If you're living under a rock or just plain don't care about crypto, we know that Shiba Inu Coin is all the rage now.
The apparent coverage of the coin come after a large whale bought a tremendous amount which lead to a massive gain of this memecoin. And thanks to Elon Musk, at some point, it even surpasses Litecoin and AVAX making it into the top 20 coins in the crypto market.
So here comes the problem or so my rant. I really hated this kind of coverage and price gain on such useless cryptocurrency.
My anger came in 2 reasons.
First, a feeling of injustice for crypto projects that actually provides value and future usage. Compare to coin like Cardano and Chainlink which provide specific functions for the betterment of the entire crypto ecosystem, for a meme coin to overtake them in terms of market cap is sort of a slap to their face.
Why would someone need to work so hard to advance the blockchain technology if you can just create some poop coin and make money from it?
Second, on the other end of the spotlight on Shiba Inu coin, it cast a dark shade on the overall crypto market. For someone like me who is a classically trained investor who invests in company by looking at the potential and underlying value of it, we would think twice or even a thousand times before investing in crypto projects after seeing this news. We would deduce that the crypto market is a scam if a meme coin can gain so much value in such a short time.
However, we know that is not true because we understand the technology of blockchain and how it changes lives and how it would potentially change the technology going forward into Web 3.0.
All of this will contribute to a general belief that the crypto market is all just a get-rich-quick scheme for the new-age millennials.
In some way, I don't hate the coin I just hated those who glamorize useless poop and take advantage of the growing market for their own greediness.
So, Elon Musk this is a personal message from all who believe in blockchain technology. Stop, just stop tweeting and supporting meme coin. You're supposed to be the Iron Man in real life. Be a hero and legitimize the crypto industry by supporting good projects. The future need you to do the right thing.
SAY NO TO MEME COINS !!
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Would you say the crypto market is the same as the stock market? Or different? I'm quite interested in your thoughts on that
Most of us treat it the same, but I think that's more due to a kind of cognitive inertia: our perception of new ideas is coloured by what came before. Generally speaking. There could be a better way to describe what I'm thinking of, but yeah
It's a market, at the end of the day. It would be nice if fundamentals were always the driving force
People gonna people
And people are human. Imperfect and fallible
Optics trump real value, in the main
It sucks
Value is not required to generate profit, and profit is what traders are going for
Hence, the shiniest poop coin mooneth
Am I adding any value to the conversation?
Mah man, that's insightful. I would treat both market as the same because in the end for those who in the long term will look at basically the same fundamentals anyway. That's why I really despise people with influence taking advantage of this market for their gains. Ahem, Elon Musk..
Yeah... Elon. What a bastard. I thought he was decent, if out of touch, in the way someone with immense wealth will inevitably become
That all went out the window though, when he came out with that BS about BTC mining being environmentally unfriendly, as if he didn't know that while he was accumulating. And so, the market crashed. Seeing all that unfold made it blatantly clear; he was manipulating the market for his personal gain
On the Elon case, I partly blame the entire crypto market investor and traders to follow someone like Elon to decide on which coin to invest. Like sheep who will follow anyone with the cane even until off a cliff. If we want this market to grow and mature into more legit investment assets, we will need to move beyond following people like Elon blindly.
Shiba Inu coin have been doing well since for now is undergoing correction. We are expecting the coin to get on it support line before the bullish trend will continue.
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Yay! 🤗
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