I just completed writing My ListNerds Weekly Report. This time, I want to share my journey with CENT, another layer two token built on Hive.
Though I have been on Hive since August last year, I think the first week of March was the real breakthrough for me since the day I realized the compounding character of Hive via the layer two tokens.
Many first things happened to me in the month of March: PUD, CUB, ListNerds, and joining a curation trail. 10th of March was the first time I wrote my first email on ListNerds. Two days earlier, I came to know CENT as a platform for economics content.
Five days after, I published my first post about CENT. There I mentioned how the issuer of CENT aimed to make it a stable layer two token pegged at $0.01.
I started with 217 staked tokens. On the 2nd of April, my stake grew to 4,852.60. Thirteen days after, I increased my stake again to 7,207.64. Then the last 2nd of May, I reached 8,2082.395. Today, after two weeks, finally, I reached my 10,000 goal.
Supposedly, the value of 10,000 CENT is $100.00. But due to current negative sentiment in the crypto space, CENT too suffered a price decline.
A few days earlier, my CENT holdings dropped by 51.11% from $90.00 to $44.44. Though the token was intended to become a stable layer two token, it could not stop the selling pressure done by its holders.
That is understandable. Though the market cap of this token is now just around $12,000.00, perhaps holders are either in need of cash to use elsewhere or they just want to protect the USD value of their portfolio.
However, with a small-cap layer two token like CENT, simply buying 5 tokens can easily recover its market price.
Yesterday, I bought 140 CENTs.
And then today, after sending $40.00 into my Hive account, I immediately bought 70 HIVE and utilized 8.92 of it to buy 526 CENTs.
And so, my first goal towards a comparative analysis of layer two tokens in my list has been achieved. My next target is SPT, token rewarding blogging about Splinterlands on https://splintertalk.io as well as increasing your SPS airdrop. Once done with SPT, LEO and CTP will be next.
