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YouTuber Lark Davis shares his hodling strategy for Cardano, which later turned out to be profitable for him.
According to Davis, Cardano's ADA was one of the first coins he made "huge" money on as he got into it quite early. The crypto influencer stated that he got into Cardano at 3 cents, or $0.03. He then held on up to $1.20 in 2018 before the bear market set in.
#cardano was one of the first coins that I made HUGE money on.— Lark Davis (@TheCryptoLark) February 7, 2023
Got in at 3 cents.
Held up to $1.20 in the 2018 blow off top
Didn’t sell any
Held to 3 cents in bear market. Full round trip. Sold around a buck in 2021
There’s a lesson here haha
PS still have love for $ADA
"Cardano was one of the first coins that I made HUGE money on. Got in at 3 cents. held up to $1.20 in the 2018 blow off top. Didn’t sell any. Held to 3 cents in bear market. Full round trip. Sold around a buck in 2021.There's a lesson here," Davis wrote.
The price of ADA, according to Davis, dropped to the same $0.03 as when he got in, but he continued to hold on.
Then, in 2021, the ADA price skyrocketed by thousands of percent. Cardano experienced a dramatic increase in value over a year, rising from less than $0.20 to more than $3. ADA achieved its most recent record high in September 2021, reaching $3.10.
He sold a portion of his holdings in 2021, which allowed him to profit from them. The lessons that might be learned are patience and not giving up.
In a bear market, investor sentiment toward crypto assets is typically negative. As a result, some people panic-sell their holdings, which further drives down prices.
Davis was able to resist the urge to panic sell and rather "hodled," which later paid off in the long run.
ADA price action
ADA was trading at $0.389 at the time of writing, down 0.48% over the previous day. After the bear market of 2022, ADA is now 87.46% below its peak.
Although it can be difficult to determine when a bear market has ended, there is some solace in the knowledge that the storms will eventually pass as investors gradually gain confidence, ushering in yet another bull cycle.