Blog 26 – April 2024 – Wormhole & Housekeeping

Wormhole

Note to future self – just sell any airdrop when you receive it, and move on. Having been somewhat burnt by the EtherFi airdrop – selling immediately only to watch it double in price shortly thereafter, I had decided to take some time to decide on what to do with the Wormhole airdrop. Who could have predicted the down only action thereafter.

There were of course a number of different catalysts that contributed to the price action:

  • Market conditions took a turn – with BTC coming back from all time highs and moving choppy between $60k-$67k. Alts dropping significantly during this time and moving back to pre JAN 2024 prices for the majority.
  • Airdrop Exploits – multiple wallets qualifying for significant sums of W and adding to sell pressure.
  • Almost zero community engagement, no telegram, no announcements, no active staking open, absolutely NO reason for anyone to hold the token…..
  • Finally, and probably the most obvious, the user experience was appalling. This should have been my biggest red flag / or signs of things to come.

I was sitting there refreshing the price, all of a sudden we drop below $1. CryptoTwitter saying that this would be a great entry, you’ll be able to stake soon for more airdrops etc. Meanwhile nothing from the team. I was beginning to feel like this was a terrible ‘investment’. Of course this was money that had appeared out of thin air – so once we dropped to $0.86 and the value approaching $2k, I thought it was time to call it a day and cash in.

So on April 9th I sold all 2,434 W tokens for $2,097. This is a great result, however still feels like I massively fumbled the $3,600 bag I had. Again I will say this, only in crypto can you print $2k out of thin air from a couple of random transactions in December, and still somewhat feel like you’ve lost!

There is light at the end of that tunnel though, because at the time of writing the $2k would now be worth closer to $1,400.

Housekeeping

Kamino / MarginFi / Parcl

I have decided to take some USDC out of MarginFi, Kamino and Parcl which I had on the 2 former for lending/borrowing to accrue points, and the later as liquidity. It has become apparent, that any airdrop from these protocols would be linear in distribution – or proportionate to your points. In other words, unless you had hundreds of thousands/millions of USDC or equivalent on their platforms, your airdrops are likely to very little. So on April 9th I have withdrawn a total of $325 from Kamino and MarginFi, $506 from Parcl.

Brett

I sold the last of my Brett on Solana for $233. In short I chose the 2nd best Brett to invest in. The first Brett on Injective was a Rug, the second on Solana (which I was in) just never seemed to get there, and the 3rd Brett on Base (Based Brett) did what i thought ours could do; got to the high hundreds of millions in marketcap and had a cult like following. I basically chose the wrong Brett – so time to cut and move on. Overall I have probably made 2-3x on this but it feels like a ‘what could have been’.

Atom/AKT

I sold 13.5 AKT and 0.4 atom for a total of $60. This was sitting in my Keplr Wallet and is just staking rewards that have been realised.

Sol

Because I like round numbers, I sold a small amount of Sol for $179.

TOTAL

This brings the total of all above, including the Wormhole airdrop sale to an amount of $3,400. I have withdrawn this $3,400 USDC for this month, and it will be taken off the investable balance moving forward – subject to any future investments / withdrawals of course for the month of April.


Disclaimer

It goes without saying nothing on this site or anything associated with Happy Crypto Wanderer is or should be taken as financial advice. This site tracks the hopeful journey of one everyday punter just trying to live out a dream. Come back here every month so you can track the journey. Any and all feedback is much appreciated. If you feel so strongly that you’d like me to stop at any time, a large enough donation to this wallet so I can reach my goal could make all this disappear.

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