The Gambler is Dead, Long Live the Gambler
Plus, after six months of The Crypto Connection, where we do we go from here?
A funny thing happened Friday night and into Saturday morning.
Despite a tumultuous week that saw the epic implosion of $LUNA and most of its surrounding ecosystem, the price rallied. A lot. At one point—up over 1040%. Granted, the coin still traded in the fractions of a penny, but there was money to be made, and people made it.
Why?
Because… why not?
Crypto is full of people hungry for opportunity, and they saw it here. So they bought. Then bought some more. And tweeted about it. Volume picked up. Before long, some people wondered aloud if $LUNA had a shot at regaining $.01.
To be clear, it probably doesn’t.
In my opinion, $LUNA and everything that surrounds it has died. That’s unfortunate, hurts, and has caused irreparable damage. My heart aches for people who watched their savings implode in a matter of days. Trust is gone. I doubt serious money will ever take a look at $LUNA again. Most developers in the crypto space will move on to steadier projects and greener pastures.
So this price action was at best an attempt to squeeze out whatever remained.
Think of it like this—the lions already took out the weakest gazelle. Now the carcass remains, and the vultures are here, picking off the bits of meat they can find. Soon, they’ll be gone too.
But not before $LUNA becomes it’s own sort of meme.
Watching this happen reminded me that crypto is full of gamblers. They love the sector, and many of them live for the thrill that comes from a trade that goes 5X in an hour or doubles their money in minutes. Some of them lost fortunes this week, but they are still around. They are still waiting for that next brilliant trade.
The gambler is dead. Long live the gambler.
Plus…
Hard to believe, but this newsletter has been around for just over six months!
I love writing it, and I’ve enjoyed sharing my thoughts with you. I hope you’re having as much fun as I am.
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The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.