Welcome to the Flarnchain Newsletter! Hope you are having a wonderful week, and if you celebrate the holiday season I hope it was wonderful and continues to be a time of rest, relaxation, joy and merriment. I'm on the road this week, so I'm using an old laptop that doesn't have all of my resources on it for writing this newsletter. As such, we won't be seeing the weekly chart, nor will my 52 Weeks of Huahua update be in the same format, but we will make do with what we have - access to the internet and Microsoft Paint, basically all one needs to write a high quality crypto newsletter.
First, let's talk about presents! This year, just like last year, I created little notebooks for all of my family with a 12 word seedphrase to access a crypto wallet loaded up with various digital assets. This year, each wallet contained a few $OSMO and several hundred $STARS coins. Why these two? Well....
OSMO is the native currency of the Osmosis blockchain, which is the trading and liquidity hub of all cosmos network blockchains. By having some OSMO on their wallet, recipients have enough for transaction fees to trade for almost any other cryptocurrency that is relevant, including Bitcoin and Ethereum.
STARS is the native currency of the Stargaze blockchain, which is like the NFT hub of all cosmos network blockchains. By having some STARS on their wallet, they can do stuff like buy, sell, transfer, and mint NFTs, among other actions. There's enough STARS to buy and mint lower priced nfts and beyond enough STARS to afford any transaction fees, which are quite low on Stargaze.
I also loaded up each wallet with an NFT from my personal collection, which included pieces from After the Filter, The Kujirans, and several other of my favorite collections like Pixel Wizards and Pixel Witches. I learned a lot about the pain points of onboarding people to the newest Cosmos Wallet - Leap Wallet, which I'd like to go into more depth about in a future newsletter.
Market update
I don't have my charts in front of me, so the market update is going to be more general / high level. Bitcoin was flat, Ethereum was flat, and some cosmos chains went up a lot, including Osmosis and Cosmos Hub. Other coins went up and others went down, but overall the crypto market cap went up from about $1.73 trillion to around $1.75 trillion, an increase of around $20 billion in value.
Market animal
This week's market animal is most certainly another bull (🐂). Last week's market animal was a dog, so this is 1 bull in a row.
52 Weeks of Huahua
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This marks the end of week 2 of 52 weeks of Huahua. The price of Huahua has dropped substantially since I began this experiment, but that's actually fantastic for an experiment like this, because it shows the power of consistent buying. I've slightly increased my buying as the price has dropped, increasing my stack of Huahua by over 100k Huahua this week.
I'm aware of a large unbonding and selloff of Huahua tokens occuring at the moment, something like 8 billion huahua, which is like... 8% of the entire supply. For those unaware, unbonding is the process of unstaking your assets on a proof of stake chain. Once those assets are unstaked, they are liquid. If there's a large unbonding occurring, that means that a whale (someone with a lot of crypto) is potentially gearing up to sell a large amount of coins.
That's okay because I've got a lot of time... we are very early in this experiment. I anticipate that the dumping will level off soon, and then we can start the "up only" phase of Huahua's rise to prominence on the global memecoin stage. Or it will continue to zero and I'll be holding billions of huahua coins by the end of this experiment. Either way I win! Remember, I'm only putting staking rewards and LP rewards from other assets in small amounts into this coin. I'm buying in increments of $2-$5 at a time, and it's basically free money generated from other staked assets. I think the risk/reward looks pretty good right now for huahua because there's active devleopment and a growing community, so this is my "moonbag" play of the potential 2024 crypto bullmarket. If huahua goes "full send" and breaks into the top 100 cryptocurrencies, even briefly, we are talking about a price closer to $0.02 per Huahua, which translates to $2 million dollars for someone who holds 100 million Huahuas.
Here's the math:
Current Huahua market capitalization is ~ $22 million.
If the market cap increases 100x it would be $2.2 billion.
The 100th ranked coin on Coingecko back in the previous bullmarket was something like $2 billion, so right in range.
Huahua is currently ranked around 600-700 in terms of market cap.
Current market price of Huahua is $0.0002
$0.0002 x 100 = $0.02.
$0.02 x 100,000,000 = $2 million
I don't think I'll accumulate 100 million huahuas during this experiment (that would cost around $24k), but I think it's possible to accumulate 10million huahuas, which would be about $2.4k invested. Especially if I manage to catch a couple savvy swing trades + the staking rewards, a 10 million stack is not out of the realm of possibility, and based on my math above, a 10 million stack of huahuas could achieve a valuation of $200k. I'll take that!
The thesis for huahua hinges on two key narratives:
The Cosmos Network / IBC chains will be a big story this bull market. Chihuahua is a cosmos chain with IBC interoperability connected to many chains in the cosmos network.
Huahua will become the memecoin hub of the cosmos network. Because Chihuahua is a blockchain with full smart contract functionality, it can host applications like decentralized exchanges (DEXs) and developers can deploy tokens from Huahua, like other memecoins such as $PUPPY (the first memecoin successfully deployed on Huahua). If other coins are transferred to Huahua and HuahuaSwap becomes a memecoin hub, the transaction fees alone will burn Huahua Supply resulting in upward price pressure
All that said, this is an extremely volatile asset (see chart above), and if the 2024 bull market does not occur, huahua and many other memecoins will be the first bleed out all the way down to goblin town. So yeah, I'm buying a few bucks every other day or so, and if all goes according to plan... I'll have a lot of bucks.
Status update: wallet holds around 200k huahua, and I purchased around 100k last week.
closing statements
Alright! That's all for this week folks. Hope you all had a wonderful holiday, and hope you have a good rest of your week.
Cheers!
-Flarn
🤘🤘
