We're So Back (For Real)

Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.

Gm. I am filled with euphoria this fine Tuesday morning, doing my best to temper my emotions and keep my head screwed on straight. Moments like these are when being called a moron for the last 18 months become all-of-a-sudden worth it. Bitcoin is now levitating around $34K (up 2x off the bottom) and most people I know IRL have no idea what’s occurring. I expect some texts in the coming weeks/months asking what coins they should buy.

Overall, nobody has been left behind (yet) and even our jpegs had a decent pump this week (for the most part) with Azuki leading the pack on a 25% week-over-week bump. Sentiment has flipped on a dime and it feels like we are officially in the early innings of the bull market. Of course, in my opinion, the bull market started in Nov 2022, and we’re now just picking up steam heading into 2024.

The time to accumulate was clearly late 2022 and early 2023 even though I believe by this time next year coin prices will be much higher. Post Bitcoin pump, on-chain shitcoins are leading the way and we’re seeing coins like $PEPE and the real $bitcoin pump aggressively. This feels good, especially if you’ve been in the trenches. The last year-or-so hasn’t been easy, and it feels like we’re at the early stages of the whole “if you stick around you’re going to make it” sentiment.

Side note - this shitcoin pump is making me quite bullish on Miladys and Sprotos again, as I expect new memecoin profits to flow back into the remilia ecosystem. Keep in mind these have pumped 25% and 50% respectively over the last day or so.

Moving on, these face rippers in ETH are usually not the best thing for NFTs. However, I think this time *may* be slightly different, as a general sentiment shift is underway. NFT people will also be getting a $blur and Friend Tech stimmy in the next few months as well so be on the lookout.

Anyways, as the majors pump, eventually the funds will move to the riskier side of the curve. This is nothing new. There’s been a few new mints and some gamefi stuff that has pumped decently over the last week or so. I won’t say degen NFT season is back but there’s real opportunities now unlike most of 2023.

Friend.Tech TVL just started to grind lower and we’re seeing some ETH flow out as well. Keep in mind the majority of heavy friend tech farmers are just NFT people.

There has surely been a lot of sidelined capital. When Azuki was in the low 3s, I was convinced we’d go to 2.5e. Now they’re well past 5. Many have been waiting to buy Penguins again sub 4e and they’ve been resilient as well. With Overpass almost guaranteed to launch within the next 10 days, bullish sentiment increasing, and FLC continuing to help with liqudity, I’d be surprised if we get a meaningful dip at all before the next NFT bull.

This does seem like prime time for new collections that have been building decent hype to finally launch before 2023 (still eyeing SOMO). Many collections that pumped hard in the 2021/2022 NFT run were launched quite early such as Cool Cats/CyberKongz. I expect this will be the same, with a bit of a gamefi ponzinomic twist as Sol PFPs will no longer cut it.

There’s so much more I can cover but I’m simply having too much fun staring at my screen watching my fungible tokens go up and to the right. Green days really make all of the grinding worth it. I’ve probably posted the below degenspartan tweet 10 times but will do it again because it’s my phone background.

NFT-wise, I’m not looking at much as my bags are (have been) packed for quite some time. In my mind, it’s only a matter of time before the capital flows into our internet pictures and crypto gets quite stupid again (in the good way). Until then, I’m monitoring Blur and various discords for quick degen mints that have a decent narrative. I expect a lot of familiar faces in your favorite discords will be returning fairly soon. People who left months or a year ago will be back to FOMO back into the future of finance - and most likely will still be early, just not with the comfort of being as early as you, holding a bag deep in the green.

Have a great week everyone.

Cheers,
Wilson