As a seasoned crypto investor with a decade of experience under my belt, I’ve seen it all – from Bitcoin’s meteoric rise to memecoins that seem to appear out of nowhere. The recent hype around Hawk Tuah coin is an interesting phenomenon, one that highlights the stark differences between the crypto industry and the general public’s perception.
1 Bitcoin currently holds a value of approximately $100,000, sending cryptocurrency veterans into an excited flurry. Meanwhile, former President Donald Trump is offering Dogecoin (DOGE) merchandise, adding to the high-energy climate surrounding digital currencies.
But what are my non-crypto friends texting me about?
Among the seven friends who recently reached out to me regarding cryptocurrencies, six were curious about the Hawk Tuah coin. The other friend inquired about Litecoin instead.
It seems that when a lesser-known celebrity becomes involved with memecoins, it captures everyone’s attention in our group chat, even while the traditional cryptocurrency sets new record highs. This suggests that there may be a significant gap between how the crypto industry views itself and the way my friends – or perhaps the general public – perceive it.
On its debut on Wednesday, HAWK soared to a market capitalization of nearly half a billion dollars. In the blink of an eye, it plummeted below $100 million, erasing investments that had been valued in hundreds of thousands of dollars. Today, its value is only around $30 million.
Investing in meme-based cryptocurrencies like Hawk Tuah doesn’t guarantee profits. In fact, there were indications that it might not be the best investment option compared to others. The initial launch was tainted with accusations of insider trading (which the creators refute), and a high transaction tax was implemented without preventing market manipulation through price manipulation by savvy traders.
Many individuals who contacted me were unaware of the intricate details. All they knew was that Hayley Welch, often referred to as the “hawk tuah” woman, had introduced a memecoin, but its performance wasn’t exactly stellar.
One friend who invested in Bitcoin back in 2020 but soon sold it, now agrees with my earlier viewpoint that it’s all rather illogical. He concedes that Bitcoin and Ethereum have some impressive technological innovations. However, the idea that anyone can easily create a new cryptocurrency at any given moment leaves him utterly bewildered.
It came as a shock to discover that my friend wasn’t aware that one bitcoin was now valued at $100,000, a fact widely known among those involved in crypto. Many people outside the crypto community who contacted me about HAWK were also unaware of this.
Instead, there was speculation about whether Hawk Tuah might encounter legal consequences. One of Haliey Welch’s friends couldn’t help but feel that she might inadvertently set off a chain reaction that would negatively impact others’ lives, as they put it.
Less interesting to him was the price of bitcoin. He wasn’t interested in buying before, and certainly not now. “I don’t like crypto,” he said.
Many individuals express disdain towards cryptocurrencies. This could be the reason why many acquaintances of mine are fascinated by HAWK. It tends to validate their negative perceptions about digital currency being a fraudulent, nonsensical form of small change.
Of course, that’s the promise and peril of permissionless blockchains. Anyone can do anything.
Among those who contacted me, just a single individual brought up Bitcoin unprompted. This friend, known for his obsession with gold, playfully teased me about Bitcoin’s inability to maintain the $100k mark for as long as 24 hours.
A buddy of mine, who purchases cryptocurrencies via Robinhood, confessed that he doesn’t own any Bitcoin. “I can’t quite explain why I don’t possess any BTC,” he mentioned, “Perhaps I’m just too far from the norm.
“I’m riding litecoin to the fkn moon.”
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2024-12-06 21:07