In This Issue
- I share my thoughts on the state of the market, WTF happened to NFTs, Sui is coming & this week on chain.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik is debunking the “Bitcoin is bad for the environment” misconception.
- Defi Dad has a tutorial for you on how to earn up to 37.6% APR with frxETH with Wombat on Arbitrum.
- Jesse has a ton of hot new airdrops for you.
- Rebecca has all of the latest news for you.
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What’s On My Mind by Lark
The State of the Market
It is crazy what a year can do to sentiment in the market. Last year when Bitcoin was around 30k it was a general panic. Now the first big move above 30k has brought waves of joy and relief. Markets are crazy and I love it.
Anyway, while Bitcoin and Ethereum have faced a bit of a cool off and correction after their big week last week, the new hot topic for crypto is meme coins… again…
A new meme coin called Pepe did a 1,000X this week. Did you miss it? Me too. And, no, this is not some endorsement of Pepe. I am not the biggest fan of meme coins in general. But, what I do find interesting is that meme coins tend to show that the crypto markets are moving back into a heavier risk on stance. Meme coins tend to be right at the far end of the risk spectrum.
While some think that this could be an early sign that a wider altcoin rally could be fueling up. Perhaps it is more of a cautionary tale of extreme greed entering the market. Since the launch of Pepe just a few days ago there have been dozens of other meme coins pop up. Many of which have done insane overnight gains.
Also, let’s salute the dude who bought $215 bucks worth of Pepe last week which is now worth about 2 million dollars now. This is basically like winning the lottery.
Also, a reminder that while one or two of these may rise to prominence like Shiba Inu did, the vast majority of these coins will go to zero sooner rather than later.
One other thing to watch is that Bitcoin dominance got rejected at a key level of resistance as you can see here.
This can often lead to a broader move in the altcoin markets.
However, I don’t think a huge amount of new capital has shown up yet. A lot of the money in crypto right now is money that has been in crypto. The same dogs, chasing the same cars.
One final note here on the state of the market. This week the fear and greed index hit 69. Which is not yet extreme greed. But, for reference, it is the highest reading since 2021 when BTC was trading at over $50,000!
So maybe the high greed readings couple with a frog meme coin shooting up from basically zero to a hundred million dollar valuation was something of a short term cooling signal.
WTF Happened To NFTs?
Do you remember how crazy everyone was for NFTs this time last year?
It seems like forever ago. But once upon a time Crypto Punks and Bored Apes were trading for 100 ETH a piece. And many other “top collections” had floor prices dramatically…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
