Introduction
Over the two years I have preached for adaptation in the markets. This was as much as a push outward as it was inward. Complacency in an ever changing market is a recipe for disaster.
For better or worse, the market has been less forgiving the past 6 months since Bitcoin topped out. However, memecoins have presented unprecedented strength, resilience and opportunity.
Thoughts on MemeCoins
I have documented my thoughts on this in an abbreviated version on Twitter through some one off posts, but would like to give some more thought to it here.
Memes have established themselves as an identifiable asset class in this market. There is no question about that. It is an asset class that takes little to no deep thought to understand project fundamentals beyond its memeability, community, team/connections, virality and its mission (optional). It serves as a bridge to retail investors into crypto because they invest in something simple, and if it’s the right one, the number goes up. Sometimes that number goes up to an astronomical number. You have people making 7, 8, and sometimes 9 figures off of these plays.
This asset class in my opinion has decoupled in a sense from the rest of the market. It can be seen over the past few months as memecoins have provided more opportunities and gains than any other coin. Yes some that made all time highs before the crash also retraced significant amounts but new launches, new memes and the bounces of established ones have done well
My thesis on this decoupling goes to the nature of the investors in the meme market. Naturally, these investors are degens like the rest of us, but to another level. In general they aren’t mitigating risks, sidelining with stables. They just rotate their capital to the next big thing. And that capital behind these investors now…is absurd.
So why fade it?
SHUEY RHON INU — THE NEXT BIG ONE
I found this memecoin early and have since gotten close to the team to really understand their mission and drive.
In my opinion, this is the next memecoin that takes over for many reasons. I am holding it for the foreseeable future to coincide with this thesis.
To start, the team is extremely intelligent, very well seasoned and have a mission to make a true difference with their mission to support marginalized athletes around the world starting with para-athletes.
A mission for good is a narrative that the world can get behind.
This coin is currently sitting just under a $50M marketcap. Yet this has been attained
Pre-marketing
Pre-whitepaper
Pre-exchanges
Pre-staking
Pre-donations/grants
Pre-athlete announcements
Pre-international expansion
Pre-revenue-sharing fundraising platform (thank you DogeTheBountyHunter for the eloquent breakdown).
This is why I think a $100M marketcap is literally just the start for this. A market capitalization above $1B+ should be well within reach.
More Going on than you Think
I have been more selective with things per my adaptation to market conditions outlined above but when some of this onchain data started to become available for those looking hard enough, I revised my overall scope of SHUEY.
They are meticulously laying breadcrumbs to show their connections in the space as well as their possible involvement with “everyone’s favorite dog coin”…
If you look at the image below, you can see that $SHUEY was the second most accumulated coin amongst whales (valued over $20M) in the past week.
That doesn’t happen by chance. They rank above AAVE ($2.1B Marketcap), Bancor ($600M marketcap), and Convex ($1.1B marketcap).
Additionally, in the past few days an LP was opened up on SHIBASWAP. Anyone can open up an LP on their swap, however it is in the details that leaves something to be found. Bear with me in the following details that was graciously found by an on-chain data expert.
- This wallet added SHUEY-ETH LP to Shibaswap:
https://etherscan.io/tx/0xd37f00b848e867eb4454d1ca7876e6dc1afd1571bc2e336d863ee445508f4eb7
2. Upon digging, it received 1,165 LEASH from this address
https://etherscan.io/tx/0xe43684cc80042a45afcea906da84396fbbfe369a40d1c1ee41f2212afed77756
3. Upon more digging, this address was one the first to buy SHIBA (5 minutes after launch to be precise)- not bad, that 1 ETH purchase is now worth $236M…..
https://etherscan.io/tx/0xf7ea0797cb48f09bcba348535137acce020ab2d883459b8b4d47f0b44b06410a
4. Here you can see the date & time SHIBA was deployed, 5 minutes before the buy
https://etherscan.io/tx/0x7f1be2ac40313400c83f23fbe3926bf6bf1d6b2b363264b3016444ea28fe21c7
This is mind boggling to think about but objectively the data is irrefutable. The SHUEY team has connections into or is involved in Shiba Inu, the memecoin that changed the game. The memecoin that generated Billions in volume, rose to almost a $40B marketcap and spawned countless millionaires.
Update
To add to the bullishness of everything covered so far, the SHUEY RHON INU team openly said that they did indeed buy on open market/snipe the open market fair launch.
As a show of good faith, today they burnt 15% of the total supply in a value of over $6.8M. They said there are no sell intentions for the remaining wallets as they will be used for ecosystem upgrades and community events down the road.
The team purchased coins from their own supplied liquidity and then burned the tokens forever. If you don’t believe that this team has a plan, then I cannot help you.
Time will tell where things will end up on SHUEY RHON INU, but I am holding for the ride of a lifetime and that next unicorn meme play.
