Thought it through, and this round of Ethereum dog coins
#MEME is definitely a different game than before; retail traders are really struggling to have fun!
The easiest way to get FOMO in crypto is through new concepts—great stories to tell, emotions to ride, and memes are no different. But this time, the hype is actually focused on the old coins.
The leader
#ASTEROID shot up by hundreds of millions in just two days;
#FLORK is even crazier, jumping to 10 million in two days; DANKDOGE surged from 100,000 to 3 million in 6 hours; and then there's wojak, which just made a U-shaped big reversal in the last couple of days.
Here’s the catch—old coins “resurrecting” are actually less friendly to retail traders. When the last E-chain MATT series exploded, it was the new coins leading the charge, like mouse RATO, cat GASS, and dog ZEUS, where retail traders could get in early and have a bit of control.
But this time is different; it’s nearly impossible to judge before the old coins start running. By the time you catch on, they’ve already skyrocketed past a million market cap, and entering is all passive, leaving almost no room for early positioning. To put it bluntly, most of the time, you're just lifting the bags for the whales, making it hard to grab the big gains, and the cost-effectiveness is extremely low.
Looking at it from another angle, the whales are essentially just “big retail.” When the previous whale leaves, for the project to survive, a new whale must step in. But historically, big funds prefer to pick up new projects with fresh stories. It’s like making a movie: if you make the first one well, I can continue with the sequel; but if the first one flops, no one wants to take over the project.
Right now, the E-chain is essentially being propped up by ASTEROID, and the themes aren’t strong enough to support widespread adoption. This wave will likely go one of two ways:
Either the space dog continues to charge up, directly hitting a 1 billion market cap, bringing a bunch of old coins back to life, and retail traders will just be in there doing some PvP and sipping the soup, which feels a bit like the old BSC playbook;
Or we wait for a truly new project to emerge, breaking this deadlock, preferably one with room for derivatives that can completely ignite the liquidity on the chain, leading to a significant wave of FOMO.
So at this stage, I really don't recommend blindly chasing highs on the E-chain. You can take a small position to do some PvP, but definitely know when to take profits; remember to recoup your initial investment.