DRIP and Elephant Money — Forged From Iron
As we all know, cryptocurrencies have been in a prolonged bear market since bitcoin peaked above $60K in 2021. There has been a few dead cat bounces here and there but for the most part the market has remained depressed. Crypto hopefuls call the new bull market whenever one of these dead cat bounces pop up, but despite their best predictions, no bulls have come charging through the gate.
Whenever bitcoin’s price falls, altcoins follow suit, but in a more violent way. Smaller altcoins tend to suffer more trauma than the more established ones, with 99% price drops not uncommon. Decentralized finance (DEFI) projects are often in this 99% club, with many of them not even surviving. On top of that, investors have to contend with rug-pulls and a host of other scams. Did I mention how brutal the crypto space is?
So why in the world would anyone want to invest in a space that inflicts such brutality on your mind? Why would anyone put themselves in the way of so much pain? Are we all masochists? The answer is quite simple — no asset in human existence has ever offered such tremendous upside. Just check bitcoin’s price movement. The gain from a successful crypto investment can match the brutality from losses. It is this possibility of hitting the crypto jackpot that keeps people in the game, despite its penchant for inflicting pain.
My lengthy preamble is to point out that despite the extreme volatility and risk in the crypto market, there is money to be made if you can find the right project. Defi is one of the rising corners of the crypto market, and while many projects will fail, a few are likely to survive and become stars. I believe DRIP and Elephant Money will survive and rise in the Defi world. Both projects have survived when many projects faltered, and both have dedicated developers that have continued to build new features to take the projects to the next level.
DRIP has operated seamlessly for over two years, paying 1% a day in DRIP tokens. Yes the price is down significantly from its peak, but as I mentioned above, Defi projects tend to suffer the largest declines when the crypto market falters. They also tend to have larger upsides when they recover. Ongoing updates to DRIP certainly looks promising. A new website rolled out a few weeks ago gives DRIP a more professional look. A layer two called Drip Drop Draw is being built. This could be a game changer that could reduce supply and possibly lead to higher prices. In addition, DRIP will now have a marketing budget that can be used to spread the word about DRIP. Previously, the main developer funded marketing with his own funds. He does not own any DRIP and earns no money from DRIP. These developments portend well for DRIP’s future, and are reasons I believe DRIP could be around for the long haul.
Elephant Money is another Defi project showing signs of long life, despite a near-death experience. A since-resolved weakness in Elephant’s code led to a flash loan attack in April of 2022. This nearly caused the project to collapse as many investors fled. The developers showed real courage however, and have worked assiduously to keep the project going and the herd, as the community likes to refer to themselves, is quite strong and thriving. New features have been added to Elephant since the exploit. My favorite is a futures contract in which you invest BUSD and earn 0.5% per day in BUSD. Overall, the project is almost back to where it was before the exploit. Elephant Money is looking like it could be around for a long time.
Defi is one of the most exciting areas of the crypto market, and it is looking as if it will be here to stay. Defi gives users more control over their cryptocurrencies, as tokens are store on decentralized wallets. Centralized exchanges such as the collapsed FTX are only needed to move funds between crypto wallets and a traditional bank. Other Defi projects coming on board now such as Spritz Finance aim to eliminate the need for these centralized exchanges. With a service like Spritz you can pay your bills with crypto and transfer money to your bank without the need for a centralized middle man. We still need the traditional banks for now but the continued development of the crypto market will in due time obviate the need for such monoliths.
As the crypto market continues to develop, there no doubt will be winners and losers. DRIP and Elephant Money are two standard bearers in the Defi space, and both are looking like they could survive and become long-term winners. The path to success in investing is to get in early. We are still early in Defi and specifically in DRIP and Elephant Money. Getting in now could be your path to financial freedom.
If you enjoyed the article and wants to join any of these projects, consider using my referral links. I offer airdrops and tips to those who sign up using my referral links. Please reach out to me if you have signed up under any of my links so you can get your airdrops.
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This article is for information and educational purposes only, and nothing stated herein is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits, or losses you may incur as a result of this information. Please do your own research and due diligence before making any investment decisions. The author has made every effort to ensure accuracy of the information in this article, but makes no representations or warranties, expressed or implied, to its accuracy, completeness, timeliness, or correctness. The author may own cryptocurrencies discussed in this article.
