Just recently, I opened a short position on PEPE coin. Although I'm not a fan of leverage trading, my gambler's mentality occasionally takes over and I have to indulge in a bit of dopamine. Currently, I have a 5x short position on PEPE, and unfortunately, I'm at a loss.
PEPE has risen by 400% in the past seven days and has experienced a staggering increase of about 15,000% since its first CEX listings. I heard about it quite early and was tempted to buy it on gate.io, but I missed the opportunity. I have a knack for missing out on excellent money-making opportunities.
Yesterday, PEPE was listed on Binance, which brought it great success. However, my gut feeling tells me that the Binance listing is what caused PEPE to reach its peak. Going from a micro-cap to a one billion dollar market cap shitcoin is an impressive performance.
That's a billion with a B. HIVE has a market cap of $147,738,068 and is a working project, while PEPE is approximately eight times larger than HIVE in terms of market cap. Yet, we still expect people outside of the crypto world to take us seriously and treat us with respect.
Do you know what else amazes me? The fact that the majority of people are currently looking for the next PEPE. There are a few other shitcoins, like BOB, that are performing exceptionally well thanks to PEPE, but these individuals are looking for the next PEPE instead of searching for the next ETH or the way out of the legacy system (Hive).
How lame is that?
Furthermore, the easy money mentality in crypto is also lame. Before delving deeper into that, I want to mention that I believe most of the money that has been made with the recent PEPE and other shitcoin pumps have been made by whales and insiders. Only a few have miraculously discovered such gems.
One could have made millions with PEPE by investing something like $500 before the rally started less than two weeks ago. It's easy to fantasize about making millions with a few hundred dollars worth of investment.
But...
Who would have had the courage to watch their $500 investment grow to $10,000 and do nothing, then to $50,000 and remain still, from there to $500,000, $600,000, $700,000... From there, correct to $300,000 and do nothing again and just watch an insanely volatile portfolio that started from $500 and grew to a million?
Who would have had the fortitude to do that? Watching a portfolio grow from $500 to a million is highly demanding. Although I have never been in that position, I can only imagine the stress that comes with it. PEPE didn't become wealthy overnight, and millionaires aren't made so easily.
Personally, I don't think I could have turned $500 in PEPE into a million, even if I had bought in during the early stages of its listings. I simply don't have that kind of strength. I also believe that most of the wannabe millionaires dreaming of making millions with a few hundred bucks or even a grand won't succeed.
That's why I'm shorting PEPE... What about you?
Thanks for your attention,
Adrian
Posted Using LeoFinance Alpha