Unfortunately, we’re in yet another crypto bull market driven by speculation and cult mentality. And when I say "unfortunately," I mean it, because those of us waiting for real fundamentals to impact prices have been here for a long time.
Take NVDA—2024 has been phenomenal for it, with its stock skyrocketing in a parabolic trend. With AI companies driving demand for their chips, I’d bet NVDA will be a top performer for years.
But people could’ve made even more money by jumping into meme coins early in the year and cashing out now. Anyone who aped into memes back then and can hold for another six months could do incredibly well. Yet, memes bring nothing of value to the table. They’re the ultimate symbols of speculation and cultism in crypto—just like the NFT mania in 2021, only overpriced jpegs if you ask me. I hold some meme coins as a gamble and am fully clear on their role in my portfolio.
This bull market saw wild AI hype early in 2024, but for a while now, AI coins haven’t been performing as strongly. Meanwhile, meme coins are creating millionaires. These will likely keep doing well as this bull market continues, but what’s the next big trend?
Personally, I think platforms like Hive will shine. Monetized content is already popular on TikTok, YouTube, and others, but these platforms are known for de-platforming users, banning, censoring, and so on.
Social media needs to evolve, and the only way to guarantee its independence is with decentralized blockchains like Hive. There may be other projects too, but there’s an undeniable need for this shift.
I think the masses are slowly waking up to the realities of traditional and social media, and they’ll start seeking better alternatives. Just look at the news cycle: traditional media and social platforms will likely do whatever they can to influence voters this election season.
If that happens—and if Trump loses in a contentious election with claims of fraud—the credibility of “official” sources and governance in the U.S. will be in serious trouble in the coming years. I actually thought the 2020-2021 bull market would push Web3 into the spotlight, but it turned out to be just a fad.
Once this meme craze passes, we might finally see worthwhile developments in crypto—like mass recognition for projects like Hive. What do you think?
Thanks for your attention,
Adrian