An image of a pet rock sold for the equivalent of more than $200,000 in the NFT market. We also have the market capitalization of meme coin Pepe doubling in just a few weeks. Worst yet, the price of the FTT token, which was created by the FTX exchange and currently has no real utility, has tripled in the past month on hopes that Sam Bankman-Fried’s exchange will return from the dead.
It's starting to feel like people are FOMOing into what ever they can get their hands on looking to make a quick buck. So why are we at this point again? I think that there is expectations of an imminent approval of a spot-Bitcoin exchange-traded fund that will push BTC to new highs starting a new bull market cycle the likes we have never seen. This latest rise of digital junk follows a nearly two-year long crypto winter that saw the value of thousands of projects crash to or nearly to zero.
I was hoping the crypto winter would cleanse the space of the junk, scams and gurus. However, I don't think I'll get my wish. I was really sick of the influencers and social media folks that jumped on the bandwagon to promote trash. I'm frustrated to see it happening agin so early in a bull cycle. I just saw some people shilling, Memecoin. I guess I missed this one which was created earlier this year and has shot up in value this month. Its short whitepaper says it has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend. Seeing this trash take off while Hive goes unnoticed makes me want to scream!
What is it that makes these project go viral? Why do people feel inclined to poor money into something that has not utility? We need to ask ourselves these questions and get to the root of how to get these people to buy into a project like Hive that has everything a crypto project would want and more. I don't have the answer but I think there are a lot of smart people in our community that could figure this out which would benefit all of us in the end.
