Train wreck

The Lisk Launch was a Profitable Train Wreck

Yesterday LISK started trading on the open markets. Pre-market ICO participants were trying to race each other on the exchanges to sell at a premium during price discovery. The only problem was that none of the wallets were working. 

The web wallet and downloads page were under heavy DDOS attack, preventing anyone from accessing their money. The order books taunted the panicked traders with buy orders set at a +10,000% premium. The first trader who finally managed to sell his coins made 6.5 BTC off of 300 LISK (worth 0.05 BTC at ICO prices). 

A docker version of the wallet was made available during the attack but it required a bit of technical skills to set it up via bash scripting. 

Lisk Markets

Once traders were able to get their coins on the exchange, the LISK price came crashing down like a ton of bricks. Although the price dropped, it still managed to stay higher than ICO prices. The average cost of a LISK coin during the ICO was around 0.000178 BTC. The price varied according to bonuses. 

LSK

The ether markets started dumping during the LISK launch day, creating a double top on the charts. Traders may have been freeing up capital to invest in this new market. The LISK trading volume today on Poloniex was about 50% the volume of ether. 

LISK 24 hour trading volume was $6.4M with a market capitalization of $30.2M, ranking it as #6. 

Although LISK may eat into the market share of ethereum, the volume will likely cool down as the week progresses. I anticipate a potential drop in the price of LISK during the opening day when DAO starts trading. 

Altcoin traders like to chase hype and usually pour money into new markets. I suspect once LISK falls in price it will consolidate as whales accumulate before the next big rally. 

The LISK markets will have fierce competition once DAO and WAVES hit the exchanges. There are rumours that LISK may launch its own DAO, this will likely increase buying pressure. 

LISK turned out to be a profitable coin for early investors. 

 

Rocky

Crypto trader and investor. My preferred style is swing trading and longer term accumulation plays. I help coach traders and share my trades over at skillincubator.com
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