Never invest hard earned money based on social media influencers
These days there are a lot of social media influencers, to be honest most of them do not know about the Crypto fundamentals and what is the tech behind this and how things work in the long time.
For an example,
If an influencer says to buy and hold SLP token from Axie Infinity for long term, you need to instantly block them, because they do not even know the different types of token and are just misleading people. In this case, SLP is a utility/commodity token with infinite supply, as the number of players increases, more SLP will be minted hence price will go down, given that this game has no good burn mechanism. Such influnecers will come up with a drawing of new trend lines every day, and say the coin is in downtrends, but these trend lines have no impact on utility/commodity tokens. They depend upon the tokenomics.
What I want to say is -- Never trust blindly any Social Media Influencer for your hard earned money! Always have curiosity to learn more and develop a trading system that works for you best.
Give this new year a new start!
For an example,
If an influencer says to buy and hold SLP token from Axie Infinity for long term, you need to instantly block them, because they do not even know the different types of token and are just misleading people. In this case, SLP is a utility/commodity token with infinite supply, as the number of players increases, more SLP will be minted hence price will go down, given that this game has no good burn mechanism. Such influnecers will come up with a drawing of new trend lines every day, and say the coin is in downtrends, but these trend lines have no impact on utility/commodity tokens. They depend upon the tokenomics.
What I want to say is -- Never trust blindly any Social Media Influencer for your hard earned money! Always have curiosity to learn more and develop a trading system that works for you best.
Give this new year a new start!