I put faith in my own convictions as to what I believe is right and consider them to be righteous.
onchain
Joined February 2019
- Tweets51.2K
- Following1.9K
- Followers45.6K
- Likes85.1K
aging like fine wine
a lot of traders were sitting on 7 figure unrealized profits during the recent SocialFi runs, but instead of slowly taking profits while their coins were going up and volume was high, most kept holding for even bigger numbers
if more people had gradually DCAed out and actually secured those profits, we’d have way more success stories, more people making life changing money, more volume into trenches and a much more positive market overall
instead, everyone is obsessed with posting unrealized PnL screenshots and holding for the next 10x even after already being up life changing money
the problem is that when almost nobody actually realizes those profits, a few red days like the ones we’re having now are enough to completely kill the vibes and make it feel like the party is over
imagine how much healthier the market would be if we had more people actually walking away with 6-7 figure profits instead of roundtripping everything. those are the success stories that bring new people in and keep existing traders motivated
SocialFi might genuinely be the best thing to happen to memecoins so far, but the mentality around it is completely wrong. people are more focused on showing who’s holding the biggest bag than actually making money
taking profits isn’t bearish and selling into volume doesn’t mean you’ve stopped believing in a coin
never forget that unrealized PnL isn’t money in your pocket. you’re not in profit until you sell
why does onchain have to follow the same fear as majors?
a bad market should actually be bullish for the trenches. when majors and perps are dead, onchain should be where people turn to multiply their money
instead, we’re moving with the exact same fear as the rest of the market lol
the meme market is still (unfortunately) tethered to broader market conditions, which aren't great right now
there are two ways to look at this:
1) it's all over
2) bitcoin recently bottomed, we're now experiencing a normal market pullback and we're awaiting another blow-off top on meme markets at magnitudes larger than what we saw in 2024 (probably sometime over the next 1-2 years)
I think the latter is a far more realistic take, and I think anyone who's stuck around thus far knows this too, despite how they may feel on any given day
I'm eternally pilled on things getting much, much better.
cz really tried to threaten elon with dumping $1b worth of spcx shares
he could literally buy back the entire bag without blinking, it’s literally 0.01% of his networth
wrong person to go band for band with🥀
unfortunately, the space isn’t what it used to be anymore
it’s become a heavily manipulated market that operates more like an actual casino than anything else
most of the organic trading is gone and everything feels engineered to extract as much money as possible from us
