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Reflecting on Market Lessons: Nine Crazy Moments in the Last Bull Market

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Reflecting on Market Lessons: Nine Crazy Moments in the Last Bull Market

Founder of FactoryDAO summarizes the current crypto bull market cycle, highlighting some of the most absurd events. While some were only obvious in hindsight, he also made predictions regarding several protocols, such as his belief that the Bored Ape Yacht Club's land auction, after experiencing an epic Gas war, has essentially come to an end.

The following content is compiled from DrNickA's Twitter. For more details and discussions, please refer to the original source.

Founder of FactoryDAO, DrNickA, believes that this crypto cycle is even more bizarre than the ICO frenzy of 2017/18.

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1. Food-themed Mining Farms

The bull market originated from "liquidity mining," where decentralized exchanges (DEX), lending platforms, and other DeFi protocols issue governance tokens as mining rewards to liquidity providers.

Following the success of SushiSwap, many automated market maker (AMM) platforms that went online by copying the code have been named after food items. DrNickA mentioned sweet potatoes, kimchi, sushi, Pickle, ham, pasta, shrimp, beef, Cream, grape, pizza, and more, all of which actually exist. DrNickA emphasized that these have nothing to do with financial products.

Note: In the past 30 days, SushiSwap's protocol revenue of $6.9 million ranks seventh, and Ethereum founder Vitalik Buterin has also shown interest in Pickle Finance.

DrNickA stated that DEX enables access to decentralized exchanges without intermediaries, but Launchpad allows the issuance of new tokens without approval, leading to even the lowest-grade tokens temporarily reaching market capitalizations as high as $1 billion.

2. Dog Coin Ponzi Scheme

DrNickA has no opinion on dog-themed coins, but the issue lies in these meme coins trying to convince people to buy tokens like Shiba, Keanu Inu, ELON, etc., with the hope of a digital shift from 0.0001 to $1 to make investors millionaires.

The top signals for these dog coins include stock market influencer Dave Portnoy's pump and people starting leveraged trading through Musk's Twitter notifications.

3. OHM

DrNickA spent some time on OlympusDAO OHM, mainly because its framework is hard to understand. It is a Ponzi scheme wrapped in layers of memes. Despite this, when people believed OHM deserved a Nobel Prize in Economics, DrNickA confirmed that OHM was destined to fail, and the emergence of various OlympusDAO fork projects indicated its downfall.

DrNickA commented:

OHM's game is actually played by a group of early players who decide not to dump, and 3, 3 is an impressive meme, but definitely not a Nash Equilibrium strategy.

4. Ethereum Foundation

The Ethereum Foundation (EF) has sold near market tops twice in a row.

When the Ether price was high in 2018, Vitalik convinced EF to sell 70,000 ETH and cash out nearly $100 million, and on 5/17 last year, EF transferred 35,000 ETH to Kraken. Vitalik revealed in an interview that selling 70,000 ETH at the time to sustain EF's operations was the right decision.

5. BSC

DrNickA stated:

I witnessed the birth of BSC, mostly degenerate stuff: meme coins, Ponzi schemes, forks, some nonsensical things. Basically, it's an Ethereum fork chain running on CZ's laptop. During its peak, there were nearly 4,000 Rug Pull events per day, which is absurd.

6. Bitcoin Surpasses $69,000

DrNickA believes that the crypto market has brought this upon itself and urges to run when it becomes entirely meme-driven next time.

"Will it reach $420,000 next time?" DrNickA questioned.

Note: 420 is International Weed Day, and 69 is a sexual position. 42069 is a long-standing meme, and Bitcoin reached $69,198 on Binance on 11/10.

7. Solana's Multiple Shutdowns

DrNickA pointed out that Solana, a popular L1 public chain, has made FTX founder one of the world's top billionaires, providing opportunities for a thousand venture capitalists' kids to attend private schools. However, Solana's blockchain network frequently crashes, causing days-long shutdowns, which is not the intended purpose of blockchain.

8. The Super Cycle of JPEGs

DrNickA always believed that NFTs would rise, but never expected it to become so absurd.

Bored apes rose from art and ended every minute by forever looting cash at a low cost, and the Gas race for Otherside's land heralded its end.

This explains everything.

9. ConstitutionDAO

While this event sparked endless imagination about decentralized autonomous organizations (DAOs), DrNickA found it a real WTF moment to organize a DAO to buy the physical text "United States Constitution," which raised over $40 million but was eventually won by market maker Citadel CEO Ken Griffin for $43,173,000.

Subsequently, the whole DAO fell into chaos and was taken over by bored kids.