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Our thirst for moonshots has led us to explore every conceivable orifice in the crypto universe. One such orifice we have been investigating is the list of newly listed projects on the two main price tracking websites, CoinGecko and Coin Market Cap.
We had high hopes when we embarked on this journey but we were quickly disappointed. Unless you have the standards of a pubescent nymph there are slim pickings from this promising source.
The vast majority of new cryptos are metoo projects, including an abundance of memecoins, DeFi projects including numerous yield farmers and projects with no actual use cases whatsoever. Yes the standards have deteriorated to the point where you would need the patience of a Siberian tiger to sift through hundreds of coins to find a few hidden gems. And that is precisely what we did for a few solid days.
A couple of hundred cryptocurrencies quickly became 50 and those are the best of a bad bunch. From these we would suggest there are only a handful which are worth serious consideration. That small selection of potential moonshots we have analyzed in more detail at the end of this report.
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Let’s set out the common theme we found among many of the cryptocurrencies during our search:
- Many projects have a huge supply of tokens. If you thought 1 billion was a large number what about 1 quadrillion? Is a quadrillion the new billion? Most of the new breed of memecoins seem to have fallen in love with this number. I for one am not a big fan, mainly because my calculator doesn’t have enough zeros to work out the fully diluted market cap.
- Memecoins with the word ‘moon’ in the title.
- Projects with no real world use cases.
- Projects with the word ‘safe’ in them, which are far from safe.
- Projects with massive market values with no…