RE: A Lot Of FOMO Traders Are Becoming Trench Meat 🍖 🥩🙈
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It's quite the pump and a lot of traders got liquidated betting the wrong way.
Crypto has a way of torching traders.
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I'm going to be curious to see what happens from here. I don't really feel like there was any catalyst.
There really wasn't besides Trumpstein saying something about getting crypto reform through.
I personally think they knew they could do a quick short squeeze and blow a bunch of traders backs out before they take it the other way.
I still feel like we have that additional leg down / major capitulation even in the next 2 months.
Because even looking at the trade volumes for some of the memes that have caught a bid out on FOMO, it's low volume compared to the stuff during the meme storm in late 2024.
Then most other stuff has been getting crushed. DOGE, Shibe, Bonk, AVAX, XRP, ICP ..... pressed out.
Gas prices and food prices have people crushed out there.
It just really isn't the environment to kick off some major broader rally in my opinion.
These memes do have me tweaking out a bit though. To think some of these guys are snagging hundreds of thousands in a few days in these conditions is pretty insane.
I guess FOMO was the #5 app for Finance in the App Store so a lot of people have been onboarded.
Wow, that is pretty crazy. I always catch memes on the downside, so I try to stay away from them now. It's just too easy to loss money. Plus almost impossible to know which ones to pick. Too many options for failure! I see gas near us is finally just shy of $5 per gallon. Totally ridiculous!
I really hate what most of the meme sector has become but it has also pulled in a lot of crypto.
Seeing a lot of the stuff that was cranked out last cycle was brutal and then seeing a lot of this stuff makes me sick.
They will just take some logo and the same name from previous cycles and launch it again. Recently I saw Kitteh which was something that launched in 2014.
Or someone will just take the Nike logo and launch that. Or just take Dogecoin and launch it on the New Robinhood EVM chain and the stuff will be getting volume for 6 hours and then people hyper rotate to the next garbage.
That stuff that was happening over on HyperLiquid for a time was pretty crazy.
I never got deep in the trenches on HyperLiquid yet but i can imagine.
It's a strange industry and we keep seeing different evolutions of it. I just remember how projects used to come up with a white paper and try to sound all technical and now with these launch pads memes are being puked out at some insane clip. It would be like a thousand / second across all these ecosystems all over the world. Maybe that is way low. A million / second or something crazy.
Yeah, times have definitely changed quickly!
Also i forgot to say that Indiana supposedly has the cheapest gas in the nation but i regularly have to spend above $4.50 for 93 octane in these high compression aged luxury headaches im trying to keep operational.
Anyone that says the gas and food prices isn't affecting them is a clown. 🤡
People are out of money whether they want to admit it or not.
I think we see a lot of people trying to pound 60 to 80 hour weeks just to live a basic existence and still falling behind.
It's crazy and scary. I am trying to do some home improvements right now and I don't know how people who are getting by on less do it. There isn't any possible way they can maintain their vehicles or homes.
I think the same thing. Wondering how people are getting by. I think the food banks have become a bigger and bigger thing. At the Y I go to most of the time they started up a food pantry and it specifically says there is no income requirement or checking or any of that. That wasn't there a couple years ago.
Then the leave some stuff out in the main lobby that says free and it might be tomatos or something and i will walk by and grab a couple.
Also I think a lot of people are way upside down on their car notes. I didn't even know 7 year car notes were a thing but it seems to be more and more common and i have seen videos of people talking about how they rolled their old car note into a new one on trade in type stuff and were paying $1,100 / month for a Kia or something.
People are in a bad spot and have been doom spending for years now.
I don't know how much longer this house of cards can continue until a gust of wind comes along. 🌬
I get uncomfortable with a car loan at five years. I can't imagine seven. We had some friends that financed their trailer for like eleven years and I about fell out of my chair! That's just a sign to me you shouldn't be making the purchase.
I've never had a car note for better or for worse but yeah the loans are likely going to keep getting stretched out. I fully expect companies like General Motors and Harley Davidson to have an Indian woman CEO and a pickup truck will be $295,000 with a 15 year note and if you go to fast or take your eyes off the road a ticket will be issued and the money will immediately be taken out of your bank account and Chase will then charge an additional fee for being a bad citizen.
I don't use banks anymore.
How do you access the VISA, AMEX, Mastercard, Discover networks? Just like a BitPay card?
I do everything through a credit union. So technically a bank, but not the big conglomerates that keep gobbling each other up.
Oh , i gotcha. I thought maybe you went fully FinTech style with this stuff like EtherFi or something
No, I do have an account through Ally, but I don't really use it.
I got EtherFi account but the physical card never showed up. I do have a Cashapp physical card but never used it.
I always think about how some day we will get debanked for getting caught speeding by a Flock Camera.
Those cameras have started quite the stir all over the place it seems. I've been seeing a lot on the news about them locally lately. Good thing I have my feet in both worlds with tradfi and crypto. I've used Bitpay in the past and it works well. I should have a Crypto.com card somewhere too.
I saw a lot of them in Michigan yesterday and kept having to point them out to my dad.
The Governor of Indiana commited $61 Million to Israeli tech companies to install more spy tech here. Acts of treason and there will likely be a tipping point where people aren't going to stand for it.