DePin Projects Continue To DIE , ROVR Rugged , Helium HIP 149 Passed, Hivemapper & GRASS Ditch Token

[00:00:00]Hey, what's up guys? My name is Moda and welcome back to the Mighty Sacker YouTube channel. Today's video we're going to talk about Deepin, Deepin, Deepin and how it is pretty much on its deathbed, right? There's handful of projects that are still looking okay, but unfortunately it's a lot of just bad news. Okay, so today we're going to talk about yet another one that did fully die. We're going to talk about Rover.

[00:00:26]Look at that one. As well as two other big deep pin projects that apparently just abandoned their own token. Okay, so we're gonna talk about Honey and Grass who did that as well as just take a quick glance at all the other ones and how they're doing. And it is pretty horrible with the exception of one.

[00:00:45]Okay, so we're going to talk about it.

[00:00:47]We'll give our thoughts on everything as a whole just because this is something we do track pretty commonly. So if that sounds good guys, stay tuned. Let's get right to this thing, bros. It's been an extremely extremely extremely rough years. I was going to say months, but in reality, it's really been years, right?

[00:01:09]Most of the deepen projects have not been doing too well, at least in terms of token value, right? Token price, token price action. This is kind of the caveat with a lot of these. and why it's in a sense pretty confusing. Okay? Because this is something we have talked about for this past year for the 10 of you guys who watch the Helium videos or for the five of you guys who watch these deep pin update videos, one of the biggest things we've been harping on and we've been kind of talking about is although a lot of these projects are going to make money as businesses, they are doing well and they're probably going to continue to do well and they're going to be profitable businesses. The unfortunate part is they haven't found a way for that to be reflected in the token value. Okay? They've been trying different things. Some of them are doing buybacks and burns and different mechanisms and just none of them in reality are working. Your best performer so far is just kind of hanging on and kind of slightly going up. We'll talk about that one here at the very end. But the majority of them, I mean, we've talked about Helium and we talked about the big change with them with them changing the tokconomics and printing so many tokens and that's part of the reason that the token value has just cratered essentially. Okay, just because of that. But this is the confusing part because the business itself, so Nova Labs, is going to continue to be a profitable company and likely will do well, right? Another example of this is with Hivemapper. We're going to talk about what's going on with them, but it's another example where the token value is horrible, right? It is all-time lows and just continuing to go down and go down and go down, yet it is actually a profitable company that is doing well in terms of business with these contracts. They just cannot find a way for the token value to appreciate.

[00:03:05]Okay, so not really going to talk much about Helium just cuz we did a whole video covering the change, which by the way that HIP did pass. It is happening.

[00:03:13]They are going to print all those tokens and this is why we just continue to have this downward pressure. Okay, and this is kind of the hard part because uh there's an argument to say that well these are all-time lows. This is the time to potentially buy and kind of agree slightly to an extent.

[00:03:33]Okay. The difference currently with essentially all of these, [sighs and gasps] I wouldn't necessarily consider these an investment. I would consider these a gamble. Okay? Because again, a lot of these do have good business dynamics. They can do well as a business. It just may not be reflected in the token value in the future. So, if you are looking into buying into any of these projects, right, at least the ones that have solid fundamentals are actually bringing revenue, which is again only a handful. In reality, it's helium hivemapper.

[00:04:04]Grass is kind of doing well. I guess grass, the market cap is way higher. I wouldn't mess with that one. Just But again, with these smaller market cap ones, I would treat it as a gamble. In my opinion, they're either going to 10, 15, 20x or more x or go to zero. Okay?

[00:04:19]And in reality, the majorities, the odds of going to zero to me is greater than the odds of that happening. Okay? So, is it worth the gamble to an extent? But again, it would essentially be throwaway money. I wouldn't invest into these and feel like, "Oh, yeah, I'm bullish on them. Fundamentals are strong." Like, it's either going to do something great or it's going to zero, right? So, just kind of something to think about with some of these. I am going to buy some as they kind of go lower, right? Um, so again, we ain't going to talk about Helium too much. One that recently fully rugged was Rover. If you guys remember this thing, they had the little tarantula miner thing as well as this sucks for anybody who bought this thing.

[00:05:02]They had a big I want to say initially this thing was a lot more. I want to say it was like over five grand, potentially eight grand, something like that.

