General Update - New Podcast Episode This Week
Pawth Update
First let’s start with the bad news. Since asking if “Pawth is the next Dogecoin” it has absolutely been obliterated. This is why we keep the bets very small. Kevin O’Leary, the guy from Sharktank, has now openly tweeted about holding Pawth. I expected this to be a positive development but unfortunately the price completely tanked afterwards. For now, if you are holding a small allocation I would just let it ride, gas fees might not even be worth selling. Plus, when animal coins run (for whatever reason) they run hard and fast.
Podcast
I have a great podcast episode coming out this week. I talk with a wealth advisor about ways to minimize tax burdens for anyone who has sold some crypto. Also, there is an investment opportunity being presented about investing in an Opportunity Zone in Sarasota, Florida. As always, do your own research, but I am very excited about this opportunity. It provides a great avenue to lower the tax burden while also investing into phenomenal real estate. Unfortunately, it is only open to accredited investors but during the podcast we explain what would qualify someone to be accredited if they are not already.
Crypto Markets
It is becoming apparent that these markets are currently being driven by narratives. Last summer was Defi, then Bitcoin/Eth ran, then it was NFTs, and now it is the “Metaverse” - a close corollary to NFTs.
I wish DeFi would run because I still believe it has the most potential, but what I want and what the market is giving are two different things. Some of these Metaverse/NFT names are on an absolute tear. Buying assets at inflated prices is not usually a good idea, but in these markets some names run so hard and so fast that you can jump on board late and still do OK. Below is a list of Metaverse/NFT related projects that I would suggest looking into. Some of them are up ridiculous amounts - Illuvium, while others might still present decent buying opportunities - Merit Circle. As always, do your own research. Go through the list and research each name if you’d like. For now, the Metaverse is the hot button item but these things change. Keep a close eye on the market narratives and see where the puck is going. If I had to guess, I would think DAOs will be the next big thing after the Metaverse but it truly is anyones guess.
Render - Decentralized Graphical Rendering
Merit Circle - P2E DAO of sorts
Axie Infinity - The King of P2E Games atm
Star Atlas - P2E Game on Solana
The above is just a short list of Metaverse assets you can check out. If someone were to ask which ones would I be interested in I would say Merit and Star Atlas. Merit hasn’t had a huge run up quite yet (hopefully it does) and the Star Atlas chart looks pretty constructive. Render is another option. I have a large bag of RNDR but it is up something like 500% in just a couple weeks. I have a hard time recommending people buy after such a big run up. That being said, I am not selling mine.
Chainlink
Chainlink continues to underperform. It is puzzling in one sense because Chainlink is critically important for the entire crypto universe. However, there still is no staking and thus there is no reason for anyone to hold the token outside of speculation. Speculation alone is a good idea, but with DeFi in the doldrums I can understand why people have moved on.
That being said I expect CCIP ( Cross Chain Interoperability Protocol ) to be released any day now. This is a very, very big development for the entire space. I would think CCIP should help the token price but then again people don’t seem to care. Right now narratives are running the markets. Fundamental analysis seems to have taken a backseat for the moment. That being said, if you are looking long term I am still bullish on Chainlink.