Sam Ridgeway and Crypto Guru Cameron Sikes discuss crypto crash with advice about how to survive dips in the crypto market. Two new coins are recommended this week for purchase.
Transcript from Episode 5
[00:00:00.000] – Sam Ridgeway
Hello, everyone. It’s another episode of Tales From the Crypto with our resident guru, Cameron Sikes. How are you?
[00:00:07.470] – Cameron Sikes
How’s it going?
[00:00:08.540] – Sam Ridgeway
I want to say to everybody that the market took a beating recently and recently. I mean, yesterday it just crashed. But I also want to say that that’s the volatility in the market. So it’s just going to be there. This is a relatively new market, and it’s not unlike what happened to the tech stocks when they first started out when Microsoft was $0.50 a share, dollar share, whatever. Nobody know how to value these things. So the volatility was all over the place. And this is the same kind of scenario in the crypto market, but also on the good side of that, I think everybody pretty much would have liked to have bought Microsoft for $0.50 as well.
[00:00:50.660] – Sam Ridgeway
So that’s kind of where you are. So I just want to say it’s going to go up, it’s going to go down. But as we said before in the past, just hold on to it until we tell you to sell it and everything’s going to be okay. Just ride the roller coaster. Don’t even look at it. But this is a new episode. So we’re going to go into a couple of new coins and get some more insight from Cameron here. So, Cameron, I’m just going to turn it over to you and let you just take over, brother.
[00:01:13.020] – Cameron Sikes
[00:01:13.710] – Sam Ridgeway
[00:01:13.920] – Cameron Sikes
I definitely wanted to address the crash that happened yesterday. I thought it might be important to kind of explain what exactly happened. So to provide a little bit of context. So people know what’s going on. And basically the markets basically tend to sell off when Bitcoin hits around 40 to 50,000 is like those are psychological levels that they have in there. And so when the market tends to sell off as a result of limit orders, they replaced just above these key price levels. Or it happened as a result of stop losses placed after surpassing them because people want to lock in profits.
[00:01:45.500] – Cameron Sikes
If the market’s going to retrace and actually force closure of long positions or bullish trades accounted for 3.2 billion over 90% of the total market liquidation, which showed incredibly leveraged we were to the bullish side of the market, and this is going to happen to help you reset and just kind of shakes out the heavily leveraged positions from the market. And I just wanted to say when those things happen during a crash, don’t start trading, don’t listen to your emotions. Your portfolio balances are literally just snapshots at that given moment.
[00:02:15.940] – Cameron Sikes
Just use the motions of others for yourself. With that said, I’ll get onto the first coin. The first coin is Siacoin. The ticker symbol is SC, and you can get that in crypto,com. It was last trading for round $0.01934. 30 day low point .0155, 30 day high 0.0274, 52 week low of point 0.002, 52 week high 0.0629 basically, this really interesting coin is a peer to peer blockchain based network that functions as a decentralized cloud storage. And it depends on network that participants provide storage services to rent access bandwidth for Siacoin users as well as our consumers.
[00:03:02.390] – Cameron Sikes
And so really what this is it’s very similar to NKN, but rather than for bandwidth or Internet, this is for computing storage. So as we know, everything is going to the cloud, but there’s only so much storage capacity. And so this essentially incentivizes people to lend out their unused storage capacity to people within the network, and they get compensated in Siacoin. And I think that’s ultimately where everything’s going. So I think the sky is the limit for this project. I see this hitting potentially $0.0275 by the end of the year, which would be around 50% gain.
[00:03:38.000] – Cameron Sikes
And so I think that has a lot of potential.
[00:03:39.900] – Sam Ridgeway
And that’s cheap, right? I mean, that’s really, really cheap. We’re talking fractions of a cent, right?
[00:03:45.560] – Cameron Sikes
[00:03:46.860] – Sam Ridgeway
[00:03:47.920] – Cameron Sikes
It’s basically we’re talking barely a Penny here. And I guess what I’m trying to do now is trying to find good coins for you guys before they actually become popular. And I think that this is definitely one of them. The next one is called Injective Protocol (INJ) , and you can get this on crypto.Com. And its trading around $12.50 is 30 day low is $7.99, 30 day high is $16.58 with a 52 week low of $0.65 and 52 week high $25.01. And basically what injected protocol does that it enables anyone to access, create and trade unlimited, decentralized financial markets.
