Digital Slowmad newsletter
5 May 2023
Crypto portfolio update
Net return: 604.4%
Comments: On the surface, the broad crypto market looks to be ranging. But look closer, and you'll find that this is mostly due to BTC's relative resilience... as most altcoins are sliding.
This is a dynamic I'd expect to continue for the foreseeable future, so I'm not looking to hold altcoins right now.
If I had to hold something, it would be BTC... and even then, my inclination would not be to hold for long. This "echo bubble" might make another (final) leg up, but beyond that I don't see how prices can keep rising without a major dip.
TLDR: Keep treading carefully and focus on preserving capital for when the bull market comes around; If you've survived this long, the worst thing you can do is piss away your funds on degen bets before then.
Pepe is a new memecoin launched less than a month ago that has hit almost a billion-dollar valuation.
This is impressive given we are still largely in a bear market, and that the coin has zero utility.
In the past few weeks, Pepe has rallied almost 1,500% from the low; It's the hot new memecoin everyone is talking about on social media today.
I haven't hopped on the bandwagon, but it sparked my curiosity so I took a look at the website.
Having broadly assimilated into crypto culture myself, Pepe was an instantly recognizable meme... so I wanted to see if Pepe coin was something I'd throw a few bucks into just for fun.
Upon visiting the website however, I cringed.
"...the most memeable memecoin in existence."
"...it's time for Pepe to take reign."
"Pepe is here to make memecoins great again."
"Fueled by pure memetic power, let $PEPE show you the way."
Like seriously. Wtf.
This is not how crypto natives talk.
In fact, this sounds exactly like how a suit pretending to be a crypto native would talk.
As far as I can tell, $PEPE seems to have been developed by people who don't understand crypto culture/lingo and are simply pretending to be 'one of us' to sell us a memecoin. It's neither funny, cute nor cool.
This doesn't mean I think the price will drop however; It could go up another 10x for all I know.
I just don't think this is a movement I'd like to be a part of; It reeks too much of astroturfing.
For everyone punting on this coin, good luck and I hope you win big.
Star Wars by Wes Anderson
As a fan of Wes Anderson movies I was absolutely delighted to chance upon this trailer (made by AI):
Quote of the week
I've always thought the way to build a long-term track record is when you really see the ball, swing really big. And when you don't see the ball, don't swing.
- Stanley Drunkenmiller
Thanks for reading, and have a great weekend.
P.S. If you have any questions or feedback, let me know at: chris[at]digitalslowmad[dot]com
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