Are Crypto Pump groups profitable for new-comers in 2021? Update #2 — My First Pump!
Part 1: Are Crypto Pump Groups Profitable for new-comers in 2021?
Part 2: Update #1 — Strategy
Part 3: This post
Part 4: Update #3 — Strategy for next pump
Part 5: Update #4 — My second pump!
Well I participated in my first pump this morning, and I’m sad to say it was not exactly a pump, it was more of a dump.
I’m pretty sure it’s because the Telegram groups that advertised this pump are both just following other groups, so by the time they buy the coin themselves and post in their own groups, the show is already over and they’re posting in the hopes that they can dump their own holdings on new-comers like me.
I had the keyboard at the ready with Telegram Web and both groups open, and the messages came through at 40 seconds past the scheduled time — 40 seconds is fatal in this game. I executed my market buy and limit sell orders though, just in case everyone got it late (very naïve thinking from me). Not surprisingly the coin had already been pumped and everyone that had holdings were just selling off whatever they could.
After a minute or so I cancelled the limit sell orders and sold at market for a 30% loss (of my $20 that I tested with).
Pretty standard stuff and I’m not really surprised this is how my first pump went. I do think it was money well spent confirming that these groups were not legit in the sense that they don’t post the messages quick enough for anyone to be able to be profitable.
Interestingly, there was another group claiming that they knew the coin before the two groups that were advertising the pump. I had a quick chat with the admin of that group and the cost for premium membership is around $1200 USD (which is after a 70% discount apparently!)— 99% sure that’s more of a scam than anything else I have encountered in this space.
Anyway, the two groups I’ve struck off my list for the potential to be profitable are:
- Binance Pump Signal on Telegram
- Big Binance Pump Family on Telegram
I had already read on Reddit that Big Binance Pump Family had taken some pour soul’s money and gone incommunicado after convincing them to cough up for their “VIP” members area. This seems to be a common scam — especially in these Telegram groups that have chat disabled. You can’t see who is in the group, and you can’t complain to anybody — you are shit out of luck.
Strategic rethink
We know that speed is key, but no matter how fast you are at shutting the barn door it won’t do you any good if the horse has bolted already. Maybe there is a way to monitor the coins on Binance and detect volume discrepancies leading up to scheduled pump times?
If we can get ahead of the game and buy on the way up vs the way down, we might have a chance of being profitable — even on these clearly crooked Telegram groups. I think I will spend a little time with the Binance API to explore this idea.
The next pump
There is another pump scheduled on Big Pump Signal at:
Sat, 9 Jan 2021 9:00 PM GMT (London)
Sat, 9 Jan 2021 4:00 PM EST (New York)
Sun, 10 Jan 2021 6:00 AM GMT+9 (Seoul)
This is the largest pump group with something like 200k+ users, so surely we’ll be able to be faster than a heap of them to turn a profit.
Stay tuned!
If you’re keen to get involved, here are the groups I’m currently a member of:
Big Pump Signal — Discord
ThePump — Discord
PumpIt — Discord
Pump Makers, Risk Takers — Discord
Fire Pump Signal — Discord
Giga Chad’s Pump ‘n Dump Fraternity — Discord
Insider Pump Signals — Discord
Monster Pump — Bitcoin Investment — Discord
Pump Central — Discord
United Binance Pump — Discord
Nuclear Pump Signals — Discord
