Doge had been working these meme streets since 2013. Sure he’d seen pumps before, but this time was different...
The city hadn’t seen greed like this since Doge was just a pup with a thin moustache and a thinner wallet.
Out of towners always made him feel nervous. Their mood switched faster than the weather, and their careless gambling made even the most degenerate jaw drop.
It was a strange week in a strange month, maybe even a strange year..
The internet used to reflect what happened offline, but now the turns have tabled. There’s no space for nuance in the online world, where it’s not time, but memes that make money.
Unexpected interest by irrelevant outsiders makes speculators call for short sales, but it’s been months since the first celebrity involvement of this market cycle, and the hype continues to grow.
WSB is spilling over, and speculation has become a sport played by all ages.
Carole Baskin is pumping bags, Mia Khalifa is buying dog stocks, and Soulja Boy is cranking NFTs.
Is this the awkward adolescence of mass adoption, or the greedy behaviour of a market top?
The desperation of crypto Twitter presents an easy opportunity for fading celebrities to boost their engagement.
After mentioning a passing interest in NFTs, Twitter’s thirsty thought leaders swarmed to Soulja Boy to present themselves as experts in their field.
Fundamentals suggest that we’re nowhere near done, but it’s hard not to feel uneasy when celebrities get involved.
Soulja Boy has been promoting tokens for weeks now, but even amongst his selection of shitcoins, some of his tokens appeared conspicuously bad.
A classic paid promotion.
Just bull market things…
The mystery of the markets will never be solved.
Countless lives have been spent in endless speculation, and now the eternal riddle of “up or down” has attracted a new generation.
Perhaps it was the increased intensity of life in the Coronavirus that accelerated the interest of amateur speculators. We will never know for certain, but the benefit of hindsight will help us to understand 2020.
We all expected a tipping point, but nobody expected this.
GME and WSB mocked efficient market hypothesis with their IQ deficient incompetence and hedge funds are left in shock.
In 2020, hedge fund strategies “soared” with an annual return of 11.6%. All those resources and all that experience, and they didn’t even beat the average Curve vault.
We all supported the GME buyer as the underdoge in their story, the common man who rose up to fight against the hedge fund, but we know where this behaviour takes us - we’ve all seen the crypto pump and dump groups, and we don’t encourage the same activity there.
The GME pump had a purpose and a moral to the tale, but those values don’t transfer to a Dogecoin P&D, where the overly enthusiastic investor will fall victim to the more advanced frontrunners and the whales.
Usually, a coin relies on technical fundamentals to produce its valuation, yet even before the pump, Dogecoin managed to maintain an average market cap of between 2-3 hundred million dollars based just upon a meme.
Communities can be built on the power of shared emotion, but not even the spiciest meme can support +~600% on the weekly.
“Guess I should have retired when I had the chance” Doge muttered under his breath.
He dusted off his jacket and headed back to the office. Maybe the boys had dug up a new bone...
REKT serves as a public platform for anonymous authors, we take no responsibility for the views or content hosted on REKT.
Donate (ETH / ERC20): 0x3C5c2F4bCeC51a36494682f91Dbc6cA7c63B514C
REKT is not responsible or liable in any manner for any Content posted on our Website or in connection with our Services, whether posted or caused by ANON Author of our Website, or by REKT. Although we provide rules for Anon Author conduct and postings, we do not control and are not responsible for what Anon Author post, transmit or share on our Website or Services, and are not responsible for any offensive, inappropriate, obscene, unlawful or otherwise objectionable content you may encounter on our Website or Services. REKT is not responsible for the conduct, whether online or offline, of any user of our Website or Services.
You might also like...
A few months back, Doge had this town in his pocket, now you could strain him through a sieve. New money brought new liquidity. The kind of liquidity Doge had hoped would clean the filth right off these streets. But he’d got it wrong. Dead wrong.
The markets may have cooled off, but the fundamentals remain the same. If the dog and genital coins didn’t prepare you for a bit of the old ultra-volatility, then what did you think was going to happen?