So, Bitcoin hit a new ATH today at around $123,000, and most of the altcoins are stuck at levels they were at when BTC was $50,000 or so... What’s going on with altcoins? Why aren’t they keeping up with the king?
The answer’s in the question, pleb... They ain’t the king, and it’s clear this bull market is being driven by institutional demand. Institutions are scooping up BTC, and a lil’ bit of ETH, but mostly BTC. That’s why most of the shitcoins are down big time.
Then there's shit like this, in the form of tens of thousands of memes that attract capital but end up being nothing more than rug pulls and exit liquidity for founders and shillers. What you see in the pic above is the chart of #altcoin, a relatively new meme coin that proved to be nothing more than a rug pull, like pretty much most of the memes in this space.
I don't know who created this shitcoin or who profited from it. All I know is it’s been listed solely on DEXes like Raydium and Orca, and over the past week or so, it’s had an insane rally, trending on CoinGecko every damn day recently.
Somebody had a huge bag, though, and took profits. The fucker who dumped during the euphoria around this shitcoin made a killing, ‘cause if I remember right, this thing was worth over $100 million in market cap and is now under five million...
Where are all the shillers of this shitcoin now? Nowhere to be found, or just posting BTC charts, completely ignoring what happened with #altcoin and all the hype they pumped into it. This is why we can't have nice things in crypto.
Trillions of capital get sucked into such shitcoins, and most of the folks who buy ‘em end up as exit liquidity. They’d be better off sticking with the old-school coins that’ve stood the test of time, but when you see memes left and right printing hundreds of percent gains daily, it’s hard not to want a slice of the pie.Most folks eating those pies end up with indigestion, though... Does that mean we shouldn’t buy memes?
Nah, but a bit of due diligence wouldn’t hurt nobody. At least check liquidity and listings before throwing cash at these coins.Distribution matters too. Probably the only shitcoin that’s highly centralized in its distribution but still a decent investment is BNB. It’s held up pretty well against BTC this cycle.Are we gonna have an altcoin season this year? Hell if I know, ‘cause we’ve got too much junk sucking up liquidity.
On the flip side, rug pulls like #altcoin might push capital toward more battle-tested coins like ETH or HIVE.Who knows? We’ll have to see what the rest of the year has in store.
Thanks for your attention,
Adrian