Return of The Meme Coin
323: Jobless Claims Up & Inflation Resurgence
Good morning lord and kings. No matter how bad your day ends up being it’s probably not as bad as the individuals within the Federal Reserve.
258,000 people filed for unemployment this week which was well above expectations of 230,000. We have been talking about the deteriorating labour and job market for some time — like most things these days, the main story is a lie fueled by political narratives to “lessen” how bad things are beneath the surface.
If you had any doubt the US is descending further into a socialist bureaucracy you can be reassured that government and academic staff positions continue to soar. Lots to cover today and no time to waste, we will touch on equity markets, my top meme coin picks to print fat shekels, my thoughts on inflation hedges, hurricane season, the recent failed terror plot in the US, and recent election odds.
Certainty of death. Small chance of success. What are we waiting for?
— Gimli, Return of the King
Markets & CPI
US inflation fell to 2.4%, higher than expectations of 2.3%. On top of that we get to look forward to the inevitable September jobs report revision coming up.
The broader context is helpful to consider if you’re wondering what to do with your money right now, Gold, Bitcoin, and Silver are going to continue to outperform, though there are some equity gems we have highlighted that are ripping like PLTR 0.00%↑ .
Same thing that’s happened before has happened again guys, the clown shows in central banks and the Federal Reserve have butchered monetary policy with their fake paper currency — they print it at will and devalue it. Over a longer time frame it is highly doubtful this ever reverts.
Given the pushback against Fed Chair Powell's 50 bp cut last month revealed in the FOMC minutes, it will take more than a soft headline CPI today to renew speculation of another large move.
— Marc Chandler, FXStreet
The result is continued inflation (it was NEVER transitory guys) — all assets become more expensive to purchase in the current environment. Stocks become more expensive and trade at ridiculous valuations, the cost of living soars, home prices soar, and only the ultra wealthy can get smooth sailing.
Hard assets are going to be the way to go for awhile in my opinion (limited in supply theoretically). Understand that this train is already off the tracks, nobody knows when the party ends, but there’s likely not much the Fed or anyone else can do in order to find a healthy solution. The official narrative (including the “super strong” jobs report last Friday) is all bullshit. This is politically motivated to paint the picture as less serious than it is.
Strap down kings — and consider inflation hedges for the medium term for your portfolios. It’s not going anywhere.
U.S. economy is on the cusp of another Roaring ’20s, says UBS (Unusual Whales)
The FBI created "NexFundAI," a crypto token in their efforts to catch suspects in a crypto fraud case (CoinTelegraph) “The FBI took the unprecedented step of creating its very own cryptocurrency token and company to identify, disrupt, and bring these alleged fraudsters to justice.”
Supercore CPI surged 0.4% MoM, highest since April, driven by surging costs of professional medical services and record high auto insurance (ZeroHedge)
Mt. Gox has extended its repayment deadline by a year to Oct. 31, 2025 (CoinTelegraph)
South Korea considers allowing institutions to now buy Bitcoin and crypto (Bitcoin Archive)
OpenAI is not expected to be profitable until 2029 (Unusual Whales)
Worth noting — generally Bitcoin bull cycles begin 170ish days after the halvening, that puts us right in the slot of when this has historically occured
As I have said before — the job market is not getting better. I know several people who have experienced a new strange type of interviewing in which companies post job roles, bring candidates through an interview process, and then act as if the job posting was not posted, saying they will let the candidate know if they are hiring down the line.
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Whether this is for information gathering or because these hiring teams are being overly cautious with the economy it is not a good sign. There are less jobs that pay the same rate they did years ago and the situation is worsening.
I am personally doing the following things at the moment:
Buying more physical gold
Pouring more effort into my business and side ventures
DCAing into utilities names
Buying ETH
Notable paid posts we launched in past weeks that have done very well related to all topics we will discuss today are linked below:
Prepping 2024 Mega Guide — ensuring your safety and preparation for a range of black swan and crisis events
Are You Wasting Weekends? — making sure you capitalize and don’t waste time on the weekends, walking through my typical schedule for maximizing production and efficiency
Meme Coin Alpha
So you’re looking for alpha in a time where most are fleeing to inflation hedges and more conservative allocations?
You came to the right degen space of the internet.
Alright let’s talk meme coins since they are showing some insane strength despite the volatility in legacy assets. Too big to ignore right now in my opinion — total market value has climbed past $55 billion in past weeks. Nearly 20,000 tokens were created on Solana alone in the last 24 - 48 hours (Solana Floor/X).
Without selling you a Stratton-Oakmont dream here, imagine if you were able to make an additional $10,000 or $50,000 (or more) on meme coins in the coming months? Would that free up capital for other higher quality investments? Give you some room to breath month to month?
The primary reason I choose to dabble in meme coins is a bit counterintuitive — I understand that many people have lost hope on buying homes, they feel discouraged by inflation, or by the amount of free cash flow they have each month. This is precisely why I am bullish meme coins — they represent a departure from fundamental or logical investing and cross into the purely emotional camp. We already know gambling is spreading across the country like wildfire because people want to have a chance at hitting it big to create some cushion or class transcendence opportunity for themselves.
Meme coins are no different — and while they are obviously risky, when used correctly you can seriously outperform other assets.
Look, at this point it’s obvious some of us are going to get ridiculously wealthy on meme coins — they were the meta earlier in the cycle and it appears that they have lost little to no support in past months. When the bull run begins in earnest, some of these are going to pull off ridiculous fucking multiples.
Here’s a handful that are primed to moon in the coming months (bear in mind these go hand in hand with broader crypto price movement):
ZYN (Zyncoin) - aside from being a cultural phenomenon in tech/finance, ZynCoin, a meme-based cryptocurrency named after the popular Zyn nicotine pouches, faced legal action from Philip Morris, the parent company of Zyn's manufacturer, Swedish Match. In early 2024, Philip Morris issued a cease-and-desist letter, demanding the removal of any reference to Zyn in the token's name and marketing.