Pumping BRATT
Memecoins may not evince the same quality of solving for some toothy technical problem. Instead, they proffer the cultlike purity of a made-for-profit crypto token.
Watch Murad’s video on Memecoins, and you may become convinced:
Brett, the father of Bratt, is now a $1 Billion dollar Marketcap monster memecoin, joining the likes of the granddaddy of memecoins DOGE ($16B Marketcap).
What are we to make of this? When I went to Bitcoin Amsterdam 2024, my new friend Simon was shilling us on his collection of memecoins, and since none of us in our group had ever been successful at picking the winning memecoins, we all were skeptical to say the least.
Then we found out, with the exception of Bratt (on BASE chain), that the rest of the memecoins he was talking about were on the Ethereum chain. We all let out a collective groan at the huge gas fees, but Simon was persistent.
“Whales are on Ethereum, and whales do not think twice about gas fees,” Simon said.
Getting to a whalish size in my crypto investments, I’d have to nod in agreement. I rarely notice gas fees — I just want the transaction to go through. I might make some noise about the gas fees on ETH, but if it costs me $20 vs $0.20 cents in gas, because of the scale of my buys I don’t really care about the gas as long as the transaction gets through, and I get what I want.
“Matt Furie art based memecoins are all that’s hot in memecoins, so those are the coins we target.”
Here’s the list of Memecoins Simon shared with us:
- Bratt (Son of Brett)
- Fefe (Kinda like the next iteration of Pepe).
- Groggo
- Fluffy
Since the time I first purchased some Groggo a couple days ago, the price has gone up 138.04%.
Fluffy is also experiencing a resurgence:
…and Bratt boomed over 295% since my first purchase 4 days ago on 10/11/2024:
But…where’s the Tech?
When you look at the tokens solving for some technical problem, or have a utility aspect, what you’ll find is many are 80% owned by Hedge funds, and Venture capitalists. They are not community driven. They come with early round unlocks as well, which also create price headwinds as seed investors are finally allowed to sell.
Memecoins do not have those burdens, allowing anyone to participate in a token movement, and be treated on the same playing field as VCs.
It’s Wallstreetbets and Gamestop all over again!
It’s not about the tech, it’s about the community. It’s not about solving technical problems, it’s about unabashedly shilling your favorite token in a cultlike atmosphere.
It’s like sports — pick your favorite, and the one with the most points (money) wins.
A lucky few become unicorns — like DOGE, or Shib, with valuations in the billions. The question is, how do you pick the winners from the losers?
And for those in crypto for the tech, for the most part what they are actually into is the narrative.
XRP Narrative
The XRP narrative was originally as a SWIFT cross border payments narrative.
Get Patrick Cryptozoa’s stories in your inbox
Join Medium for free to get updates from this writer.
Until it wasn’t.
Then, XRP pivoted to a Western Union money transfer service.
Until that dropped away.
Now, there is a pivot to XRP being the CBDC creator. Except, that looks to be shortlived, as that narrative has been scrubbed from the Ripple website.
So, what is it exactly that the XRP Army is fighting for?
LTC Narrative
LTC founder Charlie Lee promoted Litecoin as Silver to Bitcoin’s gold. He said since Litecoin was a fork of Bitcoin, it could be used as a cash alternative, while Bitcoin would be more like Gold’s store of value. Also, experiments such as blocksize could be more safely executed against Litecoin rather than putting Bitcoin at risk.
Nice narrative, if any of it were actually true.
There are several forks of Bitcoin: Bitcoin Cash, Segwit, Bitcoin Unlimited, BSV — all could have used that narrative of being Silver to Bitcoin’s Gold. Charlie Lee, founder of Litecoin, was just the best at promoting LTC with that narrative, and once that narrative started generating a following, and a larger marketcap, Charlie Lee bailed at the top.
How is this any different than buying Bratt? Generate a narrative sellers can get behind — “Bratt, son of Brett!” Shill to the masses, gain adoption — and then cashout.
Who are the winners?
For Simon, the angle is to get in on the Matt Furie memecoins, the new ones that play off of existing successful Furie memes, such as Pepe, and pick out the next big thing, whether that be Groggo, Bratt, or even Fluffy.
Pick the right ones, and you too could make 100x.
I’m definitely not the person to ask about picking memecoin winners, as I am so new at this, and my past record (aside from a huge win years ago on SHIB) is fairly abysmal.
But, if you lack the knowledge, what they say is to take the counsel of someone else who may have that knowledge. I do know a couple folks, as well as follow some TGs where memecoin tips come up.
I also limit my initial stake in each memecoin, since it only takes one or two to make a dent. My personal amount used to be a $100 limit, but I have since increased that to $500/memecoin as the winners accumulate.
Still hunting for my 100x banger…;)
The Memescape, though, is strewn with the bodies of the tokens that failed to catch fire.
- Lube, down 95% since March 11, 2024.
- Catboy, down >70% since March 17, 2024.
- Pump, down >95% since March 25th.
SHIB, a rare success
During the previous Bullrun in 2021, I had a thousand dollars worth of SHIB that turned into $25,000 as I took profits on the way up. I calculated that if I instead of selling incrimentally, and was able to sell all at once at the top, I would have made $250,000.
I felt I still made out like a bandit.
The problem, as I like to say, wasn’t in the buying, the question is: when do you sell? When it’s human nature to think it might keep shooting higher. What is your plan to sell? Because when your memecoin is printing God candles on the charts — that’s the time when you need a plan. You don’t want to be the last one holding an empty bag — that’s the worst.
Maybe your buy plan is to DCA on dips. Perhaps a plan of DCAing out on highs may be a way to get your profits out. Think about this before the god candles happen, and you’ll be ahead of the game.
Conclusion
Thanks for joining me in this article as I try to articulate the memecoin case. In some ways, memecoins are just a more honest narrative than the ones being touted by the more “technical” tokens solving for some technical issue — whether that be TPS, or security, or Web3 onchain. Take away the narrative and tokens start to look alike — all are faster than Visa, it’s just the story that buyers get behind.
Why not get behind the Matt Furie craze? It makes as much sense as any other memecoin case. Join the mob/cult, and start printing.
If you’d like to find out more about the details of the projects I am in, and how to participate, please go here: https://cryptozoa.medium.com/passive-income-projects-eafd4ee0a4aa
Nothing in this article is intended to constitute investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Readers are encouraged to perform their own due diligence and research, or consult a licensed financial advisor or broker before making any and all investment decisions. This content is intended for general informational and educational purposes only. Though the author strives for accuracy, the data contained within the article cannot be relied upon. The author may own cryptocurrencies and tokens discussed in the article.