[00:04:28.240] – Cameron Sikes
This means crypto futures, perpetuals and sophisticated financial derivatives can all be traded on Injective in an entirely decentralized manner. Does it really fast? Basically zero cost, zero gas fees to the users. Basically, users on Injective can simply trade across existing blockchain networks such as Ethereum Cosmos and Binance Smart Chain also enables to facilitate trade across Cosmo based projects such as Terra, which is something that we’re really big on. Basically, the Injective ecosystem includes about 100 different projects and over 200,000 different community members as of now around the globe.
[00:05:06.290] – Cameron Sikes
And they’re backed by some really big investors, such as Binance, Pinter Capital and Mark Cuban. So I think the long term potential of this one is going to be really big, especially as we start seeing these trading markets be built on all these different block chains as we start to build up these ecosystems. This is where the market is going. And I really feel that there’s some smart money behind it. And this has a really big future ahead of it.
[00:05:30.110] – Sam Ridgeway
So you said Terra. Terra is Luna, right or within Luna. So how this kind of ties together is one of your picks a couple of weeks ago. Was Luna, right? Yeah. I mean, there are things that come together in this whole, like crypto ecosystem thing that you one utilizes another and leverages another. So this is like two different things that kind of go together in your recommendation as well.
[00:05:54.980] – Cameron Sikes
Oh absolutely. This would basically be like a full derivatuve of this market just on the Terra ecosystem. And one of the reasons why we’re so bullish on Luna is because each time a transaction happens, basically, one Luna gets burned from existence, so it reduces the supply, increasing the value of the remaining Luna coins out there. Now Luna is basically going to have building at this huge ecosystem. When the Columbus Five rolls out at the end of the month, there’s going to be greater transactions. So there’s an increased demand.
[00:06:27.890] – Cameron Sikes
And with each transaction, it’s going to reduce the supply of Luna. And so I think these two compliment each other hand in hand. This is going to be able to growth in its ecosystem and by default is going to also push up the price of Luna as well.
[00:06:42.370] – Sam Ridgeway
Again, I want to talk to you about the portfolio and the recommendations that we have. Sometimes you’re things are going to go down. But again, don’t freak out about it. Just understand that that’s the normal cycle, especially if things push up really fast. If something goes up extremely fast, you’re probably going to have a correction in the market. You need to at least expect it. But at the end of the day it’s going to come back down. It’s going to go back up and it’s going to kind of zig zag up as it goes as it continues to go up.
[00:07:08.030] – Sam Ridgeway
So any other words of wisdom that we could give to people about anything right now.
[00:07:16.020] – Cameron Sikes
Don’T let the emotions get the best of you. Just keep buying up coins, collecting assets and letting it grow. And over time you’re going to be just fine. The only way you’re going to actually losing a trade is if you sell like below what you bought it for. And right now we’re not in the business of day trading. We’re in the business of collecting assets. And over time we’re going to be a big winner here. So yesterday did anything and just let us do some bargain hunting out there and buy some stuff on the cheap.
[00:07:41.890] – Cameron Sikes
And then I think we’re going to see some really big returns in the next couple of months.
[00:07:44.760] – Sam Ridgeway
That sounds great. Again, I don’t want to make these too long. I think people like to just get in, get the information, get out. So we’re talking SC and
inj – those are the two. You got it. And both can go on crypto. Com, right?
[00:07:56.460] – Cameron Sikes
[00:07:57.010] – Sam Ridgeway
[00:07:57.190] – Cameron Sikes
[00:07:58.290] – Sam Ridgeway
Alright. Sounds great. Again. Cameron, I can’t thank you enough for doing all this research, looking at all these coins, getting some rock stars that could potentially go. I mean, you’re talking a fraction or less than a Penny for a coin, even if you did ten of those and put $100 into each of them all it has to do is – one has to hit, right?
[00:08:19.770] – Sam Ridgeway
Go up and you’re like rolling in it. So you know, just listening to Cameron. Don’t sell until to the sell. Just hold. Don’t look. Portfolio, watch us every Wednesday. You’re gonna be just fine. So again, Cameron, thank you so much. I’m going to let you go and everybody out there. Thank you for watching. Buy More Luna. That’s right. And before we go, another thing, when stuff dips like that when the Mark market hits. That’s like an opportunity to buy right. When Luna goes on, what was 25 or yeah.
[00:08:46.950] – Cameron Sikes
It dropped almost 25. And I was thinking I would buy up as much of it anywhere below 35. And so you’ll just be able to get these things just on the cheap and just stock pile them. Because by the end of the month, this thing is about to explode.
[00:09:00.020] – Sam Ridgeway
Perfect. Alright. Thanks again. Cameron, let us go. We’ll see you next Wednesday, guys. Alright.
[00:09:05.190] – Cameron Sikes
Have a good one.