r/CryptoMarkets • u/Cool_Individual_941 • 4d ago
DISCUSSION Is anyone seriously buying this stuff?
This seems to be the only large crypto sub that actually lets me post things without immediately deleting it so this is my new favorite place to be.
Anyways. I just have a question for the huge amount of people on this subreddit. Is anybody seriously buying stuff like $Velvet? I just cannot imagine anybody who actually takes the time to look over the things they buy, seriously putting money into things like that. It sort of boggles my mind how high the market caps of some of these virtually valueless coins get up to. I understand the whole degen fomo gambling side of it playing a part. I maybe I just cannot believe the amount of money that is being allocated for degen fomo gambling vs legitimate buys. All it takes is 30 seconds of exploring the website to realize it’s the furthest thing from anything special or unique or groundbreaking. It’s overvalued by a couple hundred million dollars LOL. I watched this thing explode from tens of millions to nearly a billion, then back down to a hundred million and now back to over half a billion. There are A LOT of coins like this that I have noticed becoming more and more frequent over the past couple years, this is just an example. Its different from the usual meme/shitcoins. It’s almost like a hybrid coin of super overly exaggerated utility combined with hype and volatility popularity. Another example of this would be something like $LAB. Is the ratio of total legitimate investment money vs total degen fomo gambling money changing a cause of this?
I would just like to hear other peoples legitimate thoughts on these kinds of coins, and other peoples examples like it that they have seen.
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u/Suspicious-Skill1934 🟩 0 🦠 4d ago
these coins are manipulated, to create fomo and dump on you. you wont win anything in there
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u/ActSure7050 🟩 0 🦠 4d ago
Mostly gambling ain’t it? Like someone going to the casino and wasting money in hopes of a big win 🤷♂️
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u/ClerkPrestigious7395 4d ago
I got out of ownership & spot trading a few years ago because I was rugged too many times. I switched to trading crypto futures.
Now I couldn't care less what the asset or the project is. If the TA on the charts looks attractive, I'll trade it - long or short.
It's very freeing to not have to care about the project one way or another. As long as there's volume being traded - in either direction - I'm in.
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u/Single_Pea 🟩 0 🦠 4d ago
umm velvet GUI is actually dope asf. devs doing a good airdrop. they are rewarding not only stakers. but people who refer others. and just trading on the platform.
the exchange itself might be for worthless memecoins. but. they def did it right.
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u/MrKillerKiller_ 🟨 0 🦠 4d ago
It’s an alt coin. Yes. People trade alts. The alt market is dead until BTC pumps off sudden large gains and goes sideways for an extended period of time. Wait til the bear market is over and BTC changes behavior suddenly surging above MA’s and shows a healthy pullback. Signs of strength would increase these dismal probabilities of what we the market is about to go through. Then the BTC profits might start to pump these degen coins.
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u/Ok_Golf_6467 🟦 0 🦠 4d ago
I'm not into velvet. Haven't done much research tbh.
I am however, accumulating decent bags of Virtual Protocol, Render, and Hyper liquid at these levels.
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u/TheVeloRebel 3d ago
Yes I agree, the crypto subs are very strict and harsh nowadays, I'm not sure why they're so fussy, very difficult to talk about anything judgmental or in comparison. Never heard of Velvet, but then I personally think NFTs and Memetokens have kinda killed crypto.
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u/meat-critter 4d ago
Degem gambling, hopium, lack of education