1 Million for any token. But the meme coins is not worth so much money so keep those free coins but do not think you will be rich from it.
Shib is a meme coin that I do hodl in my portfolio. I do not think it will be the next Doge coin but there is alot of investors that does like this token.
Maybe those tokens will make you big profits now with Paypal announcement. It will integrate Shib token in the US.
https://www.fxempire.com/news/article/shiba-inu-price-surges-as-paypal-announces-shib-token-integration-in-usa-1428174

shinratensei_

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should be looking for newer altcoins that has micro market cap even better if just recently listed because to be honest 1 million shib equal to $25 even holding bitcoin or anything like that won't translate to good profit for you even if bitcoin double in price you only get $25 as a profit so you better off investing in newer coin instead hoping the volatility could help you make better profit or use future trading.

letting it in $SHIB isn't a good idea either since this meme coin already too high in market cap, you won't get meaningful profit as well, double the price is unlikely.
though if i were you i will be more focused in saving the money instead and getting more and more capital for better investment profit not to waste anytime just for profit thats not life changing.
regardless good for you that you got it for free, usually when i got something for free i will be more on the aggressive side of investment.

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Quote from: wxa7115 on May 04, 2024, 09:44:43 PM

Since this is free money that you received and the amount is not very large, it makes more sense to me to hold that Shiba and see if we can see it making a big movement during the bull run.

After all it is not as if you have anything to lose by taking this decision, as currently that amount represents only 25.15 dollars and you got them for free anyway, so this is one of the few instances in which it makes sense to roll the dice and take a risk you may not take otherwise.

There are opportunities that are directly meant for breakthrough, I would kindly advised OP to thoroughly think about this again and again and finally decides on the promoting moves to make. Always take precise measures because the market is filed with unwanted hearings of projects. We can continue napping on our steps and become a very forwarded investor but at the same time, we have in valuable portfolio. Accumulating one million pieces of SHIBA Inu is a great moves and automatically, you're all in for the huge profits.

X-ray

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if you're not really that interested in shiba inu or meme coin in general, you can always just sell it and try to find opportunities to buy bitcoin when it dips or ethereum.
right now the month of may market sentiment is at worst, people afraid that bitcoin gonna dump although speaking the truth really bitcoin isn't go anywhere but the occasional dips could serve as an opportunity for you
to make some investment which is far better than meme coin which you said that you're not believer of.

relatively low risk and if bullish come its gonna take off like a rocket.
I think most of coins that are top 5 are pretty good, including solana, these coins you can't go wrong with investment in them, but be sure to find great opportunities to invest like when people are so afraid or the market sentiment turning fear.
remember few days ago, had you invested in BTC, you already making profit right now.

AHOYBRAUSE

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Quote from: DeathAngel on May 04, 2024, 09:58:46 AM

1,000,000 SHIB is approximately $25 which isn’t really a lot of money unless you live in a third world country. If I was you I would HODL them. We are very early in the bull run, you could probably x 10 that money simply by holding for 12 months or so.

That's what I was thinking.
At the casino/bookie place I occasionally use I get Shiba sometime in drops or other rewards, all the time like 50k-100k in shib. It sounds a lot but isn't, haha.
I just keep it and see if it goes somewhere.
Exchanging it to something else just costs fees, so I rather speculate for it to go to the moon. And if it doesn't it's a also fine, I didn't pay anything for it. Cool

pinggoki

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SHIB is able to hold it's ground and I think that it's one of many meme coins out there that will have a staying power and I believe that you're going to get more out of it but seeing how much it is, I think you should just go for it and sell it I guess, most meme coins anyway needs you to have invested early on to get the most out of them and even if you hold on to it for a really long time, it's not worth the patience. What I want you to change though is how you look at meme coins, as much as they're useless and worthless it is, you have to consider that they've got the potential to be able to put someone in a favorable financial status because there's too many people that have found success with meme coins that I don't like the idea of discarding them or just leaving them on the sidelines, maybe it's just my bias talking but I believe that I've got a point when I say that someone shouldn't just not consider them as an investment.

