Dang!
Slay.
So I haven't officially mentioned this yet but I actually bought a memecoin (first time ever) for my girlfriend's birthday earlier this month. She's obsessed with this dumb baby pigmy hippo from Thailand. Moo Deng apparently translates literally to "bouncy pork" because this zoo likes to name their animals after food dishes and whatnot. Cute hippo; very angry baby.
In any case I made my first buy was around the 27 cent level so even after this huge pump I'm still down on that particular trade. Of course I almost refused to buy the token entirely sheerly out of principal, but in the end figured it was fine to throw like $5 on it just as a joke birthday gift. Later that day I figured ah why not buy a little more and threw down $20 for the memes.
The hippo continued to crash and crash and crash.
I seriously considered buying the dip at 18 cents but decided against it because lol it's probably just going to crash to zero, amirite? The chart showed that there might be good support at 5 cents but I realized that a lot of other degens were thinking this as well. In the end I bought the dip at 11 cents and 9 cents. In total it looks like I spent around $150, which I must admit is way more than I should have but it's turning into a fun experiment. Already the position is worth $300 so I'll have to pull out my initial investment soon and just freeroll the rest for a bit.
YOLO!
DEGENS: TRADE AT YOUR OWN RISK
The disclaimers on these new meme tokens are pretty aggressive and rock-solid. It's downright comical how much money people are willing to throw at such hammered dogshit even when the exchange itself is basically telling you you're an idiot.
lol memecoins are so dumb.
I stepped away from my computer for a couple hours and now $moodeng has pumped a second time. This is now the biggest daily candle on record since it started trading on MEXC. Gotta love how a shitcoin like this can get listed on exchanges like nothing while having a total market cap currently x2.5 higher than Hive. On top of that exchanges are reporting over half a BILLION dollars in trading volume today. Money isn't real, fam. Embrace Clown World.
Joint Wallet Experience
This is my first time ever employing a joint wallet. The first thing I had to do was download the Phantom app on my phone because Trust doesn't seem to support the memes. I set up the account with a normal 12-word seed, but this time I also cloned it to my girlfriend's phone so that we both have access to it. Also the logo for Phantom is this little ghost friend and I knew muh girl would appreciate that because she's a Halloween enjoyoooor.
So... yeah!
I guess my boycott on Soylana has officially ended.
End of an era my friends.
As you can imagine I'd much rather keep assets in self-custody rather than on the exchange and thus far the Phantom wallet is working out pretty well from a UX perspective. I've had no problems, and a few minutes ago I tested the swap feature by trading $moodeng into SOL due to this pump.
The swap (powered by a DEX called Jupiter) worked pretty well but initially failed twice because the market is so volatile and I needed to increase the slip from half a percent to 1%. Other than that it was pretty smooth... so I am now the not-so-proud owner of 0.5 SOL, which is certainly not something I expected to happen considering my boycott, but here we are.
One interesting theory on this particular meme.
Some have speculated that it might be an advantage that the Moo Deng phenomenon originates and propagates outside of the crypto industry. Basically all of TikTok already knows about this hippo. She's an internet sensation, which is quite weird to me personally but whatever.
The point here is that it's possible that when 2025 FOMO rolls around in full force newbies might be more willing to put their money into something like this because they already recognize it from other sources. I'm almost embarrassed to admit that I was compelled to look up how fast these pygmy hippo babies grow... and if the internet is to be believed Moo Deng will outgrow her perceived cuteness in a matter of months. Perhaps the meme will endure. Let the memory live on! Although I am now being told that these animals can remain famous well into adulthood.
Alright let's talk about something else real quick.
https://x.com/edict3d/status/1849833612151021913
MicroStrategy is absolutely slaying the bears and is on track to overtake the DOTCOM peak at $313 per share. At this point it's only a matter of wen not if this will happen. Something tells me that's only going to generate even more hype as we head into 2025. At this rate it's going to happen long before BTC even hits $100k. Above that price point it might go completely bonkers. MSTR has become the ultimate shitcoin that Bitcoiners are still willing to throw irresponsible amounts of money at while openly bragging about their bags.
Should we worry about the NAV?
Many are looking at MicroStrategy's Bitcoin as a way to value the stock price. The Net Asset Value ratio of MSTR currently sits at x2.8. Many are worried about this because that means that MSTR's market cap is x2.8 higher than the Bitcoin they hold. But is this even a valid metric?
Microsoft is a much bigger company with zero Bitcoin and their NAV is something like x12 from what I'm seeing. Assets that a company controls don't actually correlate to the stock price. There's no reason that MSTR wouldn't trade at x0.5 their Bitcoin holdings during the next bear market... which is honestly what I expect is going to happen. Anyone that buys the top on MSTR is going to get absolutely destroyed just like any other shitcoin. Do not recommend.
Conclusion
It feels dirty to buy a meme; it feels even dirtier to turn a profit on one. Do I deserve to lose 100% of the money I've put into this nonsense? Absolutely. Will I get what I deserve? Hm we'll see I guess!