[00:05:10]Ultimately, I guess the last batch was like 2,700 bucks, but it's essentially gone. Okay, so we don't have the full details as to what happened. Again, we look at the market cap. This is not actually the market cap. It's about a tenth of this. This is the FTV. I don't know. I'm guessing because they just gave up on doing it correctly. I think only like 9% of the coins were actually in circulation. So, it's about a ninth of this. But they did fully rug. We don't know the full extent. The only thing we've seen is cuz again, they were closely intertwined with GeoNet. From the rumblings, what I've been getting in the Discord is that apparently Rover was trying to switch RTK providers and then they just completely ghosted, right?

[00:05:50]They abandoned the Discord. They abandoned their socials and I believe the VCs that were in all dumped and it just it's essentially rocked right at this point. To me, there's going to be no chance of recovery. There's no trust in the system. Maybe somebody takes over the tech and starts a new company of some sort. Maybe Geonet kind of takes over. We don't know. But this coin itself, this project, it's a wrap. Okay.

[00:06:15]So, [sighs] kind of the things I didn't like initially and the reason why I sold all of mine. If you guys remember when the airdrop came out is I did not like the tokconomics. I did not like that they were treating it like a memecoin. There were so few coins in circulation. The market cap was way too high. To me, the risk was way too great. So, it's one that yes, the device was 100 bucks. Yes, we made maybe 140 150 bucks. So, there was a little bit of profit, but though that for me at least, that was the turnoff with it. Okay, so a lot of these projects and we've talked about many many of them when they do these stupid choices with tokconomics or how they're doing things to me that was my sign to get out and luckily with a lot of these it was a good call. Okay, so in reality was not bullish on the majority of these crap tokens. Okay, we'll talk kind of as to why and kind of things to look for and red flags and things of that. So for me that was kind of the red flag here with Rover. Okay. So, although I did like the only real reason I was bullish on it just cuz that partnership with Geonet, me being bullish on GeoNet, I figured they would kind of recover prior to all this. I'm not talking about what's currently happening, but just a shame, right? Especially RIP to anybody who bought this freaking thing, but um no bueno. And next one, Hivemapper. So, this thing is dumping.

[00:07:40]This is one of those that you got that email immediately. It was a good time to dump. There has been a very weird um price swings. Okay, yesterday I did actually dump the remainder of it. There was a very weird buy order on Kraken for like 13 million tokens at a price that was above asking. Extremely weird. It was up there for hours. you had hours if you wanted to dump because again it went up 20% within a few minutes because of that extremely weird behavior right and I find it kind of funny that the very next day is when we get the announcement of them fully abandoning the honey token as the reward mechanism okay which again extremely weird and this is why it's frustrating also that they like ditched their discord essentially they cut off all the channels I think only like the support channel is open because there's no discourse to talk about these things or like why they're doing this change. All we have is assumptions after kind of seeing what happened afterwards instead of like discussing and then doing it implementing it, right? Like we don't know the real reason as to why. Are they giving up? We don't know. But now instead of earning the B token, you are going to get paid out in USDC. Okay. So again, a lot of people including myself are taking it as them kind of abandoning the token. And like we mentioned, this is something we have talked about extensively that could be potential to happen. We're talking about it with Helium and it actually did happen with Hivemapper cuz the biggest thing with Deepin as a whole, the reason we're we're bullish on it when it's early and why it makes sense for a lot of these companies to do it is that it's a way to incentivize the crowdfunding stage, right? They're giving us Magic Internet money in exchange for us speculating on a coin that may potentially go up if the network actually acrews value, right?

[00:09:39]Because initially obviously they're not going to have these contracts. they're not going to have any way to build revenue. They're kind of building out the network and it's a way for them to incentivize us while they do that. The issue is that a lot of these have been out for years now and they are to the point in certain cases with like the example of Hivemap and Helium that they are actually generating business. They actually do have contracts. They are actually making money.

