This is the 2nd month where I invested $20 into each of the top 7 crypto subreddits again. As a reference I also dca into the top 7 tech cryptos according to quantintegral.com. The results for the second month are as follows:
| Input (2 months) | Current Value (22-10-01) | Cryptocurrencies | |
|---|---|---|---|
| Reddit Index | $280 | $283.2 (+1.1%) | BTC, ETH, DOGE, ADA, SHIB, LTC, XRP |
| Crypto Tech Index | $280 | $272.7 (-2.6%) | ETH, BNB, DOT, ADA, AVAX, MATIC, IOTA |
I also obtained data for the subreddit stats:
| # for September 2022 | Subscribers | Minimum monthly active user volume |
|---|---|---|
| 1. Bitcoin | 4,596,431 | 430,929 |
| 2. DOGE | 2,334,610 | 227,818 |
| 3. Ethereum | 1,475,273 | 200,977 |
| 4. Cardano | 697,929 | 120,550 |
| 5. Shiba-Inu | 474,792 | 94,944 |
| 6. LTC | 357,229 | 36,967 |
| 7. XRP | 352,771 | 26,022 |
| 8. Monero (for info) | 270,327 | 85,989 |
Minimum monthly active user volume: Estimated number of monthly active users by monitoring daily active users at different time zones.
I was surprised that the reddit index has held up quite well during these volatile times. When compared to the tech index, it actually outperformed it last month. Last month, there was a big event: The merger. Everyone had high hopes, but it was a case of buy the rumors, sell the news. The crypto market tanked during the Merge. One of the few cryptos holding strong was actually XRP. It saved the the reddit index and is also one of the main reason why the reddit portfolio is slightly in positive. It should be taken with a grain of salt that reddit 'outperformed' the crypto tech index and also the global crypto market (which consists of 46% BTC, 20% ETH and 34% Altcoins) due to few data points. I am still looking for how this experiment develops and unfolds.
Buying shitcoins still hurts, but I'm less concerned than I was last month. As a side note, by investing in so many coins, I became uninterested about the price of a single cryptocurrency. There would be so many prices to compare that I am unmotivated to look it up. By investing in the top 7 reddit/tech cryptos, I feel less emotional and it definitely relieves my psychological stress during the bear market.
For navigation:
- Reddit DCA Start
- More data can be found on quantintegral.com
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