Flarnchain Newsletter #169 - Crypto is Volatile

Welcome back to the flarnchain newsletter!

This week was pretty bad for crypto. Not gonna lie. But then I saw this:

The above chart is from 2 bull markets ago. Not sure why the person who posted it didn't post one of these from the past bull market, but at quick glance, the same sort of situation played out last time too.

Looking at this chart, it doesn't look like the exact same sort of situation is playing out this time around, but then again... things didn't really start to kick off until after "Defi Summer" which was basically the first time Automated Market Makers were a thing, and Uniswap, the largest of these, airdropped UNI tokens to people that ended up being in the 10s of thousands of dollars.

Just out of curiosity, let's see how this exact same scale (1 week candles) looks right now:

But that doesn't tell the whole story. Let's zoom wayyyyy out to see what that looks like:

Pack it in everyone. Time to go home. Crypto was a good attempt at a new thing, but looks like Bitcoin and it's ilk are dead. ☠☠☠. It was fun while it lasted.

Because of the fact that Bitcoin is down like... 10% in the past week, it's pretty obvious this week's market animal is a BEAR. But since I'm still working on Puppy Cerberus, this week's market animal is actually a Bearberus, which is a three headed bear (🐻🐻🐻). Also, since I'm seeing a lot of AI generated images freaking killing it on Stargaze, my favorite crypto platform, I'm going to save a ton of time and just use AI to generate a bearberus based on some of my other drawings. Sometimes you gotta cut corners and go to bed early:

Alright, that's all for tonight. I'm coming to terms with the fact that these newsletters haven't been all that interesting lately. I'm okay with that. As long as I'm delivering them each and every week, like an atomic clock that's what matters... right?

Hope you enjoy the rest of your week.

Cheers!

-flarn

🤘🤘