The long-awaited Nvidia earnings report has been released, surpassing the average market expectations, but not exceeding the "highest expectations", causing Nvidia's stock price to fall - it fell more than 5% in after-hours trading, but the decline was later narrowed.
The playbook for this bull market hasn't changed, it's still the on-chain meme and CEX Bitcoin. Currently, the on-chain meme is in a pullback, but Bitcoin is setting new highs one after another. These two camps are clearly independent and isolated from each other, neither of them looks up to the other.
In the past 24 hours, the total liquidation amount was $399 million, which only happens when BTC hits new highs. I can't imagine how many people would get liquidated if BTC sees a big correction, cherish your life and stay away from futures.
Bitcoin's overall market cap dominance has now reached 60%. Looking at the data from the previous bull market, when the dominance reached around 67%, altcoins collectively exploded. Based on this data, it's likely to happen in the mid-to-late December, and the market may not perform well afterwards due to a significant pullback.
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After BTC hits new highs, a slight dip causes altcoins to collectively cry. The current market condition is very painful, with Wall Street capital only buying BTC, and US retail only buying on-chain memes, while the middle-tier altcoins have been temporarily abandoned by the market.
These past few days, memes haven't had any major narratives. Major platforms are gradually rolling out pumps, and trash like Machi Big Brother is also coming out to shill memes. It feels like the market is nearing its end, but memes won't stop, the narrative will continue, just not as crazy as before, it will gradually cool down.
So how to play the memes now?
I summarized the following three aspects:
1. Memes on Exchanges
Memes on exchanges won't be as exaggerated as on-chain ones with 100x or 1000x gains, but they are suitable for large capital or as a core holding. In a bull market, only exchange-based memes can support large capital inflows. If the market cap ceiling is calculated in the hundreds of billions, there is still 100x potential.
PNUT
Pnut is my favorite and will be the most important position in my portfolio.
1) Newly endorsed by Musk, its status is second only to Doge, incomparable to those memes that just got some likes.
2) Pnut represents animal rights and opposition to corrupt laws. And under Musk's push, it has also been linked to Trump's election victory.
3) A new coin on Binance, there may be a difference in hype between new and old memes.
4) In the 2021 bull market, Musk used his influence to drive Doge and SHIB to the top. If this bull market kicks off, Musk is very likely to promote a new meme, and Pnut should be the most suitable candidate.
ACT
Fully named AI Time, AI memes have become the hottest topic. Although there are already several AI Agent memes, ACT is the only one listed on Binance, becoming the first choice to host large capital. And like Pnut, it is also a newly listed coin.
2. High-quality On-chain Memes
Selecting high-quality on-chain memes also has great upside potential. If you're lucky enough to get them listed on Binance, you'll be on the rocket. But if they start to decline, it could be very violent, so I still keep my position within my control. I'll spend a little time researching this area.
Due to the large number of Pnut and ACT listings on Binance, high-quality on-chain memes have seen huge gains, and all of them have started to adjust in the past two days. If there is an adjustment, it's a good time to buy.
3. New Memes
This part requires closely following the market's hot spots and buying in a timely manner.
Position Strategy
We are now in the transitional stage from the first phase to the second phase of the market cycle. The standard for fully entering the second phase is when BTC forms several green candle days at a new level. However, if you wait for the BTC green candle to enter altcoins, the altcoin prices may be relatively high at that time.
So the recommended strategy is to start gradually shifting your BTC position to other altcoins now, with a focus on the key sectors and a small allocation to other sectors. I had most of my position in BTC before last month. Since last week, I've been gradually shifting my BTC position to other altcoins, with a focus on PNUT and ACT.
Finally, is it still worth rushing to Ban?
With Justin Sun successfully auctioning off "Comedian" today, the short-term hype around Ban may see a significant decline, and most of the popular memes have seen over 30% price corrections in the past few days, with an uncertain direction going forward.
However, as a meme coin, the "banana on the wall" image can easily spread Ban. And with Ban riding the "Sotheby's auction" and "SpaceX Starship" hype, it has sustained discussion heat and is likely to be mentioned again in the future. Therefore, for me personally, Ban is worth adding to the "self-selected meme observation list", closely monitoring and analyzing the addresses with large Buy-ins, as there may be a "second chance to get on board" opportunity.
That's the end of the article, follow the public account: Web3团子 for more great articles~
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