The memecoin FOMO got to me.
I funded new wallets and bought a bunch of random memecoins.
I must admit, it's exciting.
I check my meme portfolio 69 times more often than my main one.
Memes might be silly, and most will go to zero, but if it is really the memecoin cycle, I want to be part of the success story.
Part of this bullish community.
You see, elsewhere in crypto, such bullishness is rare:
Ethereum maxis expect a modest 3x to 4x pump this cycle, with Bitcoin potentially the same.
$SOL might touch $1K, but when it comes to low-float, high FDV tokens, the sentiment looks dim.
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"Bull Markets Get More Retarded (Crazy) than You Think," I wrote a year ago in my blog.
Last cycle, I got $120k USD $INV airdrop by simply filling a Google docs form.
I also farmed "valueless" governance $YFI token at 10k% APY.
But I also failed to buy BAYC NFT, even though I had my finger ready to "buy" it at 1 ETH. Singe BAYC generated $1M with all eco airdrops.
I thought NFT mania was dumb when it launched. Now, a penguin NFT is my profile picture. My personal "brand."
Ever since then, I've made it a point to keep an open mind about the things that confuse me the most.
Ability to quickly adapt to the new market dynamics is key.
Memecoins is proving to be the "confusing trade" of this cycle.
They have dedicated followers but also a significant group of skeptics. These skeptics can be converted, providing fuel for growth.
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Memecoins are gaining mindshare and seem to be the only sector in creating new millionaires, unlike the points-for-airdrop meta, which mainly benefits the already rich.
It's a counter-trade for low-float, high FDV tokens.
Honestly, I'm bullish on OG DeFi tokens as well. They too are antithesis for low-float tokens, but DeFi's growing complexity makes it difficult to connect with and less thrilling for the degen crowd.
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I also believe memecoins is bullish for crypto long-term as they expose the flaws in the current token printing era.
The rise of memecoins is pushing VC tokens to adapt by lowering valuations and more generously rewarding the community to attract new buyers. The old strategies no longer work.
We are already witnessing this shift, starting with the resurgence of private-public ICO platforms (Echo & Legion). If you dislike memecoins, I suggest you try them out.
So, buying memecoins sends a signal that we want these changes.
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At the end of the day, memecoins is just another step in our never-ending story of token (money) printing.
We started with BTC forks (LTC, BTC Gold), moved to Ethereum ICO tokens with just stories to sell, then experimented with "fair launches" and liquidity mining, and recently ended the peak of points-for-airdrop meta.
A new narrative will come and overtake memecoins.
It will hopefully be based on new technical crypto innovations as well as new token printing methods that will steal the mindshare from memecoins.
Regulation could help accelerate this shift.
Memecoins will eventually end up over-inflating in number and go to zero like most NFTs and DeFi tokens in DeFi summer.
But just a few will become the new DOGEs, BAYCs, YFIs of this cycle.
I might even catch one if I'm early and open-minded enough. Or maybe not.
But it's at least exciting!
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