day 23
$MEME is a direct play at the $AMC holders who have been through the ringer for the last five years.
These guys have watched the value of their stock get diluted many times over. They blame Robinhood and Vlad Tenev for disabling the buy button. The AMC investing public still feel like they were cheated out of generational gains.
For $MEME to reach escape velocity, the crypto public had to show those holders the art of the possible. What happens when you unite behind a coin on a permissionless, distributed network, where nobody can disable a buy or a sell button.
Crypto needs a narrative. A story that $MEME is an exciting new distribution mechanism for traditional equities that have been tokenised. A trip back to the halcyon days, when blockchain people were mocking TradFi and their antiquated ways and having fun whilst doing it.
That pairing matters. $MEME is not AMC stock, and tokenised AMC is a listed share. They just share a pool. Buy $MEME and you are pulling tokenised AMC into that pool. That is the whole MEMEFI trick.
Unfortunately on-chain trading is PvP, and the mentality is securing the bag. You cannot sell-shame someone for taking profit. But for something like $MEME to work over the long term, the collective had to get behind the story and show retail $AMC that dreams can still come true. As stories of the little guy winning emerge, the narrative perpetuates.
Perhaps I am an idealist. I need to believe this is still possible, and that this place is not just a cesspit of the worst humans imaginable. Everyone wants to contribute to a winning team, but the individualistic nature of trading, and the intrinsic distrust of other market participants, is exactly why on-chain looks the way it does.
The simple fact is whales have kept adding to $MEME. There have been some new mid-sized buys, and none of the top 20 holders have left. It has only been small holders selling, chasing green candles on other coins.
The markets need a little cinema, and I am choosing to be part of the movie. 🍿
Algunos amigos te van a estancar
Muchos caminos te vas a encontrar
Mundos de mundos te van a pintar
¿Cómo salir? Tan fácil entrar
Nos resbalamos y nadie está
Y si ya no estás, ocupan tu lugar
Cash Cat vs $MEME, lined up from their peaks
Cash Cat: −86% in 16 days, chopped at the bottom ~10 days, volume dried up. Then the Robinhood listing hit and it ran to new highs.
$MEME: −84%, day 23, volume dried up. Same setup.
All it takes is one catalyst. The markets need a little cinema
Sleeping giant. Extremely undervalued here.
Am I in the red? Yes. People message me and make fun of me because I’m down half a million. And how do I feel? Normal.
Of course I’m down, but I’m not emotionally affected by it.
The people messaging me are basically projecting their own limits onto me when they see me underwater.
Avoid the noise. We will win.
It’s just A Meme Coin. It’s THE $MEME 🍟🍟
Obvious Inverse H&S pattern on the chart. Volume down with the anticipation for the summit on all RH Tokens. No I don’t think it’s a catalyst but can be a coincidence to send some major RH tokens.
Bought another bag here. Anything under $30m mc is a blessing. HIGHER. robinhood:0x385f4f8ae47651ce5f58f5265395a669f8281e18