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$USELESS roaring up breaking out of it’s month long grind up into full blown FOMO land, let’s see where this lands 👀
Whales have bought up nearly $3M worth of USELESS over the past 30 days and retail is yet to even place substantial bids
Seeing this crazy price strength and high breakout, this is prime time for retail to jump in and fuel this rally higher
99M is still a good entry, like I said before just DCA anything sub-100M
Watching whale and retail flows in this breakout period is crucial
Track whales and retail in the replies👇
you need to be at the extreme end of either side of the spectrum to make it in crypto today: giga brain or completely retarded
there is no middle ground
on one end of the spectrum you have $HYPE, arguably the most useful cryptocurrency today
on the other end you have $USELESS, unapologetically the most useless cryptocurrency imaginable
better yet, position on both ends of the spectrum
HYPE and USELESS barbell
sometimes outperformance is that simple:
holding both the most useful and most useless cryptocurrency
and just chilling until year end
screenshot this!
$TROLL has low-key pumped almost 8x in 10 days
it went from crashing 96% from its $280m ATH to as low as $10m, a range it consolidated around for ~100 days while everyone declared it dead... then BOOM, it's up 14x off the lows and 7x in one week all of a sudden
this reminds me of $FLOKI last cycle
it crashed 99% from its $3.5 billion ATH in late 2021 to lows of about $40 million in mid 2022 off the back of the most aggressive FUD i've ever seen directed at a memecoin + the bear market, and many called it dead for good
then all of a sudden, it ripped from $40m to $800m, pulled back and consolidated for a while, and then ripped back to its $3.5 billion ATH (a ~117x increase)
that's memecoins for you!
memecoins have this habit of pumping super hard when they first come out, crashing 90%+ and then consolidating for months as everyone deems them dead, only to erupt from the lows all of a sudden and make new ATHs when no one expects it
every single time, we see people come out of the woodwork to say 'this time is different, memecoins are dead for good for XYZ reason'... then we see the same thing play out again
i've been trading memecoins for three cycles, so trust me when i say i see this play out every single time
if you find a strong, high-potential memecoin i.e.
• strong narrative
• solid normie appeal
• solid distribution (i.e. CEX listings) that allows easy access and liquidity
• strong volume and on-chain fundamentals even during the worst of times
• strong community + critic combo during its lows (i.e. people keep talking about it)
then you should be aggressively bidding it during the lows, even if a lot of vocal critics are calling it dead
and there is no memecoin in the market that hits all of these points more perfectly than $USELESS right now
it is the most normie-friendly memecoin, and the best bet to pull a $DOGE-like rally in the market today IMO
on-chain indicators also point to aggressive and consistent whale + smart money accumulation ongoing right now, which usually precedes a major move
in the early days, Dogecoin emerged as the first real memecoin to make a mockery of Bitcoin, and it resonated with a lot of people
today, USELESS is doing the same thing, but to the entire cryptocurrency sector
and soon USELESS is going to pull a face-melting rally to new ATHs first, and then to multi-billions
it's going to happen very suddenly and very aggressively, and many will be left sidelined
are you positioned? i am!
$USELESS
This area has held as resistance for over 50 days.
Several attempts with each leading to significant selloff after failing to break above.
Reclaim .1285 and there's some clear long arguments.
it feels good seeing memecoins getting the spotlight as soon as this year started:
- $BONK is literally up 40% on the day, which is incredible for a memecoin of BONK's calibre
- $PEPE has pumped 70% and added $1.3 billion since this year started
- $USELESS is up 100% from its December 31 night lows (fastest horse)
FWIW i think these are still early days and the memecoin rally will continue into the rest of this quarter
my view on the market is that the main action hasn't even started: @CoinMarketCap published a report earlier in which they said to expect the real move for crypto to come between Feb - March of this quarter, and i align with this view
i think what we're seeing now is just the test pump
that said:
i’d advise strong caution when using leverage here, especially on memecoins
as i've said a few times recently, i'm still expecting a major, panic-inducing flush on crypto as a whole in January
i don't know when the flush is coming, and i think the pumps could get a lot crazier if we do not get a flush... but i think it is best to expect it and trade accordingly
this isn’t saying not to buy memecoins here btw
for example, if i had zero exposure to $USELESS, i would be sizing in aggressively instead of trying to time some lower level. it’s crazy undervalued compared to other major memes (ATH at $440m is almost 4x from here and it’s a fraction of the market cap of many other major memecoins) + it won’t matter in the grand scheme when the real move comes later
i'm simply saying don't buy with leverage. if you want to buy anything here, just buy spot and chill
don't get overconfident thinking we won't have pullbacks just because memecoins are going crazy at the moment
$USELESS need to a bit sharper; I missed this consolidation pattern, would have loved to have been in there. Strong move today with all the other strong sol memes like bonk. These still prob continue