Well, as the hype wave builds on $meme, we can anticipate another stress test for ETH. These things should really be developed on L2 since the encapsulation wouldn’t congest mainnet.
Cryptokitties 2.0
May you have good fortune with $meme. I’d prolly start with cypherpunks myself since it has a historical context, maybe if I ever go full degen. If so, then how can a collection be complete without $chad?
I just love how this whole space culture jams tradFi with humor and inside jokes with the gamification of ‘investing’
btw, what ever became of cryptokitties?
I believe cryptokitties died a horrible death. I didn't experience it as I was not into Eth at the time, more on XMR and ICO's getting hundreds of percent returns with some and 0% (or big losses on others). I did have a chance to buy into the Pepe craze as it was mentioned many times in the Monero IRC trading channels (partly as a joke and partly as gamble) but I was not a degen back then, lol.
Before going TL;DR on $meme, DeFi investors should have some big concerns with the continuing crash of the DeFi sector. I think it's temporary, but we have to be prepared for a prolonged struggle. All my DeFi coins are in an income-generating setup (very high APY's, except Melon $MLN) and that's my defensive tactic for this downturn and hoping it's enough for survival.
My biggest portfolio holding became Celsius $CEL because it mooned in the past 10 days, but it has always been classified as CeFi (there's a licensed company running the operations with employees) by the market and not listed on DeFi pulse and the likes. Of course their main business is lending/borrowing and they have tokens CEL which benefit from the tokenomics so it can get hit by this DeFi downturn (hopefully not).
Meme is 100% Cryptokitties 2.0, imho. It is incorporating tokenomics and that's part of the improvement since it is version 2.0 of the same hype pumpamentals cryptokitties. I find myself engulfed in the Tokenomics gamification, tbh. Last night, I was sitting on big gains possibly a 2x overall, as I did not enter all in one shot, the first 8 at low 2.x Eth but the last 7 memes were over 3 Eth. I saw the price hit above 5.7 Eth per meme last night, it has pulled back and could be on the way to a crash at now, it's 4.0x Eth (oops just dipped below 4.0 Eth)
Last night, I was thinking wtf am I doing, I should be selling now with big profits since my other positions DeFi coins are going down hard, but then I start to think of the tokenomics gamification that I'm aware of that the a big percentage of the meme tokens are locked into the tokenomics of staking pineapples for use in minting NFT's, it's an ecosystem that creates value and a self-feeding loop. I'm staking 15 meme's so if I sell, then I lose my staking and lose NFT's that could be the next big thing in cryptos
or not but it's creating a marketplace that is all intertwined. Similar concept as yield farming with yields paid out for supporting the ecosystem by being an automated market maker in an LP, but that's easier to understand as that's straightforward financial instruments and incentives, with NFT's and digital arts, it's a very brand new market and harder to value them or if they even have any value. Art is valued by the price the highest bidder is willing to pay for it, as in a Renoir is valued by the person that is willing to pay the highest price for it as the last price does not matter much as it's in the past, but it is used for reference by other wealthy f*ckers, lol
Anyway, gotta make a decision soon, profits is evaporating faster than a dry ice, meme is now 3.7 Eth...
My top 3 holdings are doing ok for now compared to the rest of my portfolio so it's a short term win/validation of the strategy
