Degen

Hey $DEGEN holders! It's been quite the ride recently, and you may be wondering - what's the narrative around the decline? Where do we go from here?

This thread will give you some context and my personal take on the situation. 🧵

Building /nounspace | Founding Member /atxdao | Creating community and good vibes wherever I go.

The folks receiving the tips airdrop are essentially receiving 'free money' and there is an expectation that many will dump immediately. These folks don't have any skin in the game - they may not be holding any Degen - so they don't care about the price impact as much as the folks who have been providing liquidity.

If you agree with this expectation, then buying in before 2/29 is just throwing your money at the folks receiving tips. With this in mind, it's likely that a lot of dry powder is being reserved to scoop the dip after the anticipated price drop.

But what really matters is that more people holding and becoming aware of $DEGEN.

People getting free money for just being on farcaster brings more people to farcaster and more eyes to the project. Our volume is still miniscule and the only way to bring more liquidity into the ecosystem is to get more people on board.

If it can go 1000% up, it can go 99% down. 

Making it in crypto is about making high conviction bets and sticking to them. Managing the emotional impact of price swings is part of the game. 

Personally, I don't want to time it. I'm not trying to catch every wave, but I will still add to my bags.. at the right price.

Why $degen?

Farcaster + Zora + Base are an unbeatable trifecta. 
Builders, Artists and Capital. 

I could not be more bullish on their growth. 

Degen has had a symbiotic relationship with the rapid growth of each of these platforms. The distribution strategy further cements this relationship.

I stick to $degen for the same reasons I originally bought in. Nothing that has changed.

I stick to $degen for the same reasons I originally bought in. Nothing that has changed. 

https://warpcast.com/realitycrafter.eth/0x67ca095b

Earlier this week, the first LP rewards airdrop was distributed. And right around the corner, Airdrop 2 (which will be based on the Degen tips system) is being distributed on 2/29. 

The reason for the steep decline is in part due to a complete lack of buying pressure in anticipation of this second airdrop.

Well said. I've been thinking along similar lines. The larger $DEGEN potential upside comes on a longer time horizon. Got to say I've really enjoyed this distribution model though. It's a hell of a way to bring a coin to life 🎩

Helpful thread. When I was looking at the price, I wondered/expected a drop.  I presume it should continue this way at least for another week.  However,  the drop is not like a steep whale sized rigging, which looks pretty good overall it seems.  

I did have to sell some to pay bills. But I…

I believe the major attraction of Farcaster is the channels and $degen 

By supporting both the ecosystem will grow, just need to get the network effect. 

But I for one am enjoying it here way more than X.

Yeah, I'm tossing up whether to sell some now and try to buy back on a dip, but I'm definitely not the only one thinking that. 

I might sell half and hold half,  just to fence sit. Also still have a bit in LP.

Yep this is pretty much my feelings on degen rn, too. FC succeeds = so does degen, and I sure think FC/WC is just getting started. Great thread. 1000 $degen

795 $DEGEN for the spot on analysis and explanation.  Though I am hoping for some decent price action this week to help my LP position to get more DEGEN.

I have a perfect free NFT mint to celebrate this thread @realitycrafter.eth !

I have a perfect free NFT mint to celebrate this thread @realitycrafter.eth ! 

https://zora.co/collect/base:0x792f63e9785d2dc5bc8bde618daa36929d3303ed/2?referrer=0x8aaeF3C365f90318d15944587D1D3d842e16565A