Betting on Zero
26 Aug, 2022
Category: Crypto
Tags: Alt Coin
Many alt coin will see their price running towards near zero.
Ethereum Classic and Litecoin, each worth over $4 billion. And Bitcoin Cash, worth $2.5 billion.
None of these tokens really do anything, so the valuations appear generous.
But there is a saying that market is always right and I am a strong believer of this statement. If I see something weird, I assume I’m just missing something and try to figure out what it is.
My best guess is that all of these tokens have a sort of intangible meme value.
They enter the scene early and they becoming a meme, part of the memories of investors. And this is giving them real value: You can pay for Tesla merch with Dogecoin and AMC movie tickets with Shiba Inu.
However, as more and more coins are launched over the last few years, I don’t see how they justify these valuation other than being early. If meme has a value, Luna 1.0 should be trading at a way higher price today.
Maybe this is a once in a lifetime deal where we can short these meme coins and meme stocks.
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