Thanksgiving Pump for NFTs?
Thanksgiving is here if you’re in the United States. In past years, the crypto markets have had some pretty impressive gains post-Thanksgiving and into the December holidays. People are with their families and friends, talking about ‘the corn’ and the next best small cap altcoin they’re buying. But what about NFT’s?
While NFT’s have been around for a couple years now, this is really the first opportunity we’ll see for a “Thanksgiving NFT Pump.” Here is your responsibility: When the normies ask what you’ve been up to, tell them you buy and sell jpeg’s all day, it’s fun, and it’s lucrative. That’s it. Don’t be shy, say with pride, and let’s all feast on some holiday ETH gains.
I think there are a few ways this could play out:
Projects Priced < 0.2 ETH
Not everyone is going to run out and dump 3 or 4 ETH into a midcap, and certainly not much more than that into the bigger projects. There may be a few that decide to go that route, but I think the better play is the low cap, low entry projects. Not just any project, I think it must have some artistic appeal: cute, cartoonish, funny, popular, etc. This leads to my next play.
These have a short runway in my opinion. Get in, get gains, get out. Don’t get caught holding on to some holiday-style NFT post-December or I think you could be in for some hurt. I’m looking at Winter Bears, Sappy Seals, or maybe a newcomer like Merry Modz. None of which I own currently but have easy to stomach entry points for noobs and could have a decent run as we lead up to Christmas, and just winter in general.
This is a mixed bag. I’ve done well on some and lost big on others. There is a scenario where people are sharing success stories of a $1M Bored Ape or Crypto Punk and newcomers are seeing these derivative projects and think they are the next big thing. I could see a bump in some of these projects, like a Zunks or Obits type punk derivative (actively managed projects), or maybe a BAYC derivative with a strong community. I don’t know that I will be chasing these, but maybe there’s an opportunity to revitalize some dormant bags.
Newer projects that have a lot of momentum going into the Thanksgiving holiday, are going to be interesting to watch. There are too many to name here, but if it was a recent mint, post-reveal, and good price action…I think we could be in for some face melting runs.
I think large caps will continue to do their thing. There will be some newcomers, but I could also see a scenario where a flood of liquidity hits the market and bolsters the established crowd’s ETH stack, allowing then to go all in on projects they couldn’t before. Maybe another Mutant Ape run, SupDucks or Cool Cats run, we could possibly even see some BAYC action from current owners…or your rich uncle getting into the fray.
In conclusion, keep your family and friends. Don’t get them into one of your bags so you can get out. Be honest that it’s high risk/high reward. And stay liquid, you’re going to need it! Happy NFT Thanksgiving!
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