Merit Circle Staking
Firstly, congrats to anyone who partook in the crowd sale I posted about a couple days back. At the time of posting the crowd sale was selling tokens for somewhere around $3 dollars. As of this writing, Merit Circle tokens are selling for $7.50 with a top of $9.99.
The idea still seems silly to me, but, in crypto markets sometimes silly things pump. Merit is doing well because the “Metaverse” is currently the hot thing to talk about. Facebook is changing their name to “Meta” which goes to show how mainstream this idea is. NFT’s will be the highway for bringing retail traders into crypto. They might not be turned on by DeFi, but NFTs and virtual reality will get them interested. Then, once they goes their toes wet, they will dive deeper and discover what we all know.
Staking
Staking pools for Merit Circle are live. You can stake now and start accumulating MC tomorrow. You can stake MC single sided or deposit LP tokens for the ETH/MC Uniswap pool. As of this writing the single sided staking is getting 340% while the LP tokens is receiving a cool 3,800%. These interest rates will likely come down as the number of MC staked rises.
The rewards you receive are locked for one year. Which is a good thing. This means all the people staking cannot dump their farmed tokens. This strategy will eliminate sell pressure so the token price won’t be punished as people cannot dump. Also, you can lock your staked tokens for variable time limits which further reduces the available supply. It seems that this token is designed to pump.
Take Profit
If you bought the crowd sale it might be a decent time to sell your initial investment. All signs point to MC pumping more BUT it is also the hottest thing in crypto right now. This means the expectation for a big pump is already being priced in. If the token does not meet this high standard, a wave of selling and profit taking could be in store. You can’t lose money if you take out your initial investment. Also, a +100% gain in a few days is pretty dang solid.
Suggestions
If you ever have any suggestions for something I should write about, or something you’d like to learn about, please let me know. I am heading to Rhode Island for a couple days so I will happily use some of this time to research what my subscribers are interested in. Best of luck my friends. The bull market is going strong still, I think if/when Bitcoin breaks $70k we will enter into the final blow off portion of the market. True price discovery and irrational exuberance. Have a nice week and go secure the bag.