Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
You know it’s been a while since I watched some good wrasslin’. I think the last time I enjoyed watching was when The Rock and Stone Cold Steve Austin were in their prime.
Fast forward to today. I saw a clip of Edge getting beat up by his former stablemates and Finn Balor.
I had no idea what was going on but it was vaguely interesting. I did some research and at the last Wrestlemania Edge was a good guy, then became a bad guy. He started his bad guy stable and now I suppose he will become a good guy again.
Sheesh no wonder I stopped watching years ago. I can’t keep up with all this drama!
Now we can apply some of these lessons and apply them to the crypto space.
It wasn’t too long ago when the SOLUNAVAX and FOAN rotation were all the rage.
For those not in the know SOLUNAVAX is Solana, Luna, and AVAX. FOAN is Fantom, ONE, ATOM and NEAR. I’m embarrassed to say I still have some money invested in most of these coins. It’s amazing how fast the space can turn.
These seven tokens were hot for awhile and now they’re stinking up my portfolio.
My guess is that the alternative Layer 1 narratives have died because the liquidity incentives have dried up. We might see an Ethereum Layer 2 for the rest of the year.
I’m disappointed that interoperable ecosystems like Cosmos and Polkdaot haven’t gotten much traction. I think they should be able to survive until the next bull market but who knows.
There will be many twist and turns before we hit the bottom of this cycle. I’m fairly certain the top 100 coin list will look dramatically different this time next year.
I hope to see most of the scammy or useless projects die off. Some will probably come back to life like zombies in the next bull run.
Don’t get me wrong, if you’ve lost money like me this year you have my sympathies. However you should protect what’s left of your portfolio because there’s more pain to come.
BUT PANDA HOW DO YOU KNOW THERE’S STILL ROOM TO FALL?
Because people still have HOPE! I still see memes, shilling, and Youtube scammers.
When I see my twitter feed or discord servers look like ghost towns then I know the bottom is in.
Until then, prepare yourself mentally for ridiculously underpriced majors like BTC or ETH. There could be a day when you feel like either crying, puking or maybe even both. THAT will be the day when I will start buying with both fists.
There could be a few catalysts that could trigger a final “Judgement Day” style bottom.
We could see the ETH merge stumble near the finish line.
We could see some government crackdown somewhere that could cause even PROFITABLE protocols to perform poorly pricewise.
Food and energy prices won’t magically go down even if war suddenly stops. This could delay smaller players from dollar cost averaging into the digital asset space.
There could be a HUGE DeFi/NFT exploit that dwarfs the LUNA debacle. That would scare people out of their favorite crypto projects for fear of a contagion effect.
Regardless of what happens keep some free capital ready for a Crypto Judgement Day firesale.
Obviously none of this is formal financial or tax advice. You need to find qualified professionals in your jurisdiction.
Be sharp, stay hungry let’s get that money!
