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Don’t Ape That. Prolific pseudonymous crypto trader “Cobie” has been largely absent from industry discourse in recent months but returned yesterday, publishing a lengthy screed to his blog discussing the issues and misconceptions surrounding new token launches. Why does Cobie think new tokens are going down-only from here?
Despite Cobie’s hopes that crypto market participants would have become more sophisticated when investing in low-float, high-FDV tokens (crypto assets that have only a small percentage of their total supply available for trading), retail capital continues to blindly flock to these tokens, with traders seemingly forsaking the lessons they should have learned from the damage wrought by unlocks during the 2021-2022 bear market.
Crypto valuations have swelled from the industry’s nascent days alongside increasing demand for the technology and proven returns for blue chip assets like BTC and ETH, but a glaring divergence has formed between the returns available to public and private investors.
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