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That Martin Shkreli, one of the most hated C-suite executives in America, absolutely abhors meme coins is not, in and of itself, a newsworthy item. However, when that former pharma executive then apparently stakes his money on his visceral conviction, and wins too, that indeed is newsworthy, especially when it comes amid a deteriorating macro-environment for meme coins such as the $TRUMP coin, Fartcoin, and the SPX6900.
— Martin Shkreli (@MartinShkreli) February 6, 2025
To wit, Martin Shkreli recently posted a snapshot of what looks like massive short positions against meme coins. Apart from the class heavyweight $TRUMP coin, the list contains other well-known shitcoins such as Fartcoin and $GOAT.
We are unable to confirm whether these positions belong to Martin Shkreli himself. Nonetheless, his public dissemination of the above screenshot does lend credence to the hypothesis that these indeed are his positions.
memecoins like "S&P 6900" are an insult to capitalism and the hard working people of America. you degenerates belong in a psychiatric ward.
and they sent ME to prison. smh.
— Martin Shkreli (@MartinShkreli) February 6, 2025
Next, Martin Shkreli went on the offensive against the SPX6900 meme coin, terming it an "insult to capitalism and the hard-working people of America." He also termed the peddlers of such meme coins as "degenerates" who "belong in a psychiatric ward."
The $TRUMP meme coin is below $18 again. It's now more than 76% off its peak.
It's falling faster than Elon Musk's popularity ratings.
— funwithnumberz (@funwithnumberz) February 6, 2025
This comes as the broader meme coin universe is in a free fall. For instance, the $TRUMP coin is now down ~70 percent from its peak.
And, the SPX6900 meme coin has given up over half of its peak gains.
Gold $3,000, Bitcoin $70,000? Bloomberg Economics' Model Tilt - The ounces of #gold equal to a #Bitcoin at about 34x on Feb. 5 is at risk of dropping toward 21x, based on Bloomberg Economics' model.
The full report is on the Bloomberg terminal here: https://t.co/hb1sXxvif9{BI… pic.twitter.com/MejscTb14i— Mike McGlone (@mikemcglone11) February 6, 2025
In a troubling bit of insight, Bloomberg Economics' model now thinks that the Bitcoin/Gold ratio is slated to drop from the current 34x to just 21x, implying a Bitcoin price of around $70,000, assuming that Gold remains at around $3,000 per ounce. This bodes ill for meme coins such as the SPX6900 and the $TRUMP coin as they generally follow Bitcoin's price trajectory.
As supporting evidence, consider that the global liquidity proxy has basically flatlined. This is important as Bitcoin typically moves in the direction of the global M2 supply around 83 percent of the time.
At this rate, Martin Shkreli might soon have his desired-for vindication against meme coin peddlers. Then again, the market can remain irrational longer than most investors can remain solvent.
