First time ever, 7 green months in a row.
Happy Easter.
Green or red for April?
Looks like we are going to achieve the highest EVER weekly and, at the same time, monthly closing... and both even over the previous cycle peak (not closing) ATH.
Nice.
Things feel oddly bullish. It seems like more money is on the way to the market over the next couple of months as well. I feel too comfortable with a $70K BTC price. At the rate accumulation is going though, we should get through all the GBTC coins and mtgox distribution of BTC in about 5 months. It seems like a perfect storm is brewing for the end of the year.
When the FED cuts interest rates, then it will get very interesting....
It's already interesting.. so yeah.. even more interesting.. I hope we are going to be able to handle the level of ongoing interesting.
Partially OT:
Typically, I don't post about s-tcoins, but I want to address one interesting social phenomenon about them this cycle.
A memecoin obviously does not have a value, apart from being just that, a meme.
However, why we see such seemingly outrageous valuations for those: 31bil, 18bil, 4.6bil, 3.6 bil..and on and on.
I think that it represents something, but what is it?
Possibilities:
1. Rejection of traditional monetary values. Something like this: "you, boomers made my life difficult, so to spite you and reject what you think is valuable, I would invest in meme stocks (GME, AMC, etc) and meme coins".
2. Desire to organize into virtual "tribes": the tribe of dog#1, the tribe of dog#2, the tribe of a "dog wif hat" (for f sake!), frog, whatever.
Each tribe has a meme, then probably would have certain rituals, etc.
3. Complete and utter nihilism that translates into "laying flat" and meme coin chasing.
Honestly, this is not what I expected, but it seems where we are.
Certainly, memes have, for now*, the biggest momentum.
I am not buying any, but I am very curious about what it all means going forward.
I also think that it seems that memes distract from the major thesis of bitcoin as being a new form of money.
They are almost a caricature of that important idea.
Bewildered.
* I have a bag of dog#1 from long time ago at zero cost as I took lots of profit during the last super spike.
We have already frequently seen these various kinds of pumps of shitcoins, projects, ICOs, NFTs, stable coins, inscription/ordinals, and now meme coins.
Why do you feel some kind of need to ascribe more meaning to it? Yeah, a lot of folks are frustrated with various systems and want to say fuck you to the man, and some of them might know about bitcoin and some of them might not.. so they are going to have fun staying poor if they cannot figure out ways to get in and out and maybe to put some of their profits (that is if they actually are able to get any profits) into something solid like bitcoin rather than riding any particular meme coin for too much and for too long.
.