Many have stated they have never seen anything like this in crypto. As a chartist and observer, these are the 10 key things I've concluded about meme coins from the last few days.
1. This was a major stress test on meme coins and it highlighted which community were diamond handed and which one were not.
2. I called the
$Trump meme coin events as a "Black Swan" because I think it, suddenly and surprisingly, ushered a new era in this market and, at the same time, crushed the journeys of many existing meme coins, deflated ethereum and introduced a new meta. There will be lingering effects in the long term.
@chooserich stated that $350b of losses occurred just over the weekend because of this.
3. Some meme coin communities that I thought were strong were not as strong as I had thought. The holder count dropped and the price fell below multi-month long support lines. From a chart standpoint, this signals weakness in internal structure and foundation.
4. CT timeline was filled with signs and symptoms of "gambling" behavior. The manic phase has definitely started. Everyone wants to "keep up (and beat) the Jones". Will need to adjust my timeline for the overall cycle.
5. The public is now involved and buying. I received multiple text and calls from "normies" about meme coins. The media is covering this daily. It will be interesting to see which meme coins the normies embrace.
6. The wild swings in price and the illogical chart movements are back and will be the norm in the coming days. Traditional TA will not be dependable for many cases. Things will happen and will defy logic. Insatiable greed will defy logic.
7. The whales and VC are already in and playing at a different level and a different game. We are all "sheeps" and influenced heavily for their benefit. They are playing chess while we play checkers. Be careful who you follow and get the news from. You are "exit liquidity."
8. There will be heavy losses for some notable influencers and companies that are betting big this cycle. Not everyone can be right and the race has started. Its going to be an interesting show.
9. "Blue chip" meme coins will survive all this and they will be more and more obvious. These are the gems among thousands that that ultimately, win out from all this chaos. Some might be boring while others might be explosive. Finding these gems will be the key to success.
10. Lastly, remind yourself that the President of the United States and the Free World, who happens to be the most influential person in the World has just launched two meme coins over the weekend. This should signify major crypto tax and law changes that are favorable for investors. This should signal extreme bullish sentiment across the world. Personally, I'm a bit nervous and also excited about all of this...but overall, I am bullish.
LFG!!! πππ
Not financial advice.