A look at the dismal state of the top 100 cryptos (by marketcap)
I haven't looked properly at the top 100 cryptos by market cap since probably 2021, during that last bull run, sitting in my cabin in Portugal caught up in a DEFI wonderland....
A lot has changed since then!
I mean in cryptoland, not in my life, well yes in my life, but I'm here talking ONLY about cryptoland.
I'm not particularly encouraged by what I see in the top 100.
What I see is a handful of tokens with what I'd call genuine utility but mostly absolute shitcoins. There's literally no way to tell what's going to blow up next!
And there's a lot I don't recognise in the top 100 coins...
The top 10
Obviously BTC/ ETH/ Tether, that's standard...
But then about the only other coin I rate in the top 11 is Cardano, I can't believe fucking Shib is in there at 11. Two meme coins in there, and an out and out scam coin at number 10.
REALLY NOT ENCOURAGING!
Although at least USDC is holding up there at 8, so we have a genuine large cap stable coin alternative to USDT.
The next biggest....
OK so cross-chain and DEFI protols and a couple of classics seem to feature here, this is BETTER! But Pepe, please just fuck off.
Coins in the top 100 have NEVER heard of....
- 14 SUI
- 23 Aptos
- 30 Kaspa
- 32 Bonk
- 33 MANTRA
- 35 Bitsensor
- 36 dogwifhat
- 38 AIA
- 40 Stacks
- 45 Mantle
- 49 Injective
- 52 Celestia
- 54 SEI
- 56 Bitget token
- 60 Brett
Actually that's ENOUGH I can't face going any further, although I did look down the list and and at number 64 there's a crypto called Peanut the Squirrel with a Market Cap of $1.4 Billion.
I'm not even sure I can face doing a deep dive into any of the above, I might just find it too depressing!
Top 100 coins I think might have some merit besides BTC....
These are the ones I know anything about and either hold or would consider holding....
- 9 ADA
- 22 LTC
- 29 Render
- 42 VeChain
- 44 ATOM
- 58 RUNE - PROBABLY the most undervalued coin in the top 100....?
- 83 AKT.
I could also add in BNB, maybe AVA, POL, but these are all variations on the DEFI theme.
FINAL THOUGHTS...
Am I missing something or is the top 100 just filled with SOL generated shitcoins that are best avoided, or is that what Crypto has become in 2024, gambling on irrational pumps orchestrated by discordant tech billionaires who literally have more money than they know what to do with.
Or maybe I'd be singing a different tune if I'd have backed just one of these top 100 shitcoins...?!?
Posted Using InLeo Alpha
Indeed, never heard any of them till now. A new way of gambling.
It certainly seems like it!
lol ye it's pretty crazy out there
It's kind of annoying when there are so many legit use cases for crypto that all the MC attention is taken up by what I call discordants. I assume it's all people who are multimillionaires off early crypto adoption just using 10% of their wealth for the lolz. These meme coins I mean, rather than ordinary people buying.
Meme coins just baffle me, they are are just money sinks, drawing capital away from decent coins with utility. At least they not trying to pretend they have utility and a "team", they are relatively honest in their shitness.
In my view they are symptomatic of the gambler/get rich quick mindset that permeates crypto, and a fertile hunting ground for scammers to boot
SUI is worth looking into, its a new L1 and from what I read has genuinely useful features that seem to be aimed at gaming, but I'll worn you, I'm a skimmer, didn't look to deep. It reminds me of Solana, which is a chain I like.
In terms of pure utility for me, it's hands down LTC, I've used it more than any other coin for moving value about, it's not fast, but it's cheap fee-wise and I've actually been using it regularly for the last 3 years, which is more than I can say for any other coin. Funny thing though, I hold none, I just buy it and sell it when it reaches my destination ( usually SPL :-) )
Good old LTC I know what you mean, it's useful for moving funds about for sure, I use it myself too!
Yeah, not so much outside the big few... but maybe something might shine in the future, just finding it is the challenge!
I did spunk $50 on squidgro and bought a few DOGE a while back that's my nod to Meme coins but that's it!
Ah so you should be sitting on profits with Doge! It's an old reliable!
At this point you cant ignore SOL ... it has become a legit competitor to ETH ... and no it will not kill ETH, but it will compete with it and stay around for a long ...
There's just too many shitcoins being created there! I guess with cheap prices!
What is it with memecoins? Is it just about hyping them up in hope of a quick profit? It's ridiculous that $HIVE is down around 500th with all this crap above it. The world has gone mad.
It just goes to show that crypto is still the wild west. I put it down to a relatively few people, in the 100s, who have made A LOT of money out of crypto and are just lolzing with a small percentage of it.
Obviously Musk is trolling us with all this Doge crap. What a jerk.
!MEME
Posted using MemeHive
Credit: burn-cent
Earn Crypto for your Memes @ HiveMe.me!
I didn't realise there were so may crypto currencies, it is a minefield
If you've got time it's worth digging into them, you can uncover some interesting projects, a lot of shit too mind.
I have time lol, I shall have to have a mooch, had an interesting letter from the Nationwide yesterday, they are structuring their credit card to prevent it being used for the purchase of crypto. More corporate establishment control ?
Lots of them are L1s:
14: Sui. Level 1.
23 Aptos: L1 built by the Facebook crypto lead; remember Libra/Diem? Interestingly Libra/Diem was sold to Silvergate which was one of the banks that went under in the interest rate / liquidity crunch after the inflation spike. A cursed thing.
33: Mantra. Cosmos ecosystem level 1 focused on RWA.
49: Injective: Cosmos ecosystem level 1.
54: Sei: Cosmos ecosystem level 1.
Others are memes:
32 Bonk: Sol-based.
36 dogwifhat
60 Brett: Base-based.
Others are AI:
35 Bittensor: AI.
44 FET (AIA?): AI.
Others:
40 Stacks: Never heard of it. Apparently a L2 for Bitcoin.
52 Celestia: It's in that category of blobs and roll-ups that are above my pay grade.
OK lots on Cosmos, i'm out of the loop, I've got some Vests on Osmosis. I'll do some digging when I get some of that precious time.
Only another 20,900 to wade through, edicted's tweens post sums it up, I think.
I saw that, what I didn't see was a lot of joy, just quite a lot of nastiness all around. I mean he was only 12-13 but he could have just took the money, he didn't have to goad people at the same time, but then again that was probably the crypto-norm he's been exposed to.
It's all just a bit hideous!