Pepe Mafia

Are we all going to sit here and act like the infamous Pepe meme didn't cause some serious FOMO among crypto OGs who held on tight to their perfect fundamentals while Pepe pumped to the moon?

As someone who's more of a fundamental guy myself, I can definitely relate to feeling left out when a token takes off and I'm not in the loop. But at least nobody came to me asking if they should buy Pepe coin - maybe that's some progress! Although, let's face it, being a fundamentalist doesn't always pay off - I'm still broke, haha!

FUD here and there

It's funny how some people seem to take joy in spreading FUD and keeping themselves in the limelight, it gives some people joy I cannot describe. I mean, imagine putting as much effort into spreading FUD as you do into your actual job or hobby!

Speaking of FUD, the latest wave has seen all hell breaking loose as Binance pauses Bitcoin withdrawals due to high transaction fees on the Bitcoin network which is nothing new for a centralized exchange. And of course, this has led to the usual suspects shouting from the rooftops that Bitcoin is now unusable.

Debunking BTC is unusable

But wait a minute - let's take a closer look according to what I’ve seen so far. It turns out that Taproot has made it easier to spam the Bitcoin blockchain, which has led to an influx of spam transactions. The mempool is processing them as designed, and fees are adjusting upward as appropriate.

Now, if you're a miner, this is excellent news - you're getting paid a lot more to mine. But if you're just an average user trying to make a transaction, it's not such good news - fees are now higher than ever. As a hodler, you're basically unaffected.

Overall though, the incentives seem to be working as they should be. People who are spamming the blockchain are paying enormous fees to do so. And why are they doing it? Well, they're using blockspace to mint shitcoins via "ordinals" which they hope to sell for more than the cost to mint.

So, as you can see, things are a bit more complicated than the FUD-spreaders would have you believe. But that's par for the course in the wild and wonderful world of crypto!lol

I won’t be doing market talk today though, there are enough variables that can still come in to play but I expect FUD millets to give their best shots, again, I have exhausted my stable coins so I won’t be picking up any dips for now.

The price of Hive is at critical support level, let’s see if it’ll hold here or break and look for a stronger support down the line. I already spent a few on Hive yesterday, I should have waited a bit more 😂

What are your thoughts on the market? The FUD’s and this new Bitcoin activity we are seeing? Let’s know in the comments.

Thanks for reading.