Quite a lot of people capitulating on
$FEFER over the past 24 hours. The final support broke and we made a new low since launch day. Also a bit of fud and some gravedancers.
I've found that one of the most important things to do in this game is make your own thesis and not follow the herd blindly.
A giant issue with part of the Fefer community is their expectation that
@Stable or
@paoloardoino should be shilling Fefer constantly. Every day they're waiting on an interaction, and when it doesn't come they lose patience and sell their bags.
The way I see it, these are weak holders who didn't have conviction on this coin in the first place. Flushing them out is necessary. Sadly this is how memecoins are these days, holders feel like they need someone big and influential to tell them it's going to be okay every couple of hours, otherwise they start smashing that sell button real quick.
Anyway, here's my personal thesis for Fefer. For context I'm one of the top holders, currently approx 50% below my avg entry.
Yes, it would be nice for Paolo or Stable to be shilling my bags all day, but it's not something I expect and it's not something Fefer needs. I would not have bought so much of the coin if that was my only reason to hold.
Coins can and do succeed without the backing of the people running the chain. What role did Vitalik or the Ethereum Foundation have in Pepe going to 10b? Basically nothing, other than providing the infrastructure.
I think Stable will be good infrastructure for memecoins too, even if it's not the primary focus of the chain (neither is ETH or SOL if you ask their founders, by the way).
Right now Stable is a ghost town. No users, no volume, no liquidity. But I think that changes, and that's exactly why I'm bidding now, before everyone else arrives.
Stable is still completing the third phase of their technical roadmap, which increases the efficiency and capacity of the chain. Once the tech is fully ready, that's when I expect Tether to really put its weight behind it: expanding integrations with apps and wallets, and most importantly bringing liquidity. Lots of liquidity.
Check stablescan and you'll see there's currently 22 million USDT0 on the Stable blockchain. That's about 0.5% of the 4 billion USDT0 in circulation, and 0.01% of the total 183 billion USDT in circulation.
The question everyone should be asking themselves is this: did Tether build their own USDT-native blockchain to house a fraction of a percent of their USDT? Or will there be billions flowing onto this chain at some point?
That's the core of my thesis, and it's why interactions and the current chart are completely irrelevant to me. They could never mention Fefer again, the chart could go to 500k over the next few weeks, and nothing changes for me. I'm expecting billions of dollars to flow into this chain. Maybe next month, maybe many months from now. Either way I want to be positioned beforehand, so I will keep buying each dip and I won't sell until my thesis is realized.
There is no fud and no price action that changes my mind here. The only thing that would is Stable or Tether straight up abandoning the chain, and there is zero indication of that.
Everyone else is trading the chart or interactions on the timeline. I'm trading the question of where 183 billion dollars ends up living. 🦖
Maybe I can oboard some more of the Fefer community to this mentality. The sooner we shift away from the "Paolo plz reply" mindset, the sooner we can create our own success and work to attract a new holder base with the right long term outlook.
The first memecoin on
@Stable?
Fefer incoming.