Musings From The VCs

"Insights, Reflections, and Lessons from the Frontlines, Intermediates and Beginners in the Venture Capital World."

Tag: crypto

  • The Digital “Gold Rush”!

    Musings of an Intern

    28/11/24

    Dear Diary,

    I was up all night yesterday, mesmerized by all the various memecoins. Seriously….what is this “ChillGuy” token? Market Cap of 435 MILLION dollars with a equally large trading volume in the past 24 hours. What’s more is that in the past 5 days, the coin went up 266,000%. I could have been a millionaire, instead I was busy watching the new season of Outer Banks on Netflix.

    Like don’t get me wrong, I am not a complete newbie to all these digital coins. I have been dipping my fingers into some of these virtual pools and picking up some of them to keep for myself. These decentralised virtual assets have been wrecking a chaos on me though. From the Sam-Bankman Fried scandal causing the FTX crash to Chinese and American crypto “whales” that move markets in seconds. Price manipulations are occurring left and right, and I am the small fish left there to drown. Crypto is such a gamble, do I really want to take this risk…

    Cryptocurrencies and memecoins have also gained so much traction since the recent elections and there are overnight millionaires being made regularly. There is so much money to be earned in this ecosystem, billions upon billions are being poured in and I think despite the risks there is much to be gained.  I mean how is that in our reality the 7th largest cryptocurrency is a memecoin called DOGE. The community of memecoins is a volatile yet passionate one. Whilst Bitcoin or Ethereum, were created with an actual financial utility in mind, memecoins are made cheaply and often marketed and the communities are fostered in order to grow and manipulate its value.  The beloved DOGE coin for example is mentioned in high frequency by Elon Musk, the richest man of today, boosting its value tremendously. Other memecoins like “ChillGuy” or “Grumpy Cat” are simply a marketing wonder, tapping into the absurdity of the internet’s meme culture. Often times, it is an inside joke from Tik Tok or Reddit, and the more you’re in on it, the more likely you are to toss in a couple of bucks to see if it pays off. The meme economy is a real thing.

    So with all these thinking and going back and forth on this today, I have decided maybe I will gamble off my money sometimes but not much. I will skip a Starbucks drink here and there, maybe I will get lucky or maybe I will laugh at myself. Most importantly I will keep a balance, try not to get caught up in making a quick buck and stay in the loop. One of these nights I will hop on a discord call with my friends, grab some popcorn, open tabs for DexScreener, Reddit, Twitter, Phantom, and Telegram, while saying ” xxx to the MOONN!” But tonight, I will just get all snugly and watch my Outer Banks on Netflix.