Down 94% - The Wonderland ($TIME) Scandal
John Barry | Fri Jan 28 2022
Nobody wants to be in an investment like this
On Nov 7th 2021 Wonderland ($TIME) hit an all time high of $10,063.72 !!! Today as I write this small article it is trading at $322; losing ~97 percent of its value. What happen, a scandal.
On Jan 25 word of the scandal it the market, dropping the price of $TIME from $850 to $400 in a matter of minutes. I do like to point out the key parts:
1) Before the news of the scandal broke, it was already down over 90% from it high.
2) When price movements turn into a trend, its important to follow that trend. The price of $TIME has had nothing but negative trend all year.
3) Its clear insiders new about this, the selling has been strong and clear. Its important to follow the price patterns and not wait for the news, this is a case when knowldge of why it was going down came way too late.
4) The major crypto exchanges (like Coinbase, Binance and others) do vet projects. It is a best practice to only trade cryptos that trade on quality exchanges. Note item #4 on "Key mistakes to avoid" https://quantifycrypto.com/info/trading-tips
5) Crytos are not stocks, you need to worry about rug pulls like this. If you do not know the details of a project, how it works stay away. Stick to the top cryptos on the leading exchanges.
Sorry for anybody caught holding this, scandals like this give crypto a bad name.
In this clip, Jae of Bitcoin Daily reviews the WonderTime scandal https://www.youtube.com/watch?v=j0eKfD9yNyo
Quantify Crypto provides real time technical analysis to support your trading decisions. We have the fastest live price feed of all cryptocurrency informational platform. Our proprietary trend algorithm calculates the predicted direction of future price moves. It is specifically tailored for the cryptocurrency market. Our state-of-the-art displays are designed to provide maximum amount of significant data on a single screen.
None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and other Altcoins.