Hodl Up! Your weekly crypto catch up: Week 44
Just when we thought we were at an ATH, another pullback spoils the party. Safe to say memes have totally dominated 2024 and the endgame of US Presidential Elections on us.
We had it - we had it in our grasp. We were a mere $2,000 away from the Bitcoin All Time High but then we got pulled back. A pull back that broke hearts, long positions and so much more.
It’s not all SADLAND though with memecoins just going brrr (the ATM reference, you get it right?). They have just dominated 2024 and its nearly over now so even if utilities win the last two rounds, it will probably end 9-3.
NOTE: NOTHING EVER MENTIONED IN ANY OF OUR CRYPTO TALK’s POSTS/NEWSLETTERS/CONTENT IS FINANCIAL ADVICE. ALWAYS DO YOUR OWN RESEARCH.
Memecoins and 2024 - clear winners
October was a good month for crypto, even if not for the mid-range utility projects but for the rest, it was. Sorry Ethereum fanboys.
Just look at the numbers above, these are crazy numbers especially given that some of the projects here are with crazy market caps. $DOGE sits at $24B , $MEW is a $800M + and $BITCOIN is a $200M+ project as well.
And its not the story of just October, this is the year to date story of crypto. These are the best gainers of 2024 in crypto:
POPCAT - Meme - 17997%
MOG - Meme - 4604%
OM - Not Meme - 2334%
WIF - Meme - 1342%
PEPE - Meme - 582%
Four of the top five positions are taken up by memes. That’s massive.
Memecoins’ appeal majorly stems from their volatility, which allowed for rapid gains—a draw for investors willing to take on higher risk for potentially high rewards. In contrast, utility coins, which depend on real-world use cases, generally grew more slowly, especially as regulatory pressures continued in 2024.
Memes come with a risk
Good ol’ meme coins - they are quicker to go down than to go up to be honest. People get rekt all the time. In fact, IMO, people should go into memes ready to be rekt. It is a lottery, that is the truth.
Often, memecoins are launched with minimal or no real utility or underlying project, relying instead on viral marketing, celebrity endorsements, and online communities to drive demand. There are people like Iggy with $MOTHER and Andrew Tate with $GIGA and come on… Let’s be honest - it’s only Elon with $DOGE that has any backbone to it. We’re not going around buying coins because Andrew Tate said so, are we? Come on guys, are we?
Furthermore, new memecoins frequently emerge with short-lived fame, only to disappear, leaving investors at a loss. For example, Squid Game Coin, a memecoin inspired by the popular TV series, turned out to be a "rug pull" scam. The developers vanished, taking millions in investor funds and causing the token’s value to drop to zero instantly. Now, we wait for Squid Game Season 2 coin.
Personally, I’m not a memecoin person. Yes, a little bit of $DOGE back when I was new to the industry but nothing else. I do get the pull of them and I do respect their contribution to the culture of the industry, yes I do. But, just be doubly safu when it comes to memes.
November will be chaos
I cannot guarantee it, don’t quote me on it guys xD But we all know how such a major event affects the market. And it isn’t just the crypto market that gets affected - its the stocks market, its gold , its oil - everything is disrupted at these times.
Have we started seeing the beginning of the chaos? I’d say probably yes - since we were so close to the new all time high for bitcoin and then nearly a trillion dollars got wiped off the liquidities market - and that spelled trouble even for Bitcoin. I was happy it didn’t crash Bitcoin that much though - good going Bitcoin.
Here’s Mr. Trump leading Kamala Harris on Polymarket by around 15%. I’m no expert of US politics so I do not know (or care *cough*) where the election goes but the more I’ve been reading through things - I don’t think the results will cause a drastic change in the markets. Yes, a sudden pump or dump is always expected but for the long run - I’m fairly calm and balanced.
For the readers I’d suggest - do not take rash decisions in November and put our take out money only if you want to - not because you think the market wants you to.
A look at the markets
Speaking of the markets, as discussed before - we went to $72.5k just to come back to $69.5k at the time of writing. The total market cap is $2.33T.
Biggest Winner
$DOGE: This was a tight one between RAY 0.00%↑ and $DOGE but doing a 20% pump in just one week while you are at around the $20B market cap - that’s just crazy.
Biggest Loser
$IMX : I was very surprised when I saw this - the top 10 biggest dumped coins are all great utility projects including $AR, TAO 0.00%↑ etc. Well, it is what it is.
C4 (Crazy Crypto Community Content)
This week we do not have crazy content but smart content. I really loved this take and I want you all to read it too.
CONTENT 1
This was the post. The comment is below.
You have all my admiration Mr. GoldmezAddams.
Well, that’s it for this week ladies and lads. We’ll connect again next week for the next edition of Hodl Up! Till then, Stay Safu.