Mots of the cryptocurrencies listed on exchanges have already gone through a boom and bust cycle and now they're going through another bull market. Most of them have pumped hard during the past bull market based on no particular fundamentals, driven mostly by speculation, FOMO and probably trading algorithms to.
I remember clearly that during the bear market, right before the halving that occurred in May 2020, many crypto folks, hivers included, were claiming that we won't see any shitcoin pumping anymore this cycle, like they used to in 2017-2018 for example. That you should carefully pick your eggs from the basket and that some will not even reach their previous ATHs.
Bullshit... I can't put it any way nicer than that. Take a look at the whole crypto market, grab a few performers and set them under the fundamentals microscope and you'll see quite many that have performed very good so far and have basically nothing to offer in real life. DOGE is a pure example of my saying. Some love it, others hate it. The market doesn't care. DOGE has smashed its previous ATH, it's back in the quest of scoring a new one and no one can do anything about that.
DOGE is a symbol of this world of crypto and tbh I appreciate it more than I appreciate XRP. At least it's fast, as far as I know it's decentralized to, it has a great community that has done things in real life with DOGE and Elon Musk is its CEO :). What has XRP got on DOGE? Nothing...
What has XRP got on HIVE? ABSOLUTELY NOTHING. I mean that. XRP is the mother of shitcoins, nothing but a centralized ledger with millions of dollars paid by Ripple for marketing, with almost endless partnership announcements that never come true, with basically no real life use case and an army of fanatics that don't even know what they're holding.
Still, XRP has pumped like hell the past few weeks. It's X3 the level it was two weeks ago and it doesn't seem like stopping. Peter Brandt has warned us though, but who's there to listen to this guy. Meanwhile UNI, which I am a holder of, has only managed to score a 3.5X since I bought it a few months ago... Uniswap is doing something in real life though. It's a DEX, with quite high transaction fees obviously, since it's built on Ethereum, that's true, but it has a use case after all...
XRP and its shitty so called blockchain has nothing on almost anything in this market. Still, it's the fourth largest cryptocurrency by market cap. Digest that. The fourth largest cryptocurrency by market cap does nothing in real world and we call this bull market a fundamentals driven one... We haven't got there yet, and we will probably never will. The world of the internet is a world of memes, online communities, NFTs now, hype, trends and so on...
Even the idea of comparing the crypto markets with other markets pales away, although pretty much all markets are manipulated. The crypto markets are far away from becoming mature markets, the space is clearly expanding and probably... probably at some point the maturity and use case of a project will be reflected in its coinmarketcap position and valuation on the market.
Meanwhile we have the mother of all shitcoins sitting comfortably on the fourth spot while HIVE is the 240 position on coinmarketcap... It's sad, but that's the cruel reality in which we're living. I would probably once again sound a bit Hive fanatic, but this blockchain and its main token should at least be a top 10 currency. XRP? Some 500 something place is where I'd put it. This was a post of frustration and you can clearly spot that.
I don't care whether Ripple will win the case, I don't give a shit whether a cryptocurrency is a security or not, what I know is that XRP is a pure shitcoin and shouldn't be a top 5 crypto. The market is still highly immature and we can't do anything about that... Have a great day folks and see you to the next one.
Thanks for attention,