Chainlink has been on one of the craziest ride this year. From stabilizing at around $4.5 around March before the market crashed to surging past the $5 mark and soared all the way to the top to $8, Chainlink wasn’t quite done yet. After getting that notification today from Coinbase, I was shook. Especially what happened with the crypto flash crash not too long ago.
On August 2, 2020, roughly at 9:30 PM PST almost every cryptocurrency had a flash crash that lasted for roughly 30 minutes. We’re talking major coins such as Bitcoins, Ethereum, Chainlink, and much more crashed within the minutes. Bitcoin went from $12,000 to $10,500 within a matter of minutes.
Unfortunately, I missed the crash by a mere 10 minutes and wasn’t able to take advantage of the situation. Those that were able to buy during the short sell off did a pretty good job at entering during the right time. Roughly around $1 billion of BTC was liquidated within the minutes, which caused a quick 13% crash. Luckily, the crash didn’t last too long and the market slowly picked up its pace within the following hour. Kinda punching the air right now (insert Tyler1 meme) by not buying more Chainlink during the dump. But who would’ve guessed we see a surge this fast? Looking back, buying at $7.64 was a good price and I can’t really argue with that. I now have a total of 1700 Chainlink in my account. I would like to have a total of 2500 by the end of the year.
So yeah, within the next couple of hours after the flash crash, Chain hit $8.6 I believe. My investment paid off. I was up a whole dollar amount from my recent entry and I just thought it might stay around that price for a while. There would be no way that Chainlink could break $9 anytime soon right? Well buddy, if you had the same mentality as me then you are also wrong. Just within a matter of minutes, earlier today Chainlink soared from $9 to $9.4 within an hour. If it broke $10 today, that would’ve been insane, but I don’t think we’ll see $10 until probably the end of the month. Take a look at the chart below if you were able to enter during the tip.
From $7.55 to $9.4, within a couple days, your portfolio rose by 30%. Insane. Congratulations to those that were able to buy Chainlink (or any other cryptocurrency) during the flash crash. Personally, I will still be holding all of my coins for the time being. I don’t think I’ll be selling my coins anytime soon. I’m playing this game long term, so I’m expected to easily hold this for at least 1.5 years. Or even if Chainlink miraculously hits $25, (which is my dream target price to sell at) then I’d consider selling all of my positions and call it a day. Who knows, this is definitely a reach for it to hit $25, but at this rate considering how Chainlink is moving, anything is possible.