You are currently viewing $1k to $10k crypto challenge: Weekly Update #1 |  by The Wolf of Wallet Street |  Coinmonks |  Sep 2022

$1k to $10k crypto challenge: Weekly Update #1 | by The Wolf of Wallet Street | Coinmonks | Sep 2022

Hey everybody,

Welcome back. It’s been a week since I started the $1k to $10k challenge, which means that it’s time for the first weekly update. Let’s take a look.

The crypto market has generally been in an uptrend since last week, with Ethereum being up almost 14%, Bitcoin up 8% and the rest of the alts gaining about 5–6% on average. All of this happened after a quick stop at June’s bottoms on Wednesday, which had everyone sh*tting their pants. Luckily, the market rebounded quickly and closed the week in the green. Was this the bottom? I’m not sure. This Reddit post has some pretty good info around that. Take a look. Even though I don’t do TA it’s useful to get different perspectives.

Whatever the case, I have mixed feelings about this dip. On the one hand, I was expecting a move down to $18k. We have been around $20k for far too long and given current market conditions, it was certain that we would test the bottom levels again soon. So I was pretty much waiting for that fall, planning for it, and, to be honest, being quite afraid of it. Well, the fall happened and I survived, but I’m not that sure it’s only going to be up from here. Plus, I didn’t have enough time to buy more at these bottom levels. I did make one move however, that I talk about later. My eyes, as always, are on the macros, and I expect things to clear up this week after the CPI report gets released.

The most random thing that happened this week was the return of Luna. Luna Classic climbed almost 330% this month and is officially in the top 30 again. Luna 2.0 is also up, gaining 258% for the week. This makes absolutely no sense, but that’s the beauty of the crypto markets. Maybe I should’ve listened when people tried to get me to buy LUNC in the comments (jk I don’t do memecoins).

Anyway, let’s take a look at the portfolio.

This week I gained a total of 12.06%. Not bad for the first week, considering we’re still in a bear market, and considering that I still have $240 in cash. Every single coin ended the week in the green (even USDT lol). If we exclude cash, my crypto holdings delivered a 17% gain this week. This performance can be largely attributed to two coins: Premia and Synapse.

Premia absolutely crashed it this week, giving a 94.04% ROI while Synapse followed second with 44.4%. Kinda regret not putting more into these coins but as I said in previous posts, this is a weird month to be gambling irresponsibly. I do believe they’re still underrated though. I’m not planning on pulling money out of them anytime soon. On the contrary, I’m thinking of buying more, especially Premia. And this is not recent performance bias. They’re genuinely great projects. If you don’t believe me, go check out Premia, and tell me if you find a better DeFi protocol for playing options. Extremely underrated.

As for some of the other picks, BNB, ADA, RUNE, ILV, and the new pick, gained 6–7% percent each. I don’t see a reason to exit any of them, but I’m keeping a close look at Cardano because it tends to act weird around updates. MATIC didn’t earn as much as I expected but I’m keeping it because I believe it will have a reaction when the Merge happens. dYdX was not that hot either, but it remains one of the top DeFi protocols right now, and has lots of potential in the near future. It is still working towards moving to its own native chain on the Cosmos blockchain and has some of the strongest fundamentals in the industry. Just take a look at their metrics in this Token Terminal analysis.

So at Wednesday when the whole market was bleeding I made a move. I talked about it here, but here’s a quick TLDR; The team behind NFT Automated Market Maker Sudoswap, something like Uniswap for NFTs, confirmed they’d launch a $SUDO airdrop to $XMON holders that lock the token. $XMON skyrocketed to $45k after the announcement but it came back to $25k on Wednesday, when I bought $60. It’s up 6% but so is the rest of the market. I don’t think the airdrop is priced in and I’m expecting an even bigger pump when more details get released.

As I said in the hot sectors post , I was looking for projects in the NFT marketplace/infrastructure niche and Sudoswap ticks all the boxes. It’s innovative, it has hype, it has volume, and it has plenty of room for growth (especially since they don’t even have a token yet). If it dips from here, I’ll probably be buying more $XMON and most likely lock it for the airdrop, unless I see a massive hypo pump that forces me to cash out (at least a portion of my positions).

  • CPI release
  • The Merge
  • Arbitrum protocol (Restart of Arbitrum Odyssey and potential ecosystem plays now that the Nitro upgrade is live)
  • Solana-Helium partnership (Will Helium actually migrate to Solana?)

Creators of the DeGods, one of the most valuable NFT collections on all chains, and the number 1 NFT collection on Solana, released their y00ts project on , only for exclusive whitelisted members of their community. The mint didn’t go as planned and had to be delayed for a few hours, but the team behind the project had an original solution. While they were dealing with the technical issues, they assembled a team of famous Crypto Twitter shitposters and allowed them to run the y00ts Twitter account. This caused the project to go even more viral, took attention away from the delay, and ultimately raised the floor price.

Think about this though. The Twitter of a multimillion dollar company in the hands of professional shitposters. You got to love crypto. To give credit where credit is due, Dust Labs are masters of generating hype. Unfortunately, it seems like the tweets are now deleted, but I luckily I have a screenshot on my iPhone (ignore the Greek letters, we’re winning the Eurobasket this year):

That’s it for today. I know the last two sections have nothing to do with the challenge, but since the post came out way too long, I figured it ‘d be good to add some entertainment at the end. You know, just to lighten the mood a little. Let me know what you think. If you want to make sure you don’t miss a single update about the challenge, follow me on Twitter.

As always, this is not, by any means, financial advice. Content is purely for entertainment purposes. Have a great week and stay tuned. Updates coming.

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