July 2021 Update — Degen Crypto Journey
Alright bois. I’m back with another update. In the last blog I talked about the bear trap and how we’re in a prolonged consolidation phase. Well…we’re finally getting that uptick in the market.
I’m not going to lie to you, some days when I’m having a bad day, I would think to myself…hmmmm am I wrong? Are the on-chain data lying to me? What if this time, it really is different? What if I made a bad decision? Well…the last week of July really served as a confidence booster for me and we are nearly on track to be back at the level of complete bullishness. There are some hurdles we still have to cross first, but I think the month of August will answer that question for us. So let’s start off by catching up with broader market news a bit. Again, I’m no financial advisor, and I’m just some degen-ass bum who may or may not have gotten lucky the past few months. glhf!
Big News in July
We had Defi-January, Layer 2-February, NFT-March, Defi-April, Doomsday-May, Consolidation-June, and now we had Gaming-July (I coined these terms myself, someone please copyright for me haha) (Also, I “coined” these terms is a total intentional pun heheh. Ok..sorry). Yup…crypto gaming have been popping the fuck off. I mentioned $AXS in my April Update blog here (https://degenjefferson.medium.com/april-2021-update-degen-crypto-journey-2754aad92468). I originally bought 4,176 of AXS at an average price of $0.54…and sold it at $0.55…If I had held…that would be worth ~$160k.
I mean I still bought back in at $7 (only $1000 trade), and made $10k+ profits from breeding the damn things…so I’m not exactly complaining but it still hurts. It hurts more especially considering that out of everything, “crypto-gaming” is the thing that hedged against the lower trends of crypto in June and July. Regardless, let’s all admire the beautiful monthly chart of the 2 crypto-gaming plays that I invested in.
I won’t get in detail about Aavegotchi here, or its price actions, or how well the project has grown throughout the last 9 months that I’ve been involved. Always DYOR, and Aavegotchi’s Haunt 2 should be coming out some time this month, so we have that to look forward to. :)
Anyways, I guess I’m just happy about these gaming plays have been paying off, and it’s been a hot minute since I said bullish things in the blogs. Aside from gaming, institutional adoption/interest has grown tremendously in July. Various countries’ allowing BTC or just broader crypto investments have been the story in July as well. Whether its Germany allowing institutional funds to hold crypto, Elon Musk teaming up with Cathie wood and Jack Dorsey flipping back to becoming the crypto hero again, or Amazon to be accepting Bitcoin…all bullish and exciting news that pushed forward July’s price recovery.
It really is ridiculous how the crypto community has such short-term memory. One minute they hate Elon Musk, and then all of a sudden Daddy Musk is our hero again. SMH 🤦♂️
Like I said, time and time again…let’s just focus on the long-term. Let’s not get distracted by short-term hype or bearish news. Fundamentally, macro-news/adoption/economic outlook is the most important factor. Speaking of macro-news…let’s talk about NFTs.
NFT’s Rise??
I’m sure everyone remembers the rise and peak of NFTs. Topshot was a huge deal and SNL even made a skit about it. I even started seeing Linkedin motherfuckers posting about it. It was everywhere. The hype has since dyed down, and the narrative has changed to people laughing at others for paying millions of dollars for some digital image.
Whether you hate it or love it, it’s on the way back. I mean someone listed a CryptoPunk NFT for $90 million the other day, and if you’ve been active on Ethereum mainet, you’ve defintely expereienced some network conjestion from people minting god damn NFTs. So…are NFTs back yet? No, not yet. But, I think in the coming months…we should expect some ridiculous headlines regarding the space. But, honestly…it’s so hard for me to judge whether or not a single NFT will gain public interest or not…if you want to flip NFTs, I’m defintely not the guy to talk to. Maybe invest in NFT related coins like the infrastrucutre of NFTs? And whether or not TopShot will make its come back is also difficult to say. So much of the hype for TopShot were driven through normies that it’s simply too hard for me to say if it will make a come back or not.
My Performance
As always, here’s my performance for the month. Total transparency :)
There’s really not much for me to say here. I feel like August could be the “real” bullish breakthrough for the broader crypto market. It is very critical in a way that if it doesn’t really “breakthrough” per say, I will actually be worried. Because so far, everything is still going pretty much where I think things will go. I’m glad we’re seeing recovery in July, and now we’re waiting for August’s confirmation to rechallenge ATH again. It technically won’t be the end of the world if BTC dips back down to $30k again, however, that will much more concerning than BTC $30k in May. If I don’t see a giant ass big green candle for BTC in August…well…I’ll update you guys if that happens. GLHF!
