The Biggest Pitfall in a Bull Market: Kanye's YZY Coin - How Long Can a $1 Billion Market Cap Last?
Today, the market has another buzz — Kanye West has launched a coin, YZY. At its peak, the market cap soared to $3 billion, but now it’s down to around $1 billion. The circulating market cap is very low, which simply means it's a combination of celebrity effect and sentimental trading.
To be honest, projects like this are really frustrating: just when the market starts to warm up, these celebrities come in to harvest the retail investors.
Remember the last round of NFT celebrity projects (a bunch of dog and cat tokens)? Just a few months ago, the Trump family's coin also drew a lot of blood.
Fortunately, this time everyone is alert, and YZY hasn’t made too many waves, thus having limited impact on the market. A word of advice: stay away from these coins without value support; they are likely to decline to zero.
Recently, the popularity of OKB has actually been quite high. Compared to BNB, its market cap isn’t large, but it hasn’t had much utility before, and it has been stagnant for a long time, making it hard to endure once stuck.
Now there are rumors in the market that OK might have big moves, such as going public.
If that really happens, the positioning of OKB might completely transform from a platform coin to a public chain token.
This would mean the valuation logic needs to be recalculated. Don’t understand? Then don’t force it. There are plenty of opportunities in a bull market; you don’t need to jump on every single one.
In terms of market trends, the overall market has stabilized in the short term. The support at 4200 was briefly broken but quickly recovered, but it still hasn’t firmly stood above 4400.
I personally believe that only breaking and stabilizing above 4400 can confirm a rebound. Currently, the market is still in a volatile pattern.
From the hourly K chart, multiple lower shadows have appeared, indicating that buying pressure below is defending. In the short term, it may test 4000 again for a second bottom, but overall panic has passed; the key now is to watch ETH and MicroStrategy's buying situation.
Honestly, trading coins is harder than before. Core assets like ETH undoubtedly hold their position, yet it still hasn’t broken its historical high.
This wave of growth is actually supported by funds from the US stock market. Gaining recognition from Wall Street funds is a value embodiment in itself. For ordinary people, buying BTC has become extremely difficult, while ETH may be one of the few core assets that are still 'affordable'.
