With everything happening on Farcaster right now, attention is being spread thin. People are looking for those 1000x unicorn clankers (and I don't blame them) and trying to boost their portfolio to Valhalla. I've only gotten wrecked with clankers, most likely because I don't understand the Farcaster meta. I've been on CT (crypto Twitter) for a while, so I'm more in tune with the crypto space as a whole. If I'm not in tune with the FC meta, what's the potential of all those clankers if the rest of CT is like me? Just something to think about.
Anyway, this post isn't to dog on Clanker because I think what Proxy Studio built is amazing. It's more so a reminder not to forget about the OG, the token that's been through the trenches. It's battle-tested and ready for what's ahead.
What is my position?
I've purchased just over 71K degen of my own. I took advantage of some of those dips, but I have no idea what my actual ROI is on all these buys. If only I could read blockchain data well ☹
I currently have 320K Degen locked, which means I've been airdropped 249K. So, since April 2023, I've been airdropped $4.6k at Degen's current price of $0.018.
Not bad at all for an average dude. I'm not a dev, not an artist, nothing special. Just a guy that likes shit posting and reply guying on warpcast and X.
How Did I find Degen?
Ok, let's go on a tangent...I remember learning about degen through an X thread. I saw the MC (market cap) was already pretty damn high, about $100m. The poster said people were earning tips for good content and I thought it seemed interesting but I also had that voice in my head that said "you're just an average dude, what makes you think your content would get tips?". Nonetheless I kept my eye on it and finally dove in for a tip allowance when degen was at $0.025. Here's the thread where I found Degen
$BRETT made 130x in 3 weeks, $NORMIE already did 90x.
I've studied over 100 charts to find 10 coins that are set to make the same!
Here's my list of 10-100x lowcaps on $BASE
1,128
The unique thing about Degen is that the price really doesn't matter. You can earn the token in tips fairly quickly, making your initial investment null, which is a really cool feature.
My thoughts on Locking
I've seen both opinions on this.
The people who are against locking are correct in their views. Why should a token limit sell pressure by forcing its holders to lock? Why can't they market the token so there are more reasons for people to buy and hold?
The people who are for locking are also correct. If you're earning six figures monthly of a token by doing nothing but sitting on your ass and trading tips, why shouldn't you have skin in the game and lock tokens?
Although I'd prefer not to lock, I'm okay with it because I also don't plan on selling anytime soon and don't need to sell for financial reasons.
How Did I Build My Degen Position?
I've tried quite a few strategies. I've tried posting great content. Sometimes, random tips will come in, but most of the time, they don't.
I've tried buying mint.club tokens to grow my degen position, but this didn't work very well because there's not much volume on most of those tokens right now. It's still fun to buy them; I'm just not focusing on them.
I've tried tipping small amounts with each reply (50-100 Degen). This was more spammy, in my opinion, because you have three bots following you around. It's not really the best look.
What seems to work best is to find a handful of generous friends. Take advantage of the 15 tip4tip allowance, and don't be afraid to drop a decent amount of degen on their casts. After all, we're all degens. Why not share your allowance with your favorite people on Warpcast?
Hypersub Raffles
Additionally, joining hypersubs and buying farcards that have daily raffles works pretty well. Shout out to MM's farcard :)
Each day, Maretus gives out 5K degen to Success Syndicate hypersub members. I've won that a few times, and it's such a good feeling to take it home!
I've been farming the Savage Sanctum hypersub with success recently. And I appreciate that SVVVGG3 doesn't require you to comment on his posts to enter. Plus, you receive a 10% discount on mined merch with this hypersub!
Last but not Least
I did not build my position by selling my airdrops. I built it by being active in the Degen community and rewarding my friends, artists, developers, and builders with Degen.
What will I do to continue building it?
Buying those dips (if they come)
Staying active on FC and in the degen community
Locking each airdrop
Tipping Generously
What else am I bullish on within FC Meta?
HAM (tn100x) - It's the bitcoin of base. Look out for a ham bull post in the future.
Final Thoughts
NFA DYOR, be ready to lose everything you invest in any token, including Degen.
With everything happening in the crypto space right now, if you have limited liquidity, it's best to keep your plays focused on high-conviction tokens. Degen is one of those tokens for me. I'll still throw $20 here and there into a random new token, but I'm definitely not actively searching for them because, in my experience, it usually isn't worth it.