[00:10:03]And now that they're paying it out, right? Because in reality, the Honey token, what is it getting used for? they were paying out the operators, the people running the network. And what were they doing? They were just dumping the coin. Okay? So, that's why there's always just going to be so much sell pressure with these coins because in reality, there's no other reason to purchase them, right? They have to have a reason to buy the token. Okay? They try to do buybacks and burns. Maybe they're forcing their customers or clients to buy the Honey token in order to do it. Maybe, maybe not. Like, we don't know. Like even doing just USDC rewards kind of doesn't make sense, right? Even if they're getting paid down USDC, like why aren't they just buying it on market and then paying us in that token? Like there's things they can do and this is why we have to see what the thought process is. But because there is no Discord, there is no way to reach the community. We don't know what the thought process is here, right? All we're seeing is that yep, they're abandoning the Honey token. Time to get the f out. Okay, so this is where it gets rough and this is where there is a potential DJ factor because again it's at all-time lows. But again, when they're just abandoning the token like that, it's just not giving any confidence in any token value appreciation. Right? There is an argument if they are still doing burns that maybe potentially by them paying us directly in USDC maybe we're not selling the token off every single week like when people get paid out and they're still being and they're still actually burning the tokens right that could be a positive action believe it or not as weird as that sounds right so this is one of those things where both Hivemapper and Helium being an investor is horrendous right Now being a person who is potentially running the network who actually has a camera or in the case of Helium is actually you know offloading it can actually still be fairly profitable because again they are generating revenue. It's just token holders are the ones who are getting wrecked here. Okay. So, this is why it's confusing. And although they can have good fundamentals, yes, they have ARR, they're bringing in revenue and it's increasing and they're signing new contracts, it may not always reflect in token value. And this is going to be the most difficult part with Deepen is finding out a way to make this work, right? Maybe being equity like I there's just it is extremely hard, right? It's extremely extremely hard. We can and moan about it, but in reality, it's hard to say what the solution is. Okay, and in specifically with Hivemapper, we noticed the big downfall with all the unlocks. Okay, that was a huge downfall on the Helium. Obviously, almost the equivalent because they're printing so many tokens, right? And it's just the inflation. The inflation is what's ridiculous. And this is one specifically we've highlighted so so much just because of the crazy crazy amount of tokens that were unlocked all at once.

[00:13:05]And this is why when you look at the price and the market cap of the the coin, they're two completely different charts because of that. Okay. And I know a lot of people are still bullish on deepen because that wasn't my argument from the get-go, right? Realistically, and the one that stands out for me is getting into demo is my assessment of looking at is like why would anybody buy the Demo token? People are just going to sell it off. Why would it go up? But then everybody's sentiment kind of changed when all the DPIN coins in December of 2023 all pumped, right?

[00:13:38]Hivemapper, Deemo, Helium mobile, they all pumped at the same time, which was extremely odd or whatever, but that's what kind of kept like the dream alive essentially, right? But a lot of it was because they were trading like meme coins. There weren't that many coins in circulation. So it was fairly easy to pump the coin and that's partially what that was. Again, whether it was market makers, dgens, early in like whoever it was kind of doesn't matter. It's just that's what the result was, right? So a lot of people have kind of been waiting for it to happen again and it's just been on a downtrend since then. But you have to understand the fundamental the tokconomics, right? The reason this was doable with like this one and Deemo and all the others, it's just there's not that many coins in circulation, so it's fairly easy to pump the price. Okay, again, looking at some of the others, it was all at the same time. Same thing with Deemos, December 23, Helium Mobile.

[00:14:29]I'm sure there's probably others that I've forgot already, but it was just a crazy crazy time where a lot of money was made though, right? For any you guys who were in, it was extremely extremely good. is just if you are a token holder though it's been down only. Okay. So again that's kind of the theming here and until something changes it's something we just continue to see happen. So Hivemapper did as of now abandon the Honey token again we don't know what their thoughts are. This is the problem. As soon as people cut their Discords and do all that like that's your sign to get the f out. Okay. Like it's just this is the result of that.

[00:15:08]Next on the list, Grass. Grass pissed a lot of people off because they did the same thing. They just finally did their airdrop for the the second airdrop and people got paid on USDC. So again, partially them abetting the token. What pissed a lot of people off was just how small the airdrop was, right? People literally had their thing open, their account open for some cases from the beginning of the epoch. I think it was like a year, year and a half something and just to get like $4 or something was pretty heartbreaking for them. Even mine I think it was like 25 27 bucks something like that which again I didn't do anything special because of this. It was just a extension in the background.

[00:15:53]I didn't do anything like extra for it.

[00:15:56]So that's why I really don't care as to what it was. Obviously, the first one was a lot more beneficial just cuz the price was also uh way way higher. It's also just been going down. Market cap is still high on this one though. It's still $231 million market cap. But a lot of people are pissed because essentially again the people who are participating here that are scraping the data, they're the ones that are essentially making all the money for Grass and then for people again to only get like a couple bucks is a slap in the face for a lot of people.

[00:16:24]A lot of people are going to be completely turned off by this thing. All right, so again, a double whammy just the amount of tokens they got and the fact that they got paid on USDC versus the actual token itself, right? So again, not a good sign here. Okay. And then just overall, right, in reality, there's been a ton of these things. Uh, a lot of them to me never made sense from the get-go, which is why we kind of talked about them. I know it pissed a lot of you guys off. You guys don't like to hear negative things, but again, a lot of these things were just not appealing or not good signs from the beginning. Okay, so unfortunately, even the ones we were bullish on because they were good ideas, even a lot of those fully died, right?