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

Since this is free money that you received and the amount is not very large, it makes more sense to me to hold that Shiba and see if we can see it making a big movement during the bull run.

After all it is not as if you have anything to lose by taking this decision, as currently that amount represents only 25.15 dollars and you got them for free anyway, so this is one of the few instances in which it makes sense to roll the dice and take a risk you may not take otherwise.

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

First of all congratulations and you experienced receiving Shib on an exchange, thank you because I have never experienced receiving such rewards on a platform. And in addition to that, Shib is a potential crypto that can be said if the Marketcap and its daily vaulation in each exchange are not a joke.

You may not like the word meme coins, but the potential of SHIB is that you are not that passionate, who knows, you never know that it will suddenly give you a profit in the end.

batang_bitcoin

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It's best to trade them into Bitcoin. You know that we're going to the bull run and this is the main reason why the bull run is starting, BTC is the reason for it. While some may encourage you to buy top altcoins, there's no problem with that but it's still you that's going to decide for it. But if the computation of mine is right, that's around $25. For which isn't that much so, someone might just keep that or will invest into other low valued coins.

ajiz138

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This 1 Million Shiba you can think of as free money from the competition and is worth about $25 but you can HODL until this meme is pumped there is still hope for it although it will not be as high as before.

Actually it's your decision whether you want to sell and then convert it to bitcoin or keep holding, but since you already have bitcoin as a top investment priority then SHIBA you can hold who knows there is a higher explosion?

Asiska02

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Quote from: pakhitheboss on May 04, 2024, 09:01:39 AM

A trading competition is happening at a local exchange in my country. The exchange is a trusted and established one and I have zero doubt about the $SHIB tokens I can receive as a reward in my Shiba Inu exchange wallet. I have been using this exchange since 2018 without any major issues, so you can understand the amount of confidence I have in them.

It’s not about the confidence you have in them. A lot of people had confidence on FTX and other top known exchanges that later crashed. If you don’t mind, just leave what you can afford to lose in that exchange and move the rest out to a personal wallet because that’ll be the best for you to have full custody of your money.

Quote

I mostly invest in Bitcoin, and sometimes in important altcoins. However, I don't believe in the concept of meme coins and don't pursue them. I'm interested in knowing whether I should continue holding onto my current tokens until the next bull run, or if I should sell them to buy Bitcoin or other altcoins. I would appreciate a piece of good advice from the community.

Meme coins are not dependable on seriously and if I am in your position, I would sell at least 90% of the Shiba Inu coins and buy some more stable altcoins or bitcoins because that will be safer for you to have a profitable investment later during the bull run. Any gambling you want to do with your coin should be something you can contain when the risk of it retaliates into the wrong side. Invest wisely!

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Quote from: JeromeTash on May 04, 2024, 03:33:29 PM

SHIB isn't going to moon like it did last time. This is from my 7-year experience in the crypto market. In the next bull run, you are likely going to see new players which we keep ignoring today

Bitcoin is a safer better but don't expect over 10x or even 5x gains in this bull run.

Quote from: DeathAngel on May 04, 2024, 09:58:46 AM

If I was you I would HODL them. We are very early in the bull run, you could probably x 10 that money simply by holding for 12 months or so.

1000%? I doubt there will be a repeat. I would rather look for some new untapped potential token or coin

Anyway, it will be OP's choice to see what he is more comfortable with

Here I agreed about this now it's all ended about the SHIB is going to moon because it's almost touched his highest and now keeping this with the hope of it's going to give 10x has never been ideal for me even I have been feeling it's all depend on OP what he wants to do with this amount.
But if I have won like this I quickly exchange this into bitcoin and keep this for the long time because now I have strong feeling it can give us good profit in long run instead of having any other coin for the profit.
With there is also option available about this if OP want to go for any other coin it's also good but for this he needs to do some hard work without this it's not going to help him.

Topic: I Got 1 Million $SHIB airdroped in a trading competition! What Should I do? (Read 192 times)