Bobby’s Gem Bags — Revision + Bag No3: $ACXT
Hey everybody, welcome back to Bobby’s Gem Bags — if you’ve missed my introductory article, feel free to pop over and check it out now. You can also check out our previous entry, $POLS. If you’re a TL/DR type, I’m Bobby, I got a nice $UNI airdrop and I’ve decided to divide it into 100USDT bags that I’m gonna try and fill up with crypto gems to see what happens. It’s tons of fun.
Now, it’s been a long time since we’ve had an article in the Gem Bags series, with a lot of going on in both crypto and DeFi so I think a recap is in order.
Bag No1 - AllianceBlock $ALBT
You know how your favorite crypto evangelist seems to pick all the best coins all the time? Getting in at just the right price and selling just before it comes crashing down? That might be cause he’s full of it. Nobody can time the market perfectly and it takes time for good fundamentals to come into their own, and if you pick up a coin right before Bitcoin decides to go on a dump spree, no amount of fundamentals or hype can keep that price up.
When I bought up my bag of $ALBT, I rushed in, drunk on the Uniswap airdrop and the idea for Bobby’s Gem Bags. Hence, my buy in was at 0.125USD. While this bag is still not in profit, I stand by my decision and am still holding the $ALBT. If you want to know what made me rush in, check out the Bobby’s Gem Bag article on AllianceBlock right here.
Why do I think the bag was a good decision? From the initial look at it, the project’s team seemed like one of its strong sides and they’ve lived up to my expectations. If you take a look at their Telegram Announcement Channel, you’ll see a constant feed of updates, market presence and partnerships, showing the team is keeping very busy indeed - they’ve partnered with PARSIQ, Ocean Protocol, Frontier, Covalent HQ and Chainlink in the past few weeks alone!
This level of activity has helped the team create a number of hardline community supporters, some of which have been seeping into our channel as well, which is always a good sign. This means that when the token price went as low as 0.04USD, it was scooped up and a support was established by the community, and once the general market picked up more steam, it went as high as 0.115USD.
Considering all of the above, if the team continues to perform on the level they’ve set so far, once the gains from $BTC and $ETH start to overflow into alts, this gem bag might finally get the profit it deserves.
Bag No2 - Polkastarter $POLS
Ah, sweet $POLS. As you might remember from my original Gem Bag article on $POLS, this bag was one fun ride that already saw us reach our Bag goal of x2 and I’m considering it a free ride at this time, so my views on it might be somewhat pink-glassed, but that doesn’t mean we’ll stop paying attention to the project.
In fact, Polkastarter showed an astonishing resilience to everything this market has to throw at them. They came in hot, rallying a massive amount of hype and FUD at the same time, so the wild price movements and the overall hectic trading at the start was to be expected. If you’d like to see what attracted me to the project, check out the original Gem Bags Article on $POLS.
So, what has the team been up to? Well, first of all, they’ve crushed the FUD about using Polkadot as the marketing gimmick without real intent to build upon it by partnering with MantraDao as well as adding their co-founder to the list of their strategic advisors. This project is still in its infancy, but moves like this chart a pretty clear course and that’s good enough in my book.
The second and probably more important move the team made is to push the marketing into top gear. There has been a constant stream of project updates, news, partnerships and community building initiatives from the team, which have, combined with the positive price movements helped to build one of the most active communities I’m currently part off - every time I take a look at the Polkastarter Telegram Channel, there are a couple of hundred missed messages, same goes for their price discussion channel (I’m a fan of separated price discussion channels, the newcomer investor doesn’t get overwhelmed with moon talk right out the door, lol.
They’ve also managed to partner with some big names in the space, such as DIA, Orion, Covalent and Shyft. The partnerships make sense and provide valuable input for what they are trying to build - like Shyft providing whitelisting solutions for the future token sales - so they are not your vaporware partnerships some project spew at a dime a dozen.
Their community isn’t just active though, they are here to trade, so I was interested to see how the token fares once the private sale allocations start unlocking. As expected, the price went down quick, but it bounced back sooner than expected. Now, the downward movement is to be expected as the token is still trading at about x10 from the private sale price and cashing out is normal, but every time $POLS faced a sell-off, the traders jumped to support it back up. This once again repeated just yesterday with the second unlock (and yours truly was there for a bit of day trading, hehe).
With their recent announcement of Polkastarter 1.0 launching on December 15th, things started going crazy. So far, they’ve announced they will host three projects, the first two being SpiderDAO and MahaDAO. We’ve already talked about SpiderDAO but MahaDAO will be hosting their public token sale on Polkastarter and part of the allocation will be exclusively reserved for $POLS token holders!
With all of the above in mind, $POLS remains a true gem and I’m excited to see what it does over time.
Bag No3 — ACDX $ACXT
Yes, we have a new Bobby’s gem bag today. Some of you might have seen me talk about it in Raccoons TG or ACDX but I’ve added a bag of $ACXT some time ago, but haven’t had the time for a proper write-up till now. If you still haven’t heard of ACDX, we’ve already taken a closer look at them and their pre-launch in this article.
I know what you’re thinking, do we really need another exchange Bobby? And yes, there are thousands of exchanges out there, with precious few having any significant volume whatsoever. However, this is an Andy Cheung project and the industry insider experience him and the team have might be enough to make a difference here.
Since we last talked about it, the ACDX exchange went live, and held an IEO for the tokens at 3$. Some have stated at the time that this price was too high compared to what the cACXT token was trading, but they still managed to sell out fairly quickly. Upon listing, the price took a big hit, which might have been expected, since the price of cACXT didn’t account for private sale participants locking in their profits, which is perfectly normal. However, instead of trying to make a run for the IEO, I’ve decided to wait and see what happens once the tokens unlock. Fast forward a couple of days and I got myself a 100 USDT bag worth of $ACXT at ~0.849$ per token.
Since then, the price moved down a bit, but when it comes to exchanges, there are two possibilities - it either explodes into space or slowly fades away to be forgotten. In the case of ACDX, my bet is that they manage to break out upwards, especially considering the level of activity from the team and the recent Liquidity Farming announcement, which rewards traders on the exchange with $ACXT. Moving onward, I believe Andy and the team will manage to attract even more traders and volume to the exchange, which is when the token burns kick in, but this bag is sure to be one for the long run.
That’s all we have time for today, folks! Until next time, consider joining our socials underneath to join our DeFi Discussion
Now for a disclaimer — I’m not a financial advisor, anything you read on my Medium isn’t financial advice, it’s a log of myself doing due diligence on projects, please verify any and all information presented (error reporting welcome) and make your own decisions.