Futurologists and investors alike have been flocking to cryptocurrency in recent years. The technology has broken into the mainstream a couple of times, and many millionaires have been created from crypto-investing.
With all of the hype around cryptocurrency, many new developers have attempted to jump into the fold and create their own coins. Some of these coins are fantastic and succeed, some are fantastic and fail, some are quick cash grabs or pump and dumps, and some are memes.
It can be difficult to choose which one to invest in with all of the crypto coins to choose from. Professional crypto investors like Ryan Hoggan have their own tips and tricks for tracking crypto trends determining when to invest in a coin and when to let it go.
Ryan Hoggan is a venture capitalist, executive, and entrepreneur who has found success in traditional business practices and investing as well as in new-age crypto and blockchain investing. Ryan agreed to give us some advice on keeping up with crypto trends and finding success in investing.
One way to keep up with trends is via social media. Twitter is a great example. Make sure that you are following major crypto-players.
We don’t recommend buying every single cryptocurrency that you see being peddled on Twitter. However, if you follow someone with a good track record, then you can be one of the first to hear about a coin, do your due diligence, and grab an early ticket to a sound investment.
It is very important to filter the hype on social media continuously; this is one of the few ways Hoggan stays smart with his crypto investments.
Reddit is one example of a forum with a lot of useful information. Users can all post their own threads, and you can always sort by new and see what people are talking about.
Like Twitter, forums are a great place to see what is being talked about and catch early discussions about new coins. Always do your due diligence and research, but forums are a great place to see thoughtful discussion and multiple opinions on a single coin.
Hoggan recommends sorting by “controversial” when browsing Reddit threads; this way, you can see what concerns other investors may have and see different opinions than the popular ones.
Discord communities and Facebook groups are fantastic places to have more personal discussions about cryptocurrency. Some groups may have information obscure and not well-known.
Being a part of these communities will give you an advantage over other investors who wait until something is on the news before investing. This will also help you form connections with seasoned investors and crypto experts.
This is playing off of the community advice. Once you are in the community like we said before, Ryan Hoggan recommends making friends with the investors you trust the most.
If someone has an excellent track record, always does research, and seems to have a good head on their shoulders, they will be an invaluable asset to your investing career. It’s always fantastic to have a second opinion, especially when determining whether you will make or lose money on an investment.
No matter what you read, whom you talk to, or what is posted, always do your due diligence. Ryan Hoggan says the most crucial attributes of a new coin are its developers and its practical uses.
Do the developers have real names and reputations? Does the coin have a use beyond “making money”? A coin needs to have a use; otherwise, there’s no reason for it to have or gain value.
For more blockchain news, including the latest crypto, bitcoin, Ethereum, NFTs, and altcoin tips, follow Hoggan on Twitter at @RyanDeanHoggan.