I tried so hard not to write about this, but it's hard to focus on anything else when half the ecosystem is talking about Trump.
To be honest, the real number is much more than half because a memecoin made its way into the top 15 crypto assets within 48hrs.
Being anti-Solana, like a boomer that's opposed to shiny new toys, you can guess that I have not even a dollar invested in the memecoin launched by President-elect of the fuckin United States of America.
Interesting times right?
I just want to say that the fact that people are mad about Trump keeping 80% of his memecoin goes to show that people have the wrong perception of what politicians care about.
This is a 1B supply token, so 80% is 800 Million and at $70(current approximate value) that's $56 billion.
Where does that place Trump in the ranks of richest known individuals?
Doesn't really matter because he can't possibly get that much out of the market, but even 1 billion is a steal.
Solana top, bear posts and conspiracy
Trust analysts and conspiracy theorist to always be ready to pull the necessary data to lead a narrative.
There's already been some insane linking of Trump’s new memecoin and choice of chain back to Elon Musk.
Some random dude named “Daniel Prince” who I happen to be reading for the first time claims that Solana is essentially backed by Elon and Family and that his role in the government of Trump favors the chain as his family holds several investments tied to Solana as a blockchain and also SOL, the native asset.
Certainly a crazy time to pull that wild card but this bridge is only possible because of some guy named David Sacks, the supposed appointed “Crypto Czar” of the Trump administration.
Here's the thread if you so much as care.
What's pretty funny is that people are calling this the Solana top in memes since the Trump token has basically broken all records related to memecoins on Solana and crypto as a whole, essentially setting a high standard.
That said, given that what Trump is doing, which would generally be legal, traditionally, but in crypto is considered a grift/fraud, people are scared that this is a bad look for crypto and speculating that the market could turn bearish.
It is a funny because first off, if this is a bad look for anything it should be for the United States, it just feels like the government is now a big time joke.
But why so serious Chris? Right?
People are so quick to speak of “bad looks” for crypto as if the average retail investor cares for a lot more than just hoping to throw many at something and making a profit.
Evidently, Solana has had the most retail onboards in the last 2years because retails are generally fuckin gullible and essentially gamblers.
Even if Trump coin goes to shit, it means absolutely nothing, retail is never tired of losing, you just have to create a system that gives them a reason to keep coming back to gamble, we are way past “bad looks.”
This is a new wave signal, in my opinion
Everyone is bearish because the President-elect of the US just launched a hyper-centralized memecoin, understandable.
But whilst I would likely short TRUMP at some point, what has just happened really just creates the atmosphere for more memes to hit the market.
This is also possitive for regular alts because depending on the network of choice, each alt will appreciate as market activities increases.
But am not an expert, so DYOR.
That said, the TRUMP coin volume is already way above it's current market capitalization, definitely a signal of being overvalued right now.
At the time I finished writing this, TRUMP has crashed from $70 to $59, certainly the most volatile coin right now. Perps are definitely getting crushed.
Cheers to interesting times, ahead.
Posted Using INLEO