Crypto Sentiment Is Down Bad. But Is It Time to Go All In? - Ep. 784
Episode publishedPodcast: UnchainedUnchained
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Stablecoin volumes are at all time high. DEXs are at all time high. New token launches are at all time high. You've got literally everything that you could want from an investing standpoint happening right now, except for a bunch of whiny people on Twitter because they lost 50% of the meme coins.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. We are now featuring quotes from listeners on the show. Today, we have one from crypto Peter b, who responded to the recent episode on DeFi with Steny Kulechov and Rune Christensen. He wrote, challenge to ETH folks. Go one GD conversation, goddamn conversation, I'm guessing, without saying the word Solana or monolithic. Solana folks do it all the time. They just talk about cool stuff they're building. Can't remember the last time I heard an East Convo that didn't mention Solana. JFC, ren
Thanks for having me back.
Everyone's talking about how sentiment is down bad, especially on crypto Twitter. And excluding Ethereum, which is the only top 10 coin that's down year over year, the sentiment we're seeing on Twitter just really seems to belie the actual price action. And I wondered if, you could talk a little bit about your blog post from this week called fed up with misinformation, in which you broke down why you thought, you know, what you're seeing from the community does not match reality. Sure.
Yeah. I, every once in a while, I write with an angry tone. These last couple weeks have certainly been that. Not not because prices are are down, honestly. Like, that doesn't bother me. I've been doing this long enough. So, you know, twenty five years now, between, stocks, bonds, and now crypto that, you know, I've I've I've pretty numb to markets going up and markets going down. But what really was bothering me the most was that, you know, I've been doing this now professionally at Arca for seven years. You know, there's a lot of people, in this space who have been, you know, dedicating basi
Well, okay. So I have a theory, and I'd be interested for your take on this. And I I think and I think I've also heard other people talk about this maybe on some of the shows that we do here, that the reason sentiment is down so bad is because meme coins were the main trend this cycle, and the vast majority of people that have participated in that trend have lost money. So, you know, all the stuff that you're talking about, that's not really, like, where retail has been. It's not, like, what their attention has been on. It's definitely been on the segment where there's been just kind of, like,
that's very short term thinking, wouldn't you say? I mean, that's over the last four
to eight weeks. So that's no. Not not four to eight weeks. The main point trend has been around for over a year. So I'm so and and it's not like I'm disagreeing. We think I'm just, like, giving a theory as to why we're seeing this this disconnect. Right.
But okay. But, again, this is the part I would I would echo is that it it's clear for probably the first time ever that Blockchain is here to stay and it's not going away and that there are very distinct different use cases of Blockchain technology. So meme coins being one of those use cases and not even really a very big use case. I mean, know, the size of the the meme stocks when you look at GameStop and Bed Bath and Beyond and AMC is a very meaningless, amount of the total stock market. The the same thing with meme coins. It's pretty meaningless, size of the entire crypto market, yet it jus
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