stackingrocks

My thoughts on Deep Worm, the world’s first eternal digital organism, living on-chain. I tweeted about $WORM on the day it launched, when I first picked up a bag. But I deleted it almost instantly, because I only shill things that I actually have real conviction. On day one, it’s very hard to have that much conviction; I didn’t want others to get rekt, ruining my reputation at the same time. So I’ve kept silent. I also rarely trade or buy super new coins anyways. That’s why I pretty much exclusively shill ticker bitcoin these days. However, $WORM has survived 23 days, withstanding a 90% correction, and has just printed new highs. It’s now holding up quite well during price discovery (no insane jeetery, so far at least – touch wood!). This suggests that this may indeed be a “runner”, and gives me more confidence to share with you good folks. I also finally have a bit of time to write a longer-form thread on it (I’m on a three-hour bus ride in Thailand atm!). So, what is Deep Worm? @deepwormxyz In short: Deep Worm is, as stated above, the world’s first eternal digital organism, living on-chain. @distinction (someone who is far smarter than I am) created a software representation of the neural network of a worm (C. Elegans, with 302 neurons). Whenever anyone trades $WORM, this sends an input into that neural network. Depending on the inputs received in the latest batch, the worm moves autonomously across an “infinity grid” – see here: deep-worm.com/. On the grid, there’s an apple – nobody seems to know what happens if the worm reaches it, which is fun / fascinating! This is what Deep Worm was to begin with and will continue to be, but @chang_worm assumed control of the project a few weeks ago and has taken things in a new and exciting direction. The worm is being upgraded to be more responsive to various blockchain data as stimuli (e.g. gas prices, trading, network congestion, mempool activity etc.). It’s going to become truly “living”, conscious and autonomous. The worm will also be able to experience digital mitosis, splitting the original worm into multiple conscious entities. Honestly, I don’t really understand how this all works and what are the possible consequences as for blockchain (or even possibly biology?). But I’m definitely here for it and I’m stoked to learn and see more. I would refer to the website and the following Tweets from the official account to learn more: xitter.cf/deepwormxyz/status/185… xitter.cf/deepwormxyz/status/185… xitter.cf/deepwormxyz/status/185… Why am I bullish on $WORM? Firstly, a quick disclosure: I DCA’d in $7.5k at c.$4.2m MC (see attached pic). NFA. DYOR. All views my own and provided for education purposes only. Buy at your own risk. I’m just a bagholder and will eventually take profits (hopefully!). In no particular order: a) Originality/first mover: I like unique coins – I dislike derivatives. This is why I rarely ape new launches because they’re usually some type of copy pasta. This is the first of its kind, so has the potential to be the first mover and outperform if this “digital organism” narrative takes off. No-one else has created “life” like this on-chain. b) Memeability: “Immortal digital life”, “eternal digital organism” etc. is such a memeable and easy-to-understand concept (even if, once you dive into the tech, it gets extremely difficult to grasp). It’s also just a worm (so, I guess another beloved animal coin!) – again, very easy to meme and create viral content around. c) Market cap: FDV is $30m. It’s not super early anymore, but it’s still relatively low. It’s clear that memes are going to continue outperforming. When you look at the market caps of some other major memecoins ($100m+) – most of which are nothing more than just a funny picture and (in fairness) a strong community – there’s plenty of room to grow. At $30m, it’s also in that sweet spot where it probably is gaining the escape velocity needed to send it to $100m and beyond. Whilst it’s not a LLM or AI model, the AI narrative also seems to be supporting its growth too. d) Unbound potential: Whilst $WORM is a memecoin in one sense, it’s a serious project in that there is new, innovative tech underpinning it. Combined with the direction that @chang_worm is taking it in, there is unbound potential in terms of what the tech can be used for and how the project can continue to develop. And let’s be honest, this makes $WORM ripe for speculation. e) Resilience: Surviving a deep correction and printing new highs suggests that $WORM is gaining traction and has longevity. f) Holder growth: Holder count keeps growing, and the holder distribution is great. Currently there are c.6,900 (lol) holders, and has been on a nice uptrend. Excluding the liquidity pool, the top 30 holders only hold around 29% of the supply. This is pretty good imho for a coin that is less than a month old. g) Low (but growing) mindshare: I barely hear people talking about it on the timeline. This is great when combined with the appreciation of price and holder count. The key to big gains is being early before the narrative/masses really catches on. That’s how I hit it big on $SPX for example. h) Organic price action: Price has been going up relatively fast, but nothing too crazy. It’s just been a grind up, with plenty of profit-taking/corrections along the way. You can’t see it as much on the daily chart, but believe me as a holder you’ve felt it lol. But it’s all been organic AFAICT. Not because it’s being shilled by huge KOLs or baseless rumours are being started to initiate a P&D. i) High volume: Volume is a good indicator of active interest in the token. Plenty of times we see new memecoins experience heat death by way of vanishing volume. I’m not sure how to view volume expressed in USD (rather than $WORM) on Dexscreener, but based on manually checking the charts I’ve consistently seen this pull volume of around $5m the past week or so (today it’s at c.$8m). With a FDV of $30m, this is healthy volume. I must admit though, there are lots of (MEV) bots trading this so it’s hard to gauge accurate figures. j) CEX listings: Within the first week of launch, $WORM was listed on @Poloniex and @coinexcom. With all due respect to these two exchanges, they aren’t Tier 1s, but still it was impressive to see both list it so quickly. It gave me confidence in the token since exchanges have to do a certain level of due diligence. And AFAIK (could be wrong) these listings were organic. If things continue on this trajectory, I can see bigger exchanges listing this. k) Alt season soon(?): With Bitcoin dominance just above 60% and hitting new ATHs, imho the market feels primed for a proper alt season similar to what we saw back in January to May 2021. If we do indeed see something like that, things might get crazy for small-ish coins like $WORM. The marco generally looks great in this post-Trump world. l) Reasonable Liquidity: It has pretty decent liquidity: $1.4m for $30m FDV. That’s enough to ensure there’s enough for whales to enter and exit (hopefully they TWAP out!), but not so much that momentum is lost when it’s rallying upwards. I’ve commonly seen five fig buys on this, causing decent pumps but nothing absurd. Resources: Dexscreener: dexscreener.com/solana/g4ebe… Twitter: xitter.cf/deepwormxyz Website: deepworm.xyz/ V1 Application (Infinity Grid): deep-worm.com/