TL;DR
Full Story
Should you reside within the US, likelihood is on Tuesday morning you have been struck with information articles (good, unhealthy, ugly – relying in your algorithm) about Kamala Harris choosing Minnesota Governor, Tim Walz, as her working mate.
Consequently, two degen-related issues occurred in crypto:
The ~$123M crypto pool of bets positioned on Polymarket for who Harris’ working mate could be was divvied out (which was at simply 4% odds of Walz successful as of Friday final week).
Tim Walz meme cash flew up in worth (earlier than crashing proper again down).
For instance, the one week outdated ‘tem walz’ Solana-based meme coin went all the best way as much as having a market cap of just about $1M, after which got here all the best way again right down to a market cap of ~$250k as ‘traders’ sensed a bubble and pulled their cash out.
So, what’s the ethical of this story?
Firstly, crypto is loopy. Even when it doesn’t really feel like actual cash as a result of it’s in token kind, that’s actual cash that’s being performed with on meme cash.
Solana-based meme cash have been one of many huge catalysts for the expansion of the crypto business as a complete up to now 12 months or so, and likelihood is, increasingly more meme cash will proceed to be launched about trending information.
However earlier than you get sucked into the lure of these potential inexperienced candles, do not forget that placing cash into ‘tem walz’ shouldn’t be a long run funding technique; so be sure to’re solely ‘investing’ what you may afford to lose.
It simply would possibly find yourself going to zero.
