$USELESS lost the ~$0.14 level — a level that has always acted as pretty strong support — for the first time today
apparently, this has resulted in a wave of liquidations, including a large liquidation wick
to put things in context, price has bounced and rallied at least 100% every single time this level has been hit over the past few months. that level has withstood over a dozen tests this month before finally giving way today due to general structural weakness in the market
$USELESS has always acted as a levered proxy on BTC i.e. it rallies much harder than BTC in uptrends and corrects much harder in downtrends, and it often frontruns broader BTC/market moves
that said, $USELESS being down 22% today while almost everything else is down only single-digit percentages looks more like an overreaction to me. of course, today’s correction seems to have been amplified by massive long liquidations if we go by Coinglass data — looks like the highest $USELESS has seen in quite a long time!
i’m confident that IF the bull run isn’t over, we’ll look back at these levels with surprise that the market offered this kind of entry at this point in time
tbh, while I remain on team bull, the general market structure is becoming worrisome even for me. at this point I’m pretty sure that one (or more) major party — MM/fund/CEX/etc — went bust on October 10 and has been a forced major liquidator
that’s the only thing that explains the aggressively relentless sell pressure we’re seeing on majors — and especially alts — with barely any respite, despite there being no confirmed 'implosion' in over a month since 10/10
i wish there were more transparency about who was affected on 10/10 and to what extent. we had better transparency and visibility during similar past events of lesser magnitude — e.g., the FTX implosion, the Luna depeg, etc.
this time around there’s so much opacity around 10/10 that almost everyone knows someone major got hit big time — we just don’t know who or by how much. and that makes assessing the extent of the pain a lot harder, since we’re otherwise shooting in the dark
to be clear, this doesn’t necessarily mean the bull run is over. it just means it’s a lot harder to assess how long the pain is going to last
that being said, if the bull run isn’t done here, then I maintain my view that memecoins are not done, and that $USELESS remains the best proxy for betting on that segment of the market
nothing about my thesis or conviction has changed
1st memecoin for # of holders gained in last 7 days (memes with >20k holders)
2nd most searched meme on CB after DOGE
2nd memecoin in 24h volume on Moonshot after Fartcoin
2nd memecoin for 24h whales inflows after Bonk
3rd X mindshare after Doge & Pepe
Keep fading 😹
$TROLL
If Troll breaks $150m hard w Coinbase listing, it will prove the bottom is in and will begin to look more and more like the Popcat fractal which puts next leg to ~$500m+.
These things coupled w the fact that the vast majority of the market is red shines a spotlight on it and could give it rocket fuel back to ATH.
Don’t forget, it started and had its first major leg, $15m->$260m over 9 days, when the market was lulled.
$420m is the next target, then $690m, then $4.20B, then $6.9B, then $42.0B, then $69B.
Trade less, $Troll more.
Centrifuge (CFG) and TROLL (TROLL) are now live on coinbase․com and in the Coinbase app. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets. https://t.co/EjfgHgH18O
Some friends keep asking me $10+ $TROLL is possible this cycle, They forget $TROLL isn’t just a meme coin. IT HAS IP.
The TROLLFACE is one of the most recognized memes in internet history 60M+ normies know it before they even see the ticker
DOGE had no IP
SHIBA had no IP
But they still hit $40B–$90B market caps
NOW IMAGINE WHEN @coinbase 120M USERS GET THAT NOTIFICATION AND REALIZE THE MEME THEY GREW UP WITH IS TRADABLE.
$10 isn’t a dream — it’s what happens when culture, community, and IP collide
$TROLL OR BE TROLLED
don't be surprised when you see $TROLL getting listed on Binance.
CEX appeal has clearly been shown already from Coinbase and HTX.
all of these bullish catalysts and $TROLL is still at $130m market cap.
don't fade the most obvious play of this cycle.