Interesting data at this site as you can check liquidations on any token. Hive had none and not sure if that is a good or bad thing lol as it just said no data found. LiquidationData
Normally when we see a dip in price for the Alt coins it is because Bitcoin or Ethereum have also dropped in value. This is not true in this case and Alt's are dropping in value and it would be nice to understand why. Maybe one of the differences now is because of Bitcoin and Ethereum ETF's and that money is holding and not bothered in trading making it more stable for now. What happens if Bitcoin did drop though because then this would not be the bottom.
One just has to look at the liquidations over the last 36 hours and I have the last 24 hours here. Notice who is leading the Alt liquidation crash SOL, DOGE, SHIB and PEPE. SOL is not a meme coin, but it is the source of many meme tokens and accounts for over 90% of Solana's trading.
An average of 3000 meme coins are created daily with a high back in March reaching 8630. This is insanity when you consider these numbers and these coins have no unique utility tech value either. Not only that these useless tokens dilute what could have been invested into genuine crypto projects.
When you consider we are now back to November 2023 prices and I noticed prices had dropped again so maybe July /August prices with some coins down by as much as 80%. If you had staked since last year then things are not quite so bad because you are earning no matter what the price is doing and price is not important.
What happened to the idea of building a crypto portfolio based around utility and I guess crypto investors missed that memo. This is why people do not take crypto seriously because get real who would if people are sill buying frogs, dogs and celebrity meme shite tokens. I would hate to know as a percentage what meme coins make up in their portfolios as I heard one person mention it was not a 5 or 10% that he thought it might be, but in many cases way more than half.
10% of all crypto volume is meme tokens and 60% of Ethereum's trading volume is the equivalent of memes? I can tell you now if you are researching your crypto investments and executing them then you are way ahead of the game and should be seriously excited. Your competition in this space is a herd of donkeys who have no clue what they are doing. Let them gamble away because what they know about crypto is actually quite dangerous.
When the meme coins crash they are going to bring down the entire market like FTX did when it went bang. his space is just too big to not affect the other Alt Coins and investors are pumping and dumping each other and this has nothing to do with tech because a meme and tech are not on the same planet.
Can you imagine if $80-$100 Billion was invested in genuine crypto projects and not in meme coins what type of difference that could make.
Still this is actually good news and why we must keep on researching and finding those crypto projects that offer utility. Whilst the village idiots are out playing with whatever you do with a meme token they will be late to the game when the game starts. At some point in the not too distant future there will be real crossover use cases from crypto stepping into the real world. This is already happening and even though it is still very small this is being built on through development. The lesson that needs to be learned is you need to hold the right tokens and that is what is important from here.
Posted Using InLeo Alpha
