Could crypto cults be the ultimate bullish indicator?

I’ve noticed a lot of conversations online about a potential bullish indicator that many people don’t consider. I’m talking about cults!

Now, these aren’t the kind of cults you’d find in a Netflix documentary. I’m talking about the growing communities of people devoted to certain crypto projects. And while ‘cult’ might seem like a strong word, it’s actually pretty fitting because these investors have a passionate, almost religious-like dedication! Think Bitcoin Maxis, Dogecoin Army, Link Marines, Polkadotters, Hexicans – and the list goes on. Each group has its own identity, symbolism, memes, and catchphrases.

Like all cults, there is usually a charismatic/divisive figure that is central to the project’s success – think Satoshi for Bitcoin, Charles Hoskinson for Cardano, Elon Musk for Dogecoin and Richard Heart for Hex.

And why is this cult-like devotion so bullish?

Because when a community is this dedicated, it opens the door to massive price movements.

In other words, this could be a potential indicator that a project is primed to take off!

Let’s take Dogecoin for instance. Believe it or not, Dogecoin started out as a joke, a satirical take on the world of cryptocurrencies. It was as far from the seriousness of Bitcoin as you could get. Dogecoin was adopted by Reddit and Twitter communities and spread to other social media and forums quickly. It gained such traction that what started as a joke grew into a full-blown movement. The Dogecoin Army flooded the Internet with memes and wild predictions that pushed the coin’s appeal to an audience who were eager to jump in and be part of it.

This is just one example of how a die-hard community can fuel sentiment and bullish activity.

Another example of a strong community are HEX investors, also known as Hexicans. This is a group so dedicated that even a 99% drop couldn’t scare them into selling. Despite facing backlash, the Hexicans stand strong. In fact, they’re known as one of the most passionate communities in all of crypto.

When support is this strong, it leads to growth, development and innovation in crypto spaces.

But here’s where it gets even more exciting: For these strong communities, 10x is just the beginning. They are ready, willing and dedicated enough to hold out for a 100x or more. Some very early investors report feeling anxious about selling because they’ve held for so long it’s like parting with a piece of themselves! As crypto influencer, @yourfriendsommi recently put it:

“They don’t want to sell. They don’t want to leave the journey. They don’t want the story to end.”

And this holding ability is often why we do get those types of gains.

Some influencers are calling crypto cults the next big narrative. Whether that will hold true remains to be seen, but the unwavering community support is something to keep in mind as we head into the growth portion of this bull market.

I’ll leave you with another one of Sommi’s sayings.

“The community is the asset, not the code.” 

Something to think about.