Bitcorn collapses

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Today's edition will look into the collapse of Bitcoin and what this all means for crypto markets.

Today's Letter

• The Collapse of Bitcorn

• Short-Squeeze Stocks List

• Trending Cryptos

• Top Meme Stocks

The Collapse of Bitcorn

There are no safe havens. The crypto space that was once considered to be a hedge against inflation turned out to be nothing more than a high-beta risk asset. Who would have thought? *rolls eyes*.

Bitcorn (an alias used on WallStreetBets to make it through chat filters), or Bitcoin rather, made headlines over the last few days after dipping below $20k for the first time since December, 2020.

Here's a look at WSB mentions from the weekend and the sky-rocketing interest in Bitcorn (Bitcoin).

Social metrics for crypto-currencies were similar with mentions up over 300% last week when comparing to the weeks prior. Here's a list of the most popular crypto currencies being talked about.

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Other popular alt-coins, like SHIB, have also lost most their value since the December highs. I read a headline somewhere saying that nearly 80% of all Shiba investors are now underwater and this is most likely the case with many others that are HODLing coins outside the stable-coins. Here's the SHIB 1-year chart.

This is all riding off the back of some wonky stuff happening with crypto firms and exchanges. When Celsius network began pausing withdrawals and transfers you knew something was up.

Lastly, I found this interesting read on the main crypto currency sub-reddit...

Will crypto make a rebound? It always has until now, but lower lows may be in the near future for most coins.

Short-Squeeze Stocks List

Are meme-stocks dead? Maybe for now, but I for one am waiting for this market to rebound so we can get back to riding the hype in individual names. Similar to cryptos, many meme-stocks and short-squeeze stocks move in similar fashion... via social sentiment. A good example of this at the moment is how Redbox Entertainment (RDBX) has become a focus on the short-squeeze category.

The stock may have peaked, up roughly 500% since April, but this is a continued example of what we were seeing in 2021. When stocks become entrenched by social mentions and retail interest, some really big moves can happen. Take a look at when social mentions for RDBX began to spike and the subsequent move in share price that followed.

Trending Cryptos

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Top Meme Stocks

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