Martin Shkreli Stakes His Money on His Visceral Abhorrence of Meme Coins, Wins Too

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.

Martin Shkreli, former pharma executive and one of the most despised C-suite figures in the U.S., recently took to Twitter (NYSE:TWTR) to air his strong disdain for meme coins. However, what makes this noteworthy is that Shkreli appears to have put his money where his mouth is, taking massive short positions against meme coins like the $TRUMP coin, Fartcoin, and SPX6900.

A snapshot of what looks to be massive short positions against meme coins was recently posted by none other than Martin Shkreli himself. Apart from the class heavyweight $TRUMP coin, the list also contains other well-known shitcoins like Fartcoin and $GOAT.

We are unable to independently confirm whether these positions belong to斯克雷利 himself. However, his public dissemination of the above screenshot does lend credence to the hypothesis that these indeed are his positions.

Later on, 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 went on to term the peddlers of such meme coins as "degenerates" who "belong in a psychiatric ward."

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, while another meme coin, SPX6900, has given up over half of its peak gains.

To add insult to injury, 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 further 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,斯克雷利 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.