Do Only Good Everyday - Let's double down on DOGE!

2 months ago

Hello SPIers, today we talk about DOGE and meme tokens.

(Image from here)

What is a Meme Token?

A meme coin is a cryptocurrency that originated from an Internet meme or has some other humorous characteristic. In short, they are crypto collectables, no use case, no backing, just for the LOL's.

In general meme tokens will be priced at a fraction of a penny with trillions of tokens in circulation. Why invest $100 to buy 0.001BTC and feel poor when you can get 100 million meme tokens instead and feel rich because you have so many tokens? It's a trick on the mind and why dumb people invest in stupid crap. I wrote a post recently detailing how smart money will ask "Where is the value?" while dumb money will ask, "What is the cost?" Meme tokens are priced at dust prices because investors think it's possible for them to hit 1 cent someday and they will be billionaires. Last cycle, people were saying SHIB would hit 1 cent which is ridiculous because there's not enough money in the universe for that to happen.

Just because meme tokens are completely useless does not mean they are completely useless.

Meme tokens on paper as a value investment are not a good investment because they have no solid fundamentals. However, the biggest meme tokens have huge devoted communities who are willing to continue to buy more and HODL till death. This is the value in meme tokens that is not on paper, they lack ground fundamentals but they have community pumpamentals which are much more important. Knowing this, we can convert this knowledge into profit.

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Meme Tokens

They offer no real-world use case, no staking, no rewards, no airdrops, no nothing. Meme tokens are like lotto tickets for degen gamblers who wish to turn $100 into $1 million. Gamble with the mindset that once to convert into them, your money is gone.

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We're getting more Meme tokens!

Heading into this bullrun, we can guess a few things are going to happen. We can guess that all the top cryptos will see higher marketcap valuations than we saw in 2021 and we can guess that 1st cycle tokens will outperform 2nd,3rd and 4th cycle tokens. Meme tokens pump the most toward the end of the bullrun when euphoria is at its peak and people are paying millions of dollars for PNGs.

DOGE

Currently, SPI holds 6650 DOGE we bought for $500 worth $1150 today. I will be adding another $500 to this position

Why?
DOGE's peak marketcap in 2021 was $65 billion and today it's $25 billion. DOGE has a very small yearly mintage so investors dont get liquidated much for HODLing long periods. This is a much-undervalued thing not alot of people look into before investing in something (Total Supply vs Circulating Supply).

If we believe that DOGE is the BTC of meme tokens and can maintain its top meme token spot, we could guess it will see a higher peak marketcap value this cycle. DOGE is also a top 10 token so it's fairly low risk but on the flipside, the best we can hope for is a 3-4x from investing today. If Elon starts tweeting again are even integrates it to X somehow, it could peak out at over $1. If not, we have the DOGE army to pump our bags.

BONK

BONK is the top meme token for the Solana blockchain. It is currently ranked 70th and has a marketcap of $1.9 billion. I will buy us into this for $1000.

Why?
It has good pumpamentals. BONK is to SOL as PEPE is to ETH. The Solana blockchain is much cheaper and BONK opens the doors for people who have under $50 to invest. The Salana ecosystem has grown alot over the past few years and it is predicted that SOL will be the hot chain to be using this cycle. ETH is always #1 but as a poor man's ETH, we had BSC last cycle and TRX before that. Word on the street is this cycle, it's going to be SOL.

BONK is still a new token, only 3 months old but we have a long time before the bullrun will end and if the SOL chain becomes the place to be, it's not unthinkable to think the top meme token on the chain could peak with a marketcap of $20 billion. This is only a 1/3 of what DOGE peaked at last cycle to show this is conservative. That would be 10x from today's prices. It's a risky position to take but we're not planning to be holding this long term and certainly not into the next bear market.

How are we funding this?

RUNE is top a ton this past week and we finally went into profit so I sold off near half of our position for $2100. We've been holding RUNE from the last cycle, I bought at the wrong time late in the bullrun and seeing it in green for the first time in 3 years means I have to reallocate some of those funds ASAP into better investments for the coming bullrun before it turns red again. We're still holding 200 RUNE worth around $2300, up 40% from what we invested.

What's Next?
If the markets take a time for the worse and we see a large correction, I will most likely withdraw some HBD savings to invest in 1-2 AI themed tokens. We've not seen BTC correct 15-25% yet since its been running hot. AI tokens are doing very well already and will become a very important asset class within crypto over the coming months and years. If the market does see a dip, we'll be sticking with AI tokens within the top 100 by rank, no need to go crazy.

That is all for today
There you have it, SPI, the "we only investment into time-served investments" is degening out on meme tokens and maybe more AI tokens. There's a time and a place to do things and we're playing with fraction % allocations of the total fund. $500 more into DOGE is only 0.002% of the fund and $1000 into BONK is only 0.004%.

Today the SPI fund is worth $206,008.46 with a HIVE value of 4.76 per token

Thanks for checking out the post, what do you think about meme tokens?

Token Name	Main Account	Link to hive-engine
SPI token	@spinvest	SPI
LBI token	@lbi-token	LBI
Top XV token	@spinvest	XV
Eddie Earners	@eddie-earner	EDS
EDS miners	@eddie-earner	EDSM
EDS mini miners	@eddie-earner	EDSMM
DAB	@dailydab	DAB
DBOND	@dailydab	DBOND