PlayKey 81% Net Profit - Window Still Exists

PlayKey price spiked ~100% from my time of entry, on 21-May-2018 @0.00104 ETH/PKT to a high of 0.00205 ETH/PKT on 6-Jun-2018, banking a net gain of 81% over 16 days (or 1842% annualized). I chose to scale out my position at different profit targets over the course of 16 days, exiting the last tranche at a high of 0.002 ETH/PKT.

PlayKey, the first decentralized cloud gaming platform, announced a buyback program on 21-May-2018 via their Twitter post here. Following up with more details the next day on Medium here. To get a better understanding of PlayKey, please head over to my buddy’s @culgin article here.

From May 29 to June 29, Playkey plans to buy back PKT on the HitBTC exchange. Although the buyback price will be determined by the exchange rate, it shouldn’t exceed $1.24 per PKT.

Right now $PKT is trading at $0.63. This does not mean the price of $PKT should be at $1.24. It means PlayKey will buy their tokens everyday (approx. $80,000 per day – $2.5M/31 days), as long as they are under $1.24. This is also the reason I chose to scale out my small position as price moved up.

Outside of cryptocurrencies, I am also engaged in stocks and options investing. News such as this normally provides good support for a stock, as it gives shareholders the confidence that the company themselves see current prices as being depressed and under their calculated fair value. Hence, if an asset is under-valued (ie. trading at a discount), wouldn’t you want to purchase more of it? This is what happened with PlayKey.

Since the price-spike to the high, $PKT has recovered to below my previous entry price of 0.00104ETH/PKT! Having the buyback information on hand, I decided to re-enter at 0.00092ETH/PKT and once again, set up exit targets at various levels below 0.002ETH/PKT.

Point to note, $PKT price fluctuations relative to ETH is greater than to BTC. As such I am entering and exiting on ETH/PKT.

You can get $PKT on HitBTC exchange here.

Updates from Playkey on Twitter here | Medium here

Special thanks go out to:

(1) Metzwf for alerting us to PlayKey’s buyback
(2) @Culgin for writing intriguing articles, especially an excellent piece on PlayKey’s unique solution for gaming, and also providing updates on Twitter.

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Steemit: @culgin | @mrshev
Twitter: Culgin | Metzwf | Mrshev

Disclaimer:

This is my personal view. I am not a financial adviser nor affiliated to any investment advisory. Your decisions are yours and yours alone. Please Do Your Own Research (DYOR).