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...