Steve
@sdv.eth
? https://warpcast.com/zinger/0x2f9eb92d
13 replies
4 recasts
57 reactions
Zinger ↑
@zinger
Taking profits is good! I'm talking about people who buy in, price goes down a little, and they immediately panic sell. Or ones who make a tiny profit and then just nuke the chart.
1 reply
0 recast
8 reactions
Steve
@sdv.eth
It's all just a numbers game of arbitrage. Lots of this gets automated, sometimes to extreme amounts. If you can guarantee 0.1% profits 100% of the time, you just have to do it 10000 times to come up 10x on your initial (not counting for gas). Though most of the human activity is just quickly reallocating funds to a stickier coin. It's all just monetized attention after all.
1 reply
0 recast
1 reaction
Zinger ↑
@zinger
Doesn't seem to happen as much on other chains 🧐
1 reply
0 recast
0 reaction
Steve
@sdv.eth
Please say sike. Otherwise Solana would like to have a word with you.
1 reply
0 recast
1 reaction
Zinger ↑
@zinger
Sure, programmatic arbs happen on all chains but there's a reason that top Solana coins are orders of magnitude larger. Very few traders seem to have serious conviction in Base memes.
2 replies
0 recast
1 reaction
alex
@alexgrover.eth
The amount of capital on base is so much smaller, the average base meme is basically the size of the smallest graduated pump token of which 99.99% are 24 hour pump and dumps I guess it’s a chicken and egg problem, if the expectation is that base tokens will tank quickly why would you hold?
0 reply
0 recast
3 reactions
Steve
@sdv.eth
I think that's primarily a Solana vs Ethereum problem now. 2021 NFTs arguably had similar if not more volume and top prices because it was concentrated liquidity and attention. Today Ethereum has several L2s, even if most activity is on Base. Solana snowballed attention since last year and Base didn't have enough momentum to keep up because there wasn't a token launcher to drive a manic phase. The biggest Ethereum coins ($pepe, $mog) are on Ethereum but now feel heavily taxed with gas fees so trades have to be much larger to count. Also, Base as a chain is entirely targeted at newbs. The activity on wow kinda highlights this. I've seen way too many people buying up +5% supply on a single, doxxed account. I saw one person on $$$ buy 46%!! I farmed them though, twice 😌
0 reply
0 recast
1 reaction