GM DOers!
Is the top of the bull market in?
According to my X feed over the weekend, the answer is yes, the top is in!
178
50% of the posts I’ve seen were calling the top.
But is that true? Is the top really in or are these wanna-be influencers completely delusional?
Let’s explore the major ‘top signals’ we’re seeing in the markets right now to answer that question:
Memecoin Mania
The ‘Choose Rich’ Guy Going Viral
Other shenanigans 🥴
P.S. A top signal in crypto refers to an indicator or event suggesting that a cryptocurrency's price might be at its peak and could potentially decline.
Memecoin Mania
For weeks, memecoins have been skyrocketing, making many of them worth insane amounts.
PEPE – $3.7 billion
Dog wif hat – $2.1 billion
Coq Inu – $375 million
Mog – $350 million
Trump (yes, a Trump memecoin) – $340 million
HarryPotterObamaSonic10Inu – $200 million
We covered the memecoin season mania in a newsletter from last week here.
These valuations alone are enough for people to be calling the top.
But there’s more…
Members of the dog wif hat community have put together a fundraising campaign aiming to raise $650k to cover the costs of showing a picture of a dog with a pink hat on The Sphere – a large, round entertainment venue in Las Vegas that can display images on its outer surface and seats over 18,600 people inside.
In the first 24h, they raised $300k in $USDC. 🤯
they really tryna kill this bull market huh
The ‘Choose Rich’ Guy Going Viral
This is Nick O'Neill, the CEO and Co-Founder of Nifty Portal, a popular NFT marketplace.
He’s gone mega viral on X last week for showing off his success and screaming ‘Choose Rich’.
This tweet was seen by 32 million people. 😂
He then showed off his yacht…
And his New York penthouse…
He even made it onto one of Beeple’s Everydays.
This type of behavior coming from crypto influencers is typically signaling that the market is too euphoric and that we’re due for a market correction.
But before I share my honest opinion on this matter, let’s cover the other top signals that we’re seeing…
4 Other Shenanigans 🥴
First up, we have Worldcoin’s $WLD reaching a fully diluted valuation of $102 billion.
Worldcoin is of course on the forefront of the AI x Crypto narrative and has therefore been pumping on the hype.
But regardless, if Worldcoin were to be a stock, then it would be propelled into the top 150 of the world’s companies, valued at the same levels as Starbucks and AirBnb. 🤯
Clearly unsustainable.
Secondly, some view Coinbase's App Store ranking at 30th in Finance applications as a 'top signal,' but I believe it's premature.
A true 'top signal' would be when Coinbase achieves the number 1 position in finance and enters the top 10 across all categories.
Thirdly, tattoos.
I honestly didn’t expect tattoos of memecoins to come this soon but here we are.
Fourthly, greed – the Fear and Greed Index for Bitcoin has indicated Extreme Greed for weeks now.
Wrapping Up – There’s No Top Signal, I love You!
Here’s the thing friends, the top is nowhere near.
Sure, putting a meme dog on The Sphere and a guy named Nick becoming famous for showing off his crypto money are signs that people are getting too excited.
We might see the market starting to calm down a bit soon, and we could even see a pullback in the next few weeks – this happens from time to time and it’s completely normal.
On Thursday, a PRO report is coming your way called ‘Are You Ready for a 30% Pullback?’ – that will prepare you for a market correction that will inevitably occur. Go PRO to get it.
Although as I’m writing this, Bitcoin surpassed $71k and Ethereum is at $4k, so things are still looking bullish. 😂
In the grand scheme of things, I think this is still just the beginning of the bull market. In my opinion, the things I’ve highlighted above are not top signals, but rather signs that the market is finally heating up. 🔥
Here’s the deal.
Bitcoin only just surpassed its all time high, so the fun is only beginning.
Ethereum is still 18% from its own ATH.
Most altcoins are a long way away from previous market tops.
At the same time, boomers are literally buying billions of dollars of Bitcoin via ETFs.
Once the Ethereum ETF is approved (potentially in May), they’ll also be able to scoop up $ETH.
Besides, we still haven’t seen the real top signals.
Conclusion: Don’t worry, the top of the bull market is nowhere near. We’re only just getting started, friends! 🫡
Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤️
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Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
