MMEN Rises 50% on TLRY Purchase… Some Cryptocurrencies Have Similar Upside
Well, that was fast…
On Monday, I pointed out that that MedMen (OTCMKTS:MMNFF) was becoming a juicy takeover target for Canadian marijuana firms.
Anyone who bought in would have woken up this morning to 50% gains.
It turns out that Tilray (NASDAQ:TLRY) also had its eyes on the U.S. cannabis retailer. Yesterday, the Canada-based marijuana firm announced it had acquired the majority of MedMen’s senior secured convertible notes, accounting for around 21% of the company’s votes.
It was an easy win for Moonshot investors, and further gains could be on the way.
Timing the Market with Momentum Master
When it comes to major acquisitions, timing often comes down to luck. Major corporate acquisitions are usually wrapped in total secrecy.
But fortunately for investors, the Momentum Master strategy often picks up on these trades before announcements happen. Some might have to do with insider trading — academics have long found evidence of such shenanigans. But the bigger reason has to do with liquidity: big investments in illiquid assets will inevitably move prices and alert technical analysis algorithms.
That’s why I love using Momentum Master to pick out cryptocurrencies. My Golden Rule, which also covers qualitative and valuation metrics, is relatively useless when it comes to assets with no fundamental value. Meanwhile, momentum metrics don’t care why people are buying or selling, just that they are.
Even after this morning’s gains, MedMen is still a “buy” in my book. The firm now has backing from one of the largest marijuana growers in the world. But today, we’ll take a look at what the “boss” — AKA the Momentum Master Strategy — is telling us to do next.
Source: Catalyst Labs / Shutterstock
Quality Cryptos Continue Their Rise
As confidence has returned to Bitcoin (CCC:BTC-USD), investors have started piling back into alternatives with greater potential for growth. In fact, my four picks from three weeks ago — Dogecoin (CCC:DOGE-USD), Cardano (CCC:ADA-USD), Polygon (CCC:MATIC-USD) and (bonus) Ethereum (CCC:ETH-USD) — have all handily outperformed Bitcoin’s rise.
In the Long Run, Quality Matters
I picked these four cryptos for a simple reason: quality wins in the long run. Any cryptocurrency still around in 2030 will have survived thanks to having some real-world use.
Don’t believe me? Consider the top-performing coins of 2017:
- Ripple (CCC:XRP-USD)
- NEM (CCC:XEM-USD)
- Ardor (CCC:ARDR-USD)
- Stellar (CCC:XLM-USD)
- Dash (CCC:DASH-USD)
Of those five, only Ripple and Stellar now break the top-20 list by market capitalization. The two coins were laser-focused on getting financial institutions on board for cross-border transactions. Meanwhile, NEM and Dash are treading water — a result of their developmental stagnation. And Ardor has fallen off the map.
Today’s cryptocurrencies are the same. It doesn’t matter how many people “like,” “follow” or “retweet” a token today. If there’s no push for real-world use, I’m swiping up for more content.
5 Cryptocurrencies to Ride Momentum Master Higher
Those who missed my July 27th newsletter might be shrugging their shoulders right about now. Sure, it might have been great to buy Dogecoin three weeks ago for 50% returns.
But what about today?
Fortunately, algorithms don’t sleep or get flustered. Let’s revisit my top long-term coins and see what the Momentum Master Strategy tells us to do next.
My long-time favorite memecoin continues to power ahead. And those who missed out at 17 cents still have a chance to jump in.
That’s because interest in DOGE hasn’t wavered. New “Inu” tokens continue to give a nod to the original Shiba coin, and…