Many think that the meme stock craze started with Gamestop when it was already well underway with Elon Musk’s Tesla stock. The infamous subreddit r/wallstreetbets had already turned into pretty much a platform to show off your biggest losses. Due to this sense of community of people relating to your loss and bad luck, most traders started to feel ok about their losses.
This quickly transitioned to even riskier markets than stocks, such as crypto. Here as well do we see Elon Musk’s footprint. Starting with Doge, continuing with SHIB, and who knows to end with what, but we can make a pretty accurate guess of what Elon will like or endorse next.
Why Tesla, DOGE, and SHIB are Alike
There are many things that make these 3 assets very much similar to each other, but one that completely sets them apart. Tesla actually makes a good product, while DOGE and SHIB are simple money-making mechanisms that don’t really serve to solve any real-world problems.
However, Tesla is not an angel. Many say it’s just a bloated company stock filled with maniacs who truly never sell. It goes against the whole foundation of the stock market, which is to generate an income no matter how sentimental you are towards a company. This was put into question by Tesla but ultimately shattered by Gamestop. Now, it’s cryptos turn.
The Next SHIBA, DOGE, Tesla, and Gamestop Combined
All 4 of these phenomena created a sub-culture of “degenerate trading”. At least that’s how members of these communities refer to themselves and are pretty proud of it. However, this collective mindset, almost like a hivemind that “if we never sell, price won’t go down” is paying off.
By buying up huge percentages of the total supply of coins from the get-go, members of each new crypto community are able to take full control of how the coin performs. If they want it to drop so that new people can join, they can. If they want it to rise because someone wants to cash out, they can. It sounds like manipulation 101, but nothing we haven’t seen in the stock market.
So, which new project encompasses pretty much everything we just talked about? Well, according to this article there’s one specific crypto that just launched a few days ago, and that’s Stadium.Finance.
The Background of Stadium.Finance
The Stadium.Finance’s Apes vs Pepes project is like all of the meme stocks, meme coins, and trading community tendencies combined and on steroids. The devs have managed to find a goldilocks zone of providing something with value while doubling down on community building as well as the hype.
The premise of the project is quite simple. There are two tokens, SAPE and SPEP, which battle each other every 8 hours to determine which grew the most.
To make it as simple as possible, when anybody buys SAPE, 5% of the transaction fee is transferred to the SAPE “treasury”, which is a separate storage “unit” so to say. The same happens for SPEP. At the end of every 8 hours, the amounts in these treasuries are compared to their previous value. So, if SPEP has 10 BNB in the treasury when it had 7 last time, and SAPE has 9 NBN when it had 7 last time, SPEP would win because it would have a higher growth coefficient.
SAPE, being the loser of the “battle” has to look at its treasury being used to buy more SPEP. However, SPEP’s treasury is burned, meaning the supply is lowered so that the price growth solidifies even further.
This goes on and on, seemingly forever. The community holds all the cards here as well, they can strategize and even come up with pretty cool tactics to gain as much out of this project as possible, or take it easy and let the whole thing sort itself out.
Regardless of what they do, it’s a pretty unique approach to doing a crypto project. It has almost all the best ingredients taken from the Tesla, Gamestop, AMC, DOGE, and SHIBA crazes. All combined into one and divided by two. Simple, engaging, and most importantly, fun.
What is most attractive though is the true decentralized condition of the project. Being in its infancy, there are no whales that change the market direction by one click of a button, everybody is equal at this point of the process.
ALSO READ: If you’re interested in Internet News Site and Finance write for us
