Micah
@micah
「 Change in Cycles, a Thread 」 From my perspective, the NFT meta was much easier on the mental in comparison to the memecoin meta. When someone sold a jpeg for 100 ETH, everyone was happy for the seller. When someone sells a memecoin for 6 figures, there’s a lot of bitterness and jealousy on the timeline. So why is this?
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Micah
@micah
It ultimately stems from 3 factors: 1) Too many screenshots of memecoin profits on the timeline cause people to believe that they’re the only ones who aren’t making enough. This in turn makes them think these expectations are impossible. 2) Too many instances of people getting rekt from memecoins creates a traumatizing experience. It’s way too PvP, and those who are winning tend to be insider cabals, market manipulators, scammers. Onchain crime is rampant. 3) The overall sentiment majors differently to 2021-22. People are making money but they aren’t enjoying the journey. It’s much more fast-paced, much more greed in the air, and a lot less WAGMI oriented. Group chats are literally dumping on each other, causing lots of betrayal of trust.
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Micah
@micah
As the bull market gets closer to the end, the chances of them making it out of the trenches slims down. This leads them to believe that they truly cannot make it out as competition is extremely high, which makes them even more sour. The majority who have not made insane money from the start of the cycle thought that they would be further than they currently are now. I can personally attest that I have never felt this stressed about financials in comparison to 2021-22. So if you have a skill issue in memecoins, you either have to adapt, take more risk, and spend more time watching the charts. Or, you just buy the less risky coins at a higher market cap and ride it out.
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