Ep 32: I joined an early-phase memecoin group as a “normie.” Here’s what happened.
The "resistance" shall be defeated.
There’s been a bit of upward movement in the chart over the last 24 hours or so. Hype reigns supreme in the chat (and I’m sure in the crypto community as a whole) regarding the Security and Exchange Commission (SEC) being “just about to” approve spot Ethereum ETFs. I’ll drop this link for those who want to mangle their brains getting to grips with this terminology, but the significance of the predicted event is what’s important to the story.
Kendu Inu is bought and sold via Ethereum. So, if the price of Ethereum runs skyward, selling Kendu will net you more dollar-money via the necessary additional Ethereum-based transaction.
Kendu seems to do what it wants, when it wants, too. As I type this, it’s apparently broken “resistance.” This “resistance” point is the exact opposite of the “support” terminology I tried to explain last episode. These terms are new to me, so bear with me while I stumble about stammering in my efforts to rationalise them. First, a graph.
Current price: 0.0001527 (+16.12% since last publication)
Value of my investment: $25,383.78 (+3271.02% on initial investment)
Market cap: $152.27M
Number of holders: 12836 (+1.53% since last pub.)
Telegram community members: 9507 (+1.62% since last pub.)
Resistance is the point wherein the selling pressure of an asset outweighs the buying pressure. In practice, cryptids think they’re getting a good deal at this point, sell every time it bounces off that mark, and so the price maxes out there for a while. Applied to Kendu, the more analytical community members assess its resistance sits at .000149. Should Kendu hold above that value for a time, the theory is that fewer people will sell. If this is the case, the big arrow (that rightly gives us all the collective bloodhorn) will redirect skyward again.
‘Kendu Chads’ is still being teased as the biggest alpha that’s ever alpha’d, with the developer still dropping phrases like “you guys just aren’t ready for what’s coming” in the chat. I’m told you need 5 million Kendunits to participate in whatever oddity it ends up being. I can afford that, so in the interests of thorough gonzo journalism, I’ll buy that ticket and take the ride.
My latest uncharacteristically vague prediction was: “These are around the lowest levels Kendu will ever see again. Anytime I’ve seen this sudden a drop, hefty-boi wallets seem to step in and regulate.” And, well…
The lesson here — if you want to appear well-versed in crypto — is to occasionally drop complex terminologies into conversations. With that, being vague on numbers seems to bolster your credibility too. It’s kinda akin to talking shit about paintings in modern art galleries. Really, everyone’s just there to either launder money or score some free wine.
So, if you’re not catching the vibe I’m putting out right now, lemme assess the situation directly. It’s been a great time in the Kendu community recently. There’s been very little in-fighting, pretty much nothing in the way of unnecessary drama, and it’s just about been quiet enough that the chat rolls by at a legible pace. You become familiar with folk when it’s like this, which makes the experience more gratifying.
More lulls in price leave community members more time to express their various odd characteristics. Of late, I’ve been thoroughly enjoying the input of one pirate-like individual on the community subreddit. I suppose crypto just sits well with piracy (or my romanticised sense of it) in a curious way. There’s also space for community members to post their interactions with the ever-present scammers in the crypto world, like so:
There’s also plenty of big news set to drop (or not) in the coming hours and days. So, yeah, it’s gonna be a fun week!
Next time I sit down to write one of these, I’ll probably have a tab open with a nice Audi 100 I’m thinking of buying, but not quite pulling the trigger on. How’s that for a vague prediction?
Slainte,
Ben
Fucking awesome Chad! Diamond paws to the moon.
Love pirate dude on Reddit too btw.
Keep up the good work!!!!