🕵️♀️ [On-chain Sleuth] Topic: memecoin fomo
Omg it’s all going up! Everyone is making generational wealth except for me…
- I thought the same and spent half a day coping back in April. But it isn't my first rodeo, so: today we look at the most popular meme coins and how much money they really generated for the buyers. Below are some theses and lousy statistics on their performance.
⭕ BRC20: all are in losses.
They started late; they are much less liquid; their total market share was around $450M and is now $250M. And keep in mind that 65% out of that was always attributed to the original BRC20 ORDI, which has been down only. Don’t pay attention to the capitalization numbers etiher, on low volumes they are very manipulative. If you wanna read more on Ordinals and BRC20 taking the Bitcoin ecosystem by surprise, scroll up. Also, lack of wallets, trading tools, trading analytics, and so on - don't let it grow more either.
🔹 ERC20: a better profit-making story, but still pretty bad. See the chart below 📉
It couldn’t include the exact launch pricing in all cases and not all coins, as TradingView doesn’t add all or right away. It’s just a visual representation of the point: unless you got in during the first week(s) before end of April - you are most likely in losses. See Coingecko. The TradingView charts addition was pretty much the peak on May 1, and that's when most people got in actually, huh.
What’s still in money is $ PEPE and $ BEN (made by a presumably anon account), which was endorsed and then taken over by another fraud, BitBoy Ben. And $ PSYOP, created by this anon ben account - where the token was just launched a couple of days ago, but (i) close to 95% of the suppy is still in the hands of that dude who pre-raised > $7M and (ii) not even presalers are unlocked. It’s fraud all around. Quite likely, they both overdid it this time. Even Ran Neuner never did it so relentlessly.
But ser, DeFi coins also went down… What’s the difference? It’s all a scam?
Eh, there is a big difference.
Food for thought 🦞 Narrative trading vs Investing vs Scamming
Surely, any asset has a price - up or down, but always to the right. However, it matters what the underlying narrative and fundamentals actually are. Not for the health of the industry even. You can be as nihilistic as you want, be yourself. Is ok! But if you buy a shitbag, there is 0 guarantee anyone else will buy it. There is no narrative to grasp to, no reason to hold, no better picture of the future.
Buying literal scams means you (i) need to be hella sure you are first, and (ii) you have someone else to dump it on. With investing, although you also sell to someone else later - you get to support builders, something gets created, an ecosystem gets developed. It’s at least somewhat productive. And that productive part, however much it is memed, is relied upon in narratives. Even Verge memes were hanging a lot on the privacy and Pornhub payment acceptance narratives in 2017-2018, whereas Dogecoin spent a part of the cycle relying on Elon and being his go-to-payment coin.
There are different ways to get a narrative going. End of the day, price action defines everything that people believe in. But while you can’t influence the price directly (you can’t magically invent buyers)… you can surely build something decent, interesting and excite people with that. Who knows, maybe you create something cool along the way. But shilling scams to your friends aint it, frens.
You are just coping, loser!
This is not a high horse post. It’s just truly not a sound investment strategy. Unless you have an edge and actual access by beating everyone on time AND you sell the top - it’s not for you. No fomo! PvP will get you buried fast, and it’s not a fun place to be in. This one-month cycle had 3 winners and 10,000 rugs and full losses? Ye, math doesn’t align on that, onto the next narrative 🫡
Omg it’s all going up! Everyone is making generational wealth except for me…
- I thought the same and spent half a day coping back in April. But it isn't my first rodeo, so: today we look at the most popular meme coins and how much money they really generated for the buyers. Below are some theses and lousy statistics on their performance.
⭕ BRC20: all are in losses.
They started late; they are much less liquid; their total market share was around $450M and is now $250M. And keep in mind that 65% out of that was always attributed to the original BRC20 ORDI, which has been down only. Don’t pay attention to the capitalization numbers etiher, on low volumes they are very manipulative. If you wanna read more on Ordinals and BRC20 taking the Bitcoin ecosystem by surprise, scroll up. Also, lack of wallets, trading tools, trading analytics, and so on - don't let it grow more either.
🔹 ERC20: a better profit-making story, but still pretty bad. See the chart below 📉
It couldn’t include the exact launch pricing in all cases and not all coins, as TradingView doesn’t add all or right away. It’s just a visual representation of the point: unless you got in during the first week(s) before end of April - you are most likely in losses. See Coingecko. The TradingView charts addition was pretty much the peak on May 1, and that's when most people got in actually, huh.
What’s still in money is $ PEPE and $ BEN (made by a presumably anon account), which was endorsed and then taken over by another fraud, BitBoy Ben. And $ PSYOP, created by this anon ben account - where the token was just launched a couple of days ago, but (i) close to 95% of the suppy is still in the hands of that dude who pre-raised > $7M and (ii) not even presalers are unlocked. It’s fraud all around. Quite likely, they both overdid it this time. Even Ran Neuner never did it so relentlessly.
But ser, DeFi coins also went down… What’s the difference? It’s all a scam?
Eh, there is a big difference.
Food for thought 🦞 Narrative trading vs Investing vs Scamming
Surely, any asset has a price - up or down, but always to the right. However, it matters what the underlying narrative and fundamentals actually are. Not for the health of the industry even. You can be as nihilistic as you want, be yourself. Is ok! But if you buy a shitbag, there is 0 guarantee anyone else will buy it. There is no narrative to grasp to, no reason to hold, no better picture of the future.
Buying literal scams means you (i) need to be hella sure you are first, and (ii) you have someone else to dump it on. With investing, although you also sell to someone else later - you get to support builders, something gets created, an ecosystem gets developed. It’s at least somewhat productive. And that productive part, however much it is memed, is relied upon in narratives. Even Verge memes were hanging a lot on the privacy and Pornhub payment acceptance narratives in 2017-2018, whereas Dogecoin spent a part of the cycle relying on Elon and being his go-to-payment coin.
There are different ways to get a narrative going. End of the day, price action defines everything that people believe in. But while you can’t influence the price directly (you can’t magically invent buyers)… you can surely build something decent, interesting and excite people with that. Who knows, maybe you create something cool along the way. But shilling scams to your friends aint it, frens.
You are just coping, loser!
This is not a high horse post. It’s just truly not a sound investment strategy. Unless you have an edge and actual access by beating everyone on time AND you sell the top - it’s not for you. No fomo! PvP will get you buried fast, and it’s not a fun place to be in. This one-month cycle had 3 winners and 10,000 rugs and full losses? Ye, math doesn’t align on that, onto the next narrative 🫡