October 27th 2024
Have you heard of âreply guysâ?
Thereâs lots of shade and manipulation in crypto, especially in the long tail âassetsâ aka shitcoins aka small market cap projects with crap products who will do anything for attention.
Between our latest memecoin insights, the obvious boom in crypto x AI, the wild story about @truth_terminal and my bearishness on Ethereum - I couldnât help but be thrusted into action when I stumbled on this tweet about $DEVIN, the first AI to create and launch itâs own token with no human intervention.
Itâs a rabbit hole, you donât have to go down it unless you want to, but for me it appeared as a fun opportunity to finally mess with Solana and ape into a memecoin with a nice looking chart and a tiny $4.8M market cap.
So after setting up my Phantom wallet and âbridge-swappingâ 1 ETH on Ethereum to 15.444039214 SOL on Solana (in 1 tap!) I smash bought 500,000 $DEVIN for $0.00470564/each.
Only then did I dive into the âDevin Communityâ Telegram to see what they were up toâŚ
The âcommunityâ was nothing but a bunch of morons pumping each other up and sharing/liking/REPLYING to each otherâs tweets in an effort to game the Twitter algorithm to spread news about Devin. They even have a Telegram bot to coordinate their Twitter âraidsâ.
As you can see in their âCheat Sheetâ, replying to a reply gives a tweet maximum boost by the Twitter algorithm - hence, the âreply guysâ. Whether these reply guys are being paid to pump $DEVIN or simply pumping their own bags is unknown, but theyâre easy to spot - just check the replies.
Iâve been hodling ShapeShiftâs $FOX token for over a year now. Today I noticed $FOX was pumping +50%! I searched Twitter to find out why, and it was nothing but reply guys. So I dumped it all for an 83%+ gain. Thanks guys.
To the moon đ â @GÎR฿Z Founder & Creator @ BitLift
âThe Cycleâ Update
First, read about The Cycle if youâre not intimately familiar with it.
I thought weâd look at an ETH chart for a change since I finished last week by shitting all over it.
I apologize if this next chart is triggering for those of you who experienced the emotional rollercoaster of the ICO boom.
As you can see, ETH topped out between the 2nd and 3rd Bitcoin halving going from literally nothing to ~$1,600. I bought most of my ETH at $15 and I still hodl (stake) most of it.
After the dump of 2018, and the sideways chop of 2019 and 2020, it was hard to imagine it would happen all over again. There was a lot of fear, uncertainty and doubt. Price even dipped below $100 for a few weeks, and then again when COVID hit!
But if youâd bought during those scariest moments, you could have rode from $100 to $4,800 for a 4,700% gain.
It takes a long time, and a lot of conviction to hodl through those winter months. Years. But thatâs how this works. The market dips deep enough, for just long enough, to convince you to move on. And then it does the seemingly impossible.
So to contradict myself, while Iâm as bearish as Iâve ever been on Ethereum, is now the time to buy?
From the BitLift Discord #trade-log:
@GÎR฿Z 10/16 - Bought first tranche of $UNI @ $7.60
@FÎRÎNC 10/19 - Swapped all my ETH to SOL @14.44 SOL
@skp_onchain 10/23 - Swapped half my ETH to SOL last month , putting rest on limit orders soon - crazy times
@C_M_G 10/23 - $FXS @ $1.96
@GÎR฿Z 10/25 - Dumped $FOX @ 0.0605 for +83.3333% gain
From the BitLift Discord:
@FÎRÎNC: Although I've been staking and borrowing/lending quite a bit over the last few years (mainly during the last bull run), I still can't get my head round the yields that i see on DefiLlama.
Most of the time when I staked or locked up some token, I usually got around 2-6% yield but are the crazy yields on a LOT of the projects listed on DefiLlama too good to be true? Even if you ignore the ones with impermanent loss, there are protocols yielding 50%+
What am I missing here? I understand some are shady and to be avoided, but a number of the protocols are (seem to be) well known and been around for a while.
If it's so easy to find high yield in Defi, why isn't everyone doing it?
Can we talk more about this here? I can try to find some specific ones, if someone can opine on them here, that would be great.
@GÎR฿Z: yeah, put some examples up! What I've seen, is that shitcoins are heavily incentivized to attract LP's because when you LP, half your stake goes towards buying the token. Yeah the yield is 365% THAT DAY, but you're not going to stay in it for a year, the yield wont stay that high for a year, the shitcoin side of the stake is going to tank leaving you with a huge bag of it, and the yield paid to you will be in that token too. It's all impossible to measure when you're deciding whether to enter the position or not - so I just avoid it all.
BUT, if you're bullish both tokens in the pool, and you don't mind swapping one for the other, it could make sense...
@GERBZ: ok fine you win, I fucked with Solana today. imported my hot wallet into https://phantom.app/ which was a breeze and great UI/UX Swapped 0.0785 ETH on Ethereum for 201.2111 USDC on Solana from within Phantom which is pretty cool. Waiting for it to bridge is annoying though... Bought $200 worth of $GIGA for a bet I have going with @sketchmcgee (for which I will win) Then randomly stumbled on this tweet, discovered $DEVIN and smash bought 500,000 worth of $DEVIN on Solana
@sketchmcgee: I look forward to taking your $giga and adding them to my stack đ
@GERBZ: Great thread by the founder @ Frax on valuing L1's, L2's and dApps. Throwing some ETH shade tooâŚ
@428580: man, these AI spun memes are going bananas
@skponchain: Anyone getting better stablecoin yield than PYUSD on sol protocols (10-11%) or for USDC on arb/eth (8-9%) on fluid?
@GERBZ: My stablecoin farming dreams got crushed last cycle. Haven't been back since.
I use to use this, but they removed the app and only offer an API of the data now... Odd...
I think people use this now
@tjt2005: I'm keeping my eth bags but not buying more. I've had my eth for over a year, why sell anything that you can sell later with long term cap gains tax?
@GERBZ: I guess it only makes sense if you think the SOL return could be 40%+ the ETH return
@ferenc127: