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$USELESS sub $100m market cap remains a gift

just as it was the last few times it's been there and as will become obvious in the near future!

as promised on Dec 1, i have indeed started trenching again and expect to ramp this up in the coming weeks/months

i also promised that i will be (very rarely) sharing trades i really like in my journal here

while USELESS is high-conviction for me and half of the posts in this journal have been about it, i understand that some have gotten bored and want more journaling of my trades outside of it, degen or not

that said:

i want to provide a VERY STRONG AND CLEAR disclaimer before sharing any degen/trenches play here, however:

1. these plays are often new/degen/unproven, so they are very high-risk
2. there is a very high risk of these plays rugging or going to zero
3. in a lot of cases, these aren't high-conviction plays until proven otherwise
4. i might not practice my 'diamond hands' philosophy with these plays due to their degen nature; i will take profits/cut losses aggressively if my thesis get invalidated, and i might not always update my journal here when i do
5. these are likely to be extreme low cap tokens and there is a risk of extreme volatility due copytraders/bots tracking this channel FOMO'ing, and if they sell shortly after buying then it's ultimately up to the project's fundamentals if it goes back up and make new highs

in other words, trenches/degen plays are extremely risk and could result in you losing ALL of your money if you buy them because i said i bought (me journaling that i bought does not mean you should buy; i will always be super explicit about what i think ppl should buy)

there are plays that i have super high conviction in and shill directly e.g. $USELESS (or any other high-conviction memecoin/utility plays i actively and regularly shill) — and in a lot of cases i will be compounding wins/profits from degen/trenches plays into high-conviction plays

and then there are these degen plays that i think could have potential but needs time to prove themselves

this does not mean the degen plays are doomed to fail — diamonds are always found in the rough. it simply means they're high risk and should be treated as such!

i'm intentionally including such a lengthy and boring disclaimer/warning because i want to be super clear about the nature of these plays and i do not want anyone whining (like many do) if they follow me into trading these and get burned

with my lengthy/boring/annoying disclaimer out of the way, a token i bought and really like today is SurfCash:

https://dexscreener.com/solana/ez1qyec95xjrwpa9sr7ywc1h1tj43exjr91qqkf8puu1

i want to be clear that i'm still DD'ing the project, but here are the key reasons i bought:

- it's apparently a borderless crypto banking dapp: this is a narrative that is starting to catch on recently and one that i significantly underestimated. a notable example of a similar play is $AVICI, which a lot of respected trencher friends repeatedly asked me to buy and i faded to my own loss. it hit ATH of $90m and is sitting at $50m right now. so clearly there is a market for this
- SurfCash claims to be backed by Circle. i'm still doing my research to confirm the veracity of this
- founders have a history of being involved with pretty strong organizations, winning Solana hackathons, 2/3 founders followed by Solana, etc. so while my DD is not yet complete, this makes me that the risk of it being a larp is low/makes me feel safe enough to 'gamble' a small amount i'm comfortable with losing until i've done more DD
- market cap at the time of writing is $2.6m, so a bit on the low end for a utility play if it ends up not being a larp and gains traction

to conclude: this is NOT a shill, and certainly not a recommendation to ape, but more a journal type post. if you ape you do so at your own risk, and i'm intentionally publishing this without proofreading to keep with that style. if there is interest in me sharing/journaling more of this kind of trades, lmk and i will think about it

as expected:

$BTC is back above $93k and almost back at pre-FOMC levels, from which it likely full sends IMO!

of course many were fudding and calling for new lows instead of buying the most obvious dip after the most dovish FOMC we've had in ages + real catalysts in form of confirmed FED liquidity injections into the markets

i think we're headed higher from here i.e. much higher

and $USELESS coin is crazy undervalued still at these levels IMO

$USELESS is once again back above $100m market cap

i think this is going to full send once $BTC puts in a proper move

and i think odds are good that BTC puts in major move soon after the massively bullish FOMC + Powell speech we had yesterday

USELESS is so crazily oversold right now, so much so that many are downright dismissing it thinking its done here

as someone who has traded memecoins across multiple cycles and made obscene amounts of gains from trading them, i can tell you that the current USELESS setup is just the perfect setup for a memecoin that is primed to full send with the right conditions

prices around the current level is a gift for as long as it remains IMO!

1. $USELESS is now down 86% from ATH and oversold on almost all timeframes

i do not think this is done

i expect USELESS to make an aggressive comeback at some point and hit new ATHs

R/R favors being long here instead of short IMO

2. $FARTCOIN is down 20% today (the most of any established memecoin)

it is also has the most liquidated longs over the past 4 hours

i DCA'd more into my $FARTCOIN perps position and will likely add more if it goes down a lot more in the near future

of course the position size isn't overly big, but it's decent exposure nonetheless

it's been a brutal market ngl, but i'd rather DCA into what i believe to be high-conviction assets instead of whine about how bad things are

i’m hearing that Lighter should TGE before the end of the year

i sent several messages recommending that ppl sign up and farm Lighter a few months ago

many mocked me and claimed i was 'pushing referral links to farm my followers'

some listened and signed up, and i know many of them are about to make bank from the Lighter airdrop

e.g. one of my referrals racked up tens of thousands of points and is set to receive a fat 7-figure airdrop, based on Lighter points being valued at $85 to $100 per point, despite being 'already late' at the time of signing up according to many

i’m not faring too badly myself and should get something sizeable as well

talk about much-needed relief at a time when the trenches and the market as a whole have been very dry and boring

as i’ve said repeatedly in the past, protocol farming is one of the low-hanging fruits you can tap into to make easy money regardless of market conditions

for those who missed Lighter, i might have something that provides a similar level of opportunity soon. stay tuned!

the opportunity i was referring to in my previous message is Nado

it is Kraken's very own perpetual DEX and what i believe to provide the most R/R in the market today when it comes to farming new perpetual DEXs

let me be clear:

i have been shilled a lot of new perps DEXs since Lighter and have faded every single one

i was super late to Lighter and as a result couldn't farm it as much, but i was able to accumulate enough points to the tune of mid six figs regardless (based on current OTC point rates)

i think we're early to Nado for once

and it is the only perps DEX in the market today that can provide similar upside to Lighter IMO (except you're early this time around)

not a lot of ways to sign up right now, but the Nado team gave me some invites for some of my followers:

https://app.nado.xyz?join=hKSmQI8

i will be talking more about this soon, God willing

PS: i know many are caught up in the excitement of Christmas eve/Christmas right now, but i want to stress that the above link has a very limited number of invites. i'm not allowed to disclose how many, but for context Lighter gave me several Xs these number of invites initially and it got used up in minutes after i shared. i'll work with the Nado team to get more invites if there's a lot of interest, but it isn't a good idea to delay signing up if you're eager to get started with farming Nado ASAP

a lot of people have DM'd or tagged me in group chats to ask about a Nado ref code/invite so they can join and farm the platform

since the one i sent initially got used up very quickly!

the Nado team added more referral credits to the link i sent earlier:

https://app.nado.xyz?join=hKSmQI8

i originally removed it after the referral credits got used up, then silently added it back after they gave me more referral credits

i figured those who had already read the original message and unsuccessfully tried to use the link might have missed that, hence this update

anyway, a bit busy right now so can't really focus... but i'll be sharing more on this later once i'm able to settle down

TLDR: we are super early to Nado (it's ~4 weeks old now i think) so you really need to start farming it ASAP

Lighter TGE also went live today!

i think $LIT is undervalued at current levels

so i opened a small, short-term perps long position around $2.7 - $2.8

$USELESS szn soon btw

source: my vibes

i took my first perps trade of the year (screenshot)

note: this isn't a recommendation to take the same trade or go crazy with perps (you'll get liquidated!)

but those who were active late yesterday would have seen it pump from $0.012 to $0.16 in the span of an hour seemingly out of nowhere. that's an ~1,200% increase without an obvious catalyst!

rumors started swirling in group chats and on X that the pump was due to the dog dying, and shortly after, a few crypto news aggregators put out news that a market maker was hacked for $2 million, and the hacker used their funds to engineer the pump. Shortly after, the price crashed from the $0.16 highs to as low as $0.015

i decided to buy the crash 'dip' for an average entry of ~$0.012 for a few key reasons:

1. $2 million can't engineer a pump of that magnitude for a coin listed on Binance spot and perps. not even close!

2. part of the pump yesterday was due to many FOMO'ing because they thought the dog died

3. after an incredibly massive pump to $0.16 and an almost immediate dump to $0.015, it is impossible for this not to catch a relief bounce at some point

4. more importantly, the nature of the pump and sentiments around it yesterday indicate that the market perceives the dog to be somewhat undervalued... otherwise it wouldn't have pumped that aggressively

Binance has apparently also denied a hack occured, which makes you wonder what exactly is happening over there

regardless, this is a risky and very volatile trade, and i will strongly advise against trying to play it with high leverage to avoid getting liquidated

but i think there are still opportunities in this trade in either direction (i.e. long or short)

NOTE: i'll be rotating part of my profits into $USELESS if this trade plays out as expected. i think USELESS is crazy undervalued for as long as it remains at these levels, and that it will be one of the kingmaker trades of this year, so i intend to start trading more aggressively going forward and stacking more USELESS with portions of my wins

there was this CMC article projecting that Q1 will be bullish for crypto, specifically Feb - March

it was shared at Binance Blockchain Week, i think, and Binance made a big deal out of it

i think i am in agreement with them on this

i expect a bullish Q1, but i think January might the dicey: early start of the year might be a bit rough, we have major MSTR FUD to deal with going into mid month, etc

but all of that baggage is going to get cleared soon, and people are going to learn to dream again

i think now is a good time to start DCA'ing into high-conviction altcoin plays at the lows

if you're sidelined or have little exposure to $USELESS, i think this is a good place to allocate

if you're wealthy, aspire to buy and hold at least 1% of USELESS coin supply... who knows, it just might be the new status symbol in the future

anyway, just buy USELESS spot and chil!

memecoins have been outperforming everything since the new year started

even multi-billion-dollar behemoth $PEPE is up 36% in the last 24 hours, and other established memecoins like $BONK and $FLOKI are showing incredible strength too

for $USELESS:

- it pretty much frontran the move on memecoins as soon as the new year started
- volume is ramping up aggressively again on both spot and perps venues
- onchain metrics are starting to look good again, and it's back to being the third most-traded memecoin on-chain (after losing the spot for a few weeks after previously locking it down for ~5 months)

meanwhile it is still down 82% from ATH it made just last quarter, which means there's still a lot of room to go up before its previous ATH

i'm betting pre-parabolic vibes on $USELESS

i'm still holding the BROCCOLI long from a few days ago

i recently added $4 and $WIF as well as i think both are crazy oversold and could put in an aggressive pump at any moment

these are mostly short-term positions for me and a good chunk of profits will be rotated into $USELESS as usual if trade plays out as i expect since that's my main, high-conviction memecoin play going forward

it feels good seeing memecoins getting the spotlight as soon as this year started:

- $BONK is literally up 40% on the day, which is incredible for a memecoin of BONK's calibre
- $PEPE has pumped 70% and added $1.3 billion since this year started
- $USELESS is up 100% from its December 31 night lows (fastest horse)

FWIW i think these are still early days and the memecoin rally will continue into the rest of this quarter

my view on the market is that the main action hasn't even started: CoinMarketCap published a report earlier in which they said to expect the real move for crypto to come between Feb - March of this quarter, and i align with this view

i think what we're seeing now is just the test pump

that said:

i’d advise strong caution when using leverage here, especially on memecoins

as i've said a few times recently, i'm still expecting a major, panic-inducing flush on crypto as a whole in January

i don't know when the flush is coming, and i think the pumps could get a lot crazier if we do not get it... but i think it is best to expect it and trade accordingly

this isn’t saying not to buy memecoins here. for example, if i had zero exposure to $USELESS, i would be sizing in aggressively instead of trying to time some lower level. it’s crazy undervalued compared to other major memes (ATH at $440m is almost 4x from here and it’s a fraction of the market cap of many other major memecoins) + it won’t matter in the grand scheme when the real move comes later

i'm simply saying don't buy with leverage. if you want to buy anything here, just buy spot and chill

don't get overconfident thinking we won't have pullbacks just because memecoins are going crazy at the moment