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Home Cryptocurrency news

Pizza & Hot Dogs: How Uniswap’s Profit Buffet Can Burn Crypto Investors

Tony Spilotro by Tony Spilotro
5 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 3min read
hot dog uniswap crypto etheruem defi token

Sausage on a fork. In the background a bonfire in the forest.

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The DeFi space has taken some wild twists as of late, causing crypto Twitter feeds to look a lot more like a menu at a local dining establishment. The bizarre world of decentralized finance and yield farming tokens has taken a turn for the weirder, bringing about a flurry of food-named crypto assets on Uniswap.

The spectacle alone makes getting sucked into the hottest trend in crypto all the more difficult. Add in the constant talk of profits being generated from farmers taking risks on Uniswap, and you’ve got a scenario where investors are getting burned by letting their liquidity sit in the cooker too long.

Stomach Cramps: Uniswap Buffet of Profits Are Too Attractive For Liquidity Pool Swimmers To Ignore

Early on in the decentralized finance trend, there were several comparisons to the ICO boom of 2017. At the time, feverish interest in ERC-20 tokens launched as part of early fundraising efforts in exchange for newly minted coins, pushed Ethereum prices to over $1,000.

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Related Reading | Pseudonymous Crypto Trader Trashes Major Altcoins: “Tides Have Turned” To DeFi

However, analysts argued that DeFi was far more sustainable, adding real value and substance to the cryptocurrency space. But like everything in the world of crypto, irrational exuberance takes over, and trends over-extend.

Cryptocurrencies end up rising and falling a lot more than anyone expects. Trend momentum can be seemingly unstoppable at times. And that’s what’s happening across the DeFi space, not just in valuations, but in interest reaching borderline insanity and extreme greed.

Pizza, Hot Dogs, & Sushi: What Will The Crypto Market Cook Up Next?

It has led to some crypto insiders speculating over coins they know are worthless but want to try and profit anyway. It is very much like the ICO boom, except this time around, these insiders know exactly what they’re risking – yet they are doing it regardless.

Related Reading | Why DeFi Bulls Being Over 90% Net Long Is Dangerous a For Crypto

Some market watchers have claimed it is not wise to search for the next big DeFi superstar, as there’s a risk of getting burned. But because these confident and exuberant crypto investors blinded by greed simply cannot resist the allure of profits, they are betting their Ethereum and suffering losses.

Take two tokens fresh out of the Uniswap oven: Pizza and Hot Dog. These tokens were being dumped while others were mid-farming them at decent valuations, but have since plummeted to nearly zero per token.

pizza and hot dogs uniswap ethereum ethusd

Hot Dog & Pizza Uniswap Ethereum-Based ERC-20 Tokens | Source: TradingView

Those that had their liquidity pooled instead took a bath in losses and got burned by these two delicious-sounding DeFi tokens.

Other tokens have been just as hot, but far more successful, including Sushi, and previously, Yams. Knock-offs are popping up each day, and eventually, all the fun and food-friendly names will be taken. Where will the wild world of DeFi and crypto turn next?

Tags: altcoincryptoDeFiETHethbtcethereumethusdETHUSDThot dogPizzaUniswap
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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