I got a taste of what it's like to be a whale today.

When I finally realized I had received the PAL airdrop I wanted to show my support by doubling down on it. I bought 950 more coins at a price of 0.111. The next day, I felt a bit silly, because I knew that a lot of other people were going to continue to dump their airdrop and create a lot of selling pressure. After one day the coin dropped from 0.111 to 0.5 and below.

I picked up a few thousand coins at 0.5, but I was worried that it might drop even further so I held off on going all in. My goal was to spend all the money I've made blogging over the last few months. It was pretty much exactly 500 Steem.

Today, I was trying to buy some more coins. The market bounced from 0.05 to 0.06 then to 0.07. I saw a few thousand coins for sale at the 0.08-0.09 range but I figured I could still buy a few thousand at 0.6 due to the liquidity spread. I was wrong. No one is selling anymore. Those coins I was thinking about buying got bought by someone else 5 minutes later.

At this point I'm freaking out a little bit. I've only put in 200 Steem out of the 500 Steem I wanted to spend on PAL. No one is selling. Everyone who was going to dump their airdrop on the market has already done so and there are way more people accumulating than dumping. Liquidity is insanely thin, and there are no more coins left to dump.

When you're a whale, you can't buy the dip.

When you're a whale, you create the spike. I learned this lesson via first hand experience just now when I want all in with my remaining 300 SteemPegged coins. I placed a few orders and single handedly increased the price of PALNet coins from 0.108 to 0.173.

With only three hundred Steem,

I increased the price of PALNet coins by 60%.

Now I feel a lot less silly for doubling my airdrop at 0.111.

My buy order is the one at 0.14 that cleared out everything from 0.108 to 0.13999. After that there was a gap up to 0.173 so I figured that was a good cutoff.

I was hoping to get 6000 coins out of that 300 Steem. No such luck. I should have taken that opportunity when it presented itself, but as we all know, these markets are totally unpredictable.

I have to say though that this was a very unique experience for me. It was so weird manipulating the value of an asset like this by such a huge percentage. It gives me a little taste of the stakes at which the real whales operate at on a daily basis.

In fact, if you look at the liquidity... there are really no coins left... I bought them all. If you tried to buy 1000 coins right now the price would rise from 0.173 to 0.7 (400%) Yikes!

Conclusion

There are way less PAL coins than Steem coins. There are no PAL whales that can manipulate the market currently. All the big stake holders have agreed to hold their coins for a year.

The team that is developing PALNet is cranking out development like mad and have shown that they care about the community and fair distribution.

In a year I'll get to say I bought all my PAL coins for 3 cents a piece. Whether that is a good deal or not is yet to be seen, but I'm hopeful.

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