I have been exploring the FOMO Appin the last 3 weeks which has been a ton of fun even though I paid some learning monet while the market also started to go down. Here is an update on how things are going...
The Initial Plan
So my initial plan for the Fomo app was to just test it out and only buy some coins there each for ~200$ that I'm willing to hold for a while and have a thesis on. However, sine the amounts are so small and the gambler in me got the best of it, I started taking some more ultra-low cap gambles believing I could be early and for one of them to run up like crazy which is pretty much the dream of everyone in crypto. As I was down both from getting into rugpulls and because the market turned bad, I deposited some more as I enjoy the platform and want to get in the green again over time.
Lessons Learned
Nearly All Charts Look The Same!
There are thousands of tokens released daily and pretty much very chart looks the same with a lot of activity and volume in the first Days / Day / Hours for everyone who gets in at that time with the eye to hold for a wile getting rugged or dumped on by those who bought earlier. Then it keeps going down, often sees one spike which activates more people who are down or just break even for that to become a death cat bounce and things to go flat afterward with zero volume left.
Many Scams; Farms & Rugpulls!
You would think it is possible to be early by copy trading some guys who are watching the market closely and find gems early. However, a lot if not most of the project that launch are mainly cool ideas coded fully with AI to lure in people who throw money at it thinking it's the next runner. Eventually the activity stops or the website even goes fully offline after the dev who got in early managed to dump his coins multiples.
The thing with these coins is that you can scoop up a lot of coins when you are early but the higher it goes, exponentially more money is needed to maintain the price especially of people start to take profit.
Also, there are way more advanced tools than fomo like axiom where the real sharps are trading and guys like decu are making a lot of money. However, the only real way to achieve that is to be 100% comitted to it als also have the needed funds which isn't a guarantee as you do need to put in the proper time to learn.
My Journey So Far
Despite being down around -33% on the money I put it, I did have a ton of fun on the Fomo app and will continue to use it and hopefully get better as only 1 real winner is needed to do well there.
The first couple ones I got in were coins as a gamble for the long run.
$B-MONEY was a play on the MemeFi narrative where fees are used to buy the coin it's trading against and paid out to tokenholders. The one I wanted was BTC and B-Money at the time looked to be the frontrunner.
While it's still the one with the highest market cap that pays BTC, it also looks quite dead now and a revival feels fully up to whales manipulating and pushing it. The good thing is that there is still somewhat of a community and nearly all the Whales including Unipcs are holding their position and it is still paying out BTC. At the same time, the price and the volume have dropped off. So at this point it feels like a 'zero or hero' coin where it just slowly dies down and one of the whales capitulating means the end or it sees a violent revival to the upside at some point.
$SPX The talk of Murad at Token2049 didn't really do anything but I still think at in the worst scenario SPX at some point will trade 2x-3x the value it is right now quite easily. So I kind of take my FOMO account as a way to DCA and HODL more SPX6900.
$PONS & $STONK Both are very similar as they are infrastructure bets on the Ribinhood chain will have a revival and for at least 1 MemeFi coin on the Stonks launchpad to end up doing well. Since coins are bought and burned, the price is a relection of the volumes and those have been trending down. I am thinking of adding a bit to my positions as much lower prices (-33% & -46%)
$DRMR This is one I picked up as a copy-trade when I already lowered my stakes to 100$ and it was the most stupid coin of an AI influencer at the time trading at 300k market cap while the views and followers suggested it maybe could get some traction. However, I have no clue if this is purely a memecoin or is there will be potential advertisement revenue used to pump the token. It also turned out to be my olys real winner so far and I managed to sell 200$ worth of it at the 2 peaks while holding onto a bit just in case it would go wild. It still feels like every pump is bound to ge dumped though so if you just hold it's almost a guarantee to roundtrip the gains.
$API This feels like another fee cashback token with the gimmick that you can run a bot and have the fee generation of the coin pay for the costs to run it. I kind of like the idea and the payouts are very high in both $API & $SOL but at the same time if feels like one of those that will burn out sooner than later. I'm 'only down -14.41% on my position not counting the SOL earnings. I kind of want it as a moonshot but at the same time I feel like if it gets in the green it might be just wise to get out or at least cut exposure
$PURPS & $ PERPSHOODBoth are very similar as they allow you to create a token where the fees take on a Leverage position. I picked both up as a copy trade and they both seem to be from legit devs so at least it's something.
$KAIRO & $AILEAlso both copy-traded and it look like legit projects with a real dev but at the same time no guarantee that it will actually be able to capture real value. both are down -55% & -32%
$HIGGS / $SPEC / $OGEE / $PONZ all of these look quite dead or abandoned and I see them as learnings money.
Conclusion
Despite sitting at a -33% overall loss during my time on the FOMO App I still have had a ton of fun on it and will continue to use it without intentions to deposit more. Even though the perception that it's possible to easily make money there just by copy-trading and holding for a bit longer has died, I still keep believing in the 'Lottery Jackpot' scenario while at the same time I know I will have gotten out way too early in case one of the coins would go crazy. I will give another update on how things are going in a couple weeks from here...
