Sometimes its very hard to discern the state of crypto in global markets as someone that doesnt really leave the crypto market.
For a few weeks now we have been seeing garbage memecoins resurface in the form of PeePee coin. It looks like its touching 500million in Market cap as I write this post. I was for a moment thinking of shorting it but when something doesnt make sense, acting with sense towards it will rarely net you any profit.
Which is why I stay away from memecoins like its the plague with CT influencers being the carrier rats.
Because of the growth of that one memecoin (maybe a few more, i dunno) CT is starting to think that we have entered a new retail investor phase and the bull market is with us.
No.
Most of the mainstream, media, creators that left crypto during the bear market, most of the people I talked to irl all think, without any doubt, that crypto is still dead.
What we are seeing with these few memecoins isnt proof that retail is back. By all accounts its just a bunch of degens playing Russian roulette with each other.
Google trends stats for crypto, Bitcoin, ETH, is still at similar levels to what it was in 2018-2019. CT is still drained of retail investors, engagement is down in the gutter, NFT volumes as well...
All things point to the fact that we are nowhere close to seeing the euphoric horde of retail investors that will take us to new heights.
Image by Midjourney AI. I told it what to do. It did it.
Could it be because any time you get close to crypto, someone tries to convert you into an "investor"... ?
They do it to themselves mostly. You should read some discords on new projects like SUI. A bunch of half literate people gaslighting each other. ChatGPT looks lifelike in comparison to some of them. Retail is even worse.
I don't want to look, and I felt the same way before you told me that.
I pretty much am mainstream in this context. What has me interested in this project here is an underlying business model that does not seem to be catching on. These reward pools should be fueled by consumers, not "investors." It's just money to me. A coin is a coin. When I tell someone they could support my work, and watch their money grow instead of throwing it away, their eyes light up. If I say "crypto," their eyes go crossed.
When I tell someone they can support an entire online magazine instead of calling it a tokenized community, yet not throw their money away like they would in the traditional sense, their eyes light up. Say "crypto" and "investing", it's the same concept but they suddenly don't know what to think.
Just want it to be like a car where they hop in and drive, not even thinking about the engine under the hood and all the moving parts. And for sure you don't want to buy a car that comes with a car salesman permanently sitting shotgun constantly offering shit with a mouth that doesn't shut up.
I wouldnt call you mainstream retail in this because people in crypto assume those are teh ones that pump their bags and act as exit liquidity. Crypto people are such great fountains of morality.
I had a big idea that could have worked. Then FTX happened and crypto was no longer a driver of positive advancement in eyes of the mainstream. Instead a scarlet letter.
Sometimes shutting up and letting the driver make the decision is the way to go.
Maybe this self driving car will smash into a money tree.
Slow and steady wins the race. staying in the race is the main key here.
Im taking it so slow that im on the side of the track sitting in a lounge chair sipping tea and watching degens run in circles.
Very true.
This pepe token seems to be the distracting point making people think that the bull market is near.
Just a matter of time, people who invested in it would have nothing to write about.
So sad that people still go for things with luxury forgetting that what ever goes up must definitely come down.
Great post by the way.
Making millionaires and paupers.
but adoption is growing exponentially
I wouldn't say exponentially.
Peepee? 😂😂😂😂 🐸🐸🐸🐸
Thats not the actual name?🤔
#Posh
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You are absolutely right what is happening in the market now or what will happen in the coming days no one can tell the way meme coins are working right now no one could have imagined.
Thanks for the calming message. We are not in the bull phase, indeed.
!PIZZA
Agree.
Cool imagine by the way. Seems one of the prompts was "broken" :)
A few things in there. Fractured, dead with grungy look. Good a few other nice ones.
I don't care whether it is dead in their eyes because crypto is ours won't serve for their benefits.
$PIZZA slices delivered:
@cryptothesis(4/15) tipped @lordbutterfly
Thanks to share this message.
In India it is even getting hard to get in crypto as government is imposing huge tax on crypto earnings and putting it in anti money laundering law.
Some regulations has to be made to crack down these dump coins and change the perception of people towards crypto.