kenny 🎩 on Farcaster

timdaub pfp

right: ETH, left: memecoin Memecoins aren't leveraged ETH for the simple reason that they're not holding ETH's price level. DEGEN has been headed down further, while ETH hasn't. It seems they do amplify directional momentum though. E.g DEGEN went up quite significantly with the 20% ETH ETF pump on May 20th. Still, wouldn't have holding literal leveraged ETH performed better over the last 3m here?

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kenny 🎩 pfp

DEGEN def not leveraged ETH DEGEN is leveraged Farcaster equity

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timdaub pfp

Highly misleading. What does DEGEN still have to do with Farcaster? It launched an L3 and went on all sorts of random side quests. Also, it has made Farcaster significantly worse over the last months and the Farcaster team has actively worked to mitigate the damage. Farcaster has been up into the right top corner stats wise. DEGEN has been going in the inverse direction 🤣

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kenny 🎩 pfp

you realize that first parabolic curve in February was kick-started by DEGEN right?

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timdaub pfp

Yes, and since then DEGEN and FC have evolved. My view describes the current situation, February is a long time ago

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kenny 🎩 pfp

current situation here is that those new users are mainly bots my followers have gone up 10k in the past month and the vast majority are not real users lol the market overall still thinks of DEGEN as "the Farcaster coin" and if a surge of real users shows up again, DEGEN will do fine if Farcaster stays a bot haven, DEGEN will have a harder path

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timdaub pfp

Honestly, while I do agree that most dummies will think that DEGEN is the Farcaster coin, it really isn't anymore and so that thesis just works out because a lot of people are misinformed. DEGEN is completely divorced from FC activity and I don't see how these two things are connected anymore at this time. DEGEN used to launch as FC-embedded product with tipping and a very active community. None of this still really exists. Degens aren't important on the timeline and for that matter, nobody wants them to be important on the timeline either, and reply tipping has been self-defeating as it attracts spammers and since it has failed to incentivize creating better content. Degen has as much connection to FC as ETH has to Twitter. Sure a large part of its communities are hosted there, but that's about it.

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kenny 🎩 pfp

what is another project incubated by Farcaster that has anywhere near the market cap value of DEGEN? ETH wasn't created by Twitter, DEGEN was created by Farcaster it's the most successful thing to come out of here by far, so it will continue to be the "Farcaster coin" to the market at large (despite the purists on here that hate anything speculative)

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timdaub pfp

If this is true and people want to buy the most direct equity substitute to MM equity, then I feel like the financial cracks will come up with a better derivative than what is a mismanaged memecoin at the moment. E.g. a much more direct asset would be to buy hub storage on primary now and sell it on secondary later etc.. So I think DEGEN as the FC equity is still a self-defeating meme because there can be much better proxies for what you really want to hold in the future and the rising mcap of DEGEN will make these better alternatives appear

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