Dogelon Mars: Alt Season at the height of decadence

[nutildah]

Took a look at CMC this morning to see how things were going and immediately spotted a few coins on the first page I'd never heard of before, and in high ranking positions too. But I'm not here to blindly discuss them without any sort of prior knowledge. I'm here to talk about some real shit-coiny shitcoins that have started to creep up the ladder for no reason other than pure hype.

For example, look at this, but please don't buy it, and certainly don't regard this as an endorsement of it:



A closer inspection of Dogelon Fucking Mars reveals it is an Ethereum token with a total supply of 1 TRILLION tokens.



The smart contract is a standard, boilerplate solidity contract. In other words, there's absolutely nothing innovative going on here except for the name.

At a current price of $0.00000191, it requires literally millions of tokens to equate for the ETH gas fee to make a transaction. Its one of these tokens that tries to make buyer feel powerful by letting them become hundred millionaires or even billionaires. People like the feeling of buying a shit ton of a coin and then just say, "when it gets to a dollar, I can buy a castle."

Meanwhile the market cap of the token would have to exceed that of Ethereum itself for it to ever have a price over 5 cents.


Why bring this up?

This and similar projects sound an alarm bell in my head that says alt season is just about finished. These kinds of projects creeping into the top page of the rankings lead me to believe the altcoin space is in serious need of a correction. I give us another month, tops, before the market starts to tank, potentially coming out of it only late in the year...

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[virtualdn]

The problem is many newbies have been "musked" already thinking they can get rich in no time. I think we will see a lot of people losing cash in the coming months and many disappointed ones - but also BTC will start a new rise and the alt season will be done as you say. The quality of the new projects is very low, all are get rich quick schemes.

[hatshepsut93]

If you look at the 2017 data, alts don't actually rise and fall together. In relation to Bitcoin, ETH has dropped long before BTC hit its peak, while XRP peaked together with BTC. Something like that can happen now - Doge and all Doge-related shitcoins will fall together, while ETH, for example, will keep climbing, and when ETH crashes, some other crypto trend might still be growing.

But I believe that the Doge bubble has already popped, no big names are jumping on this train, and Elon Musk can only do so much thing. The price crashed during his SNL, the announcement of him accepting Doge for satellite launches didn't do anything. There's nothing left to hold Doge's inflated price.

[deepsteamed]

What do you think about Vitalik Buterin's decision to donate half of the dogelon supply to The Methuselah Foundation? He seems to be a pretty big proponent of longevity research, so i doubt he would have gifted it to them unless he had reasonably high hopes for it. MF stated publicly that they wont touch it for 1 year and will do their best to increase its value.

[nutildah]

Since you ask, I think it remains an absolute joke at any price. It's clearly riding on the wave of Doge, which is riding on the wave of Elon... Projects like this - of which are in overabundance - just hope to suckle some of the loose change from the naïve.

It's dumb. There's already a Dogecoin. Build on that.

Funny you should bump this thread though because I kind of feel right now like I did back then. Indeed, the entire crypto market cap started a descent the very next day after I opened this thread. But it began to bounce back in July and we're now back to that same top ($1.5 trillion).

Weird.

https://coinmarketcap.com/charts/

[Tytanowy Janusz]

I dont think that either shiba or this shitcoin is driven by hype only. I think its more like a legendary market operator game. Jesse Livermore of  21th century. Its not like something is doing 114757798.7% in 11 months thanks to name related to dogecoin only. People will write books about whats going on here. And those books won't be books in the sociology and psychology categories. It will be a "how single market operator can earn trillion $ in 1 year" by creating the most volatile asset that is still super liquid ... maybe ever. Few days ago shiba volume on binance was 4 times higher than bitcoin. I'm not saying its worth to invest. I'm saying that future generations of traders will learn market based on books writen based on stuff we can observe right now in real time.

I'm super impressed by how it was played out.

[FloridaKid]

What many don't want to accept right now is people are just more interested in shitty coins than bigger coins, it's where they are investing their money even after several warnings, do you want to ride the waves with them or not? It's your decision, can't lie though I made loooots of from these shitty coin, gonna stick to the idea of getting in early and running out as greed fills the air.

[nutildah]

Sounds like you're trying a bit too hard to justify enjoying "highly-scalable shitcoinery."

It's your decision, can't lie though I made loooots of from these shitty coin, gonna stick to the idea of getting in early and running out as greed fills the air.

See, at least this guy is honest. It's all based on a ploy to rope in the greater fool. If you want to base the "value" of a coin off of its ability to pump, then you would really enjoy HEX. Why settle for a line of cocaine when you can have crack?

These knockoffs have obscene market caps because they have obscene supplies. If significant portions of this were actually liquid, their value would disintegrate into nothingness.

[Yogee]

1. "Power of the community" is what people market to fool many noob profit chasers.
2. Insert some made up token utility to prove the legitimacy of their project then some coin burning mechanics.
3. Compare marketcap of new token to Doge and hype the newbies of the token's "potential"

Those are just some of the tactics commonly used by most token devs nowadays. I'm not sure how that would sell to the next generation if someone ever write a book about it.