[00:17:08]Just because again, the tokconomics and once they became time to actually not be speculative anymore and actually earn revenue, make money, and do the damn thing, they've completely flopped, right? At least in terms of token value, okay? not the projects themselves because at the end of the day they are profitable businesses. They do have those contracts. They are making revenue. It's just us as investors who are speculating on the coin. They've been flops. Okay.

[00:17:36]One obvious one, this is one that got shield a lot was Chirp. Again, another IoT thing. Considering how bad Helium's IoT thing was and just the problem with it, network is good. The idea is good. a lot of sensors are still actually using it. It's just it is so freaking cheap is just not going to make revenue. Okay, so when we already saw that it was crystal clear with Helium and this one comes out and this one you had to buy NFTTS and all this garbage like when you see things like that guys that is your sign to get off regardless of who the hell's shilling this thing and they're talking about it like you got to use common sense. though. Again, I get people hate it when we talk crap about it, but this is why.

[00:18:23]Okay, this is another one. People shield the hell out of this thing, too. It was a little solar deepin device.

[00:18:29]Again, how are they going to make revenue? What was the overall thesis?

[00:18:33]Like, it made zero sense to me, right?

[00:18:36]And I get it. People made money.

[00:18:37]Hopefully, if you did get in this thing, you were able to make something and you at least paid off your device. I don't know. To me, it was garbage from the get-go. So, it's one we never even talked about other than we talked about about how stupid it was. And that's it. Demo is one that hurt because this was actually a good idea. Just horrendous, horrendous execution, especially when they started charging the people who were essentially building the network for them. Okay, stupid mistake which we called them out.

[00:19:09]We tried actually, this one again hurts because we did have a partnership with them. We actually were in close contact with them. I bitched and moaned and put all my concerns in there when they were doing these changes. And again, a lot of very smart people in the space also had similar concerns. I don't think they voice them as loudly as I did. But yet, for them to continue, and this is kind of the result of it. Again, when you see these signs, don't get married to these projects, even if you have a somewhat good relationship with them. You got to do what makes the most sense. Okay, so another one that's in the graveyard, sword chain was another one. Uh, this one also pretty much fully did rug. This one is done. They kept on trying to switch narratives. Our red flag with this one was with the airdrop. Okay, when they were essentially people, you were able to earn tokens on certain cars 24/7 with this thing. So, not just while you're driving. Again, it was a little car sensor similar to demo. My red flag was there people who had been months and months just acrewing coins 247 when the majority of people could only acrew coins while you're actually driving which was it was intended. The team was aware and they kind of stood by like oh yeah you know it's still usable data. How is it usable data when a car is just parked in somebody's garage?

[00:20:27]Like what is usable with that? And people earned multiple multiple amounts greater in that airdrop than people who just used it how it was pretty much supposed to be. So that for me that was the red flag like how stupid of an idea that was, right? And this one tried to switch. They tried to do some camera thing also or something else.

[00:20:48]This one fully rugged also.

[00:20:52]Nanx hasn't rugged but a bro. The performance has been horrendous. It's one luckily we sold way early on. The little VX360 still am doing it. Still earning about 20 bucks a month. But again, it's one that we're getting and just dumping. All right. This is another one that again there's the argument risk-to-reward. Maybe it can do something because again the market cap's only $6 million.

[00:21:18]a gamble maybe, but also again the likelihood of it rugging to me is potentially greater. Okay, so again, not to say that it's going to happen that it's going to rug. Maybe they do a crazy comeback, but again, it's in the similar scenario as like Hivemapper for example, yet Hivemapper has way more contracts, way more actual revenue versus Natics.

[00:21:42]If you're going to take the DJ bet, I would take the DJ bet most likely over there. All right, [sighs] another one that got shielded heavily was Peak. And this is one we talked against massively just because of how horrendous the unlocks were, right? This is one again a lot of people were shilling, but when we looked at the unlocks, it was ridiculously bad and this is the reason it has dropped so much. Again, not to say that it can't reverse, it can't do something, but again, when we see things like that, that's the instant turnoff for that.

[00:22:14]WeatherXM was another one that to me made zero sense because again, who's going to buy the data? Like, it's a good idea. I get it. But again, when you see people having four of these things in their backyard in close proximity, the data is obviously not going to be great.

[00:22:28]Majority of people were not doing these things correctly. And again, at the end of the day, which company's going to buy the data?

[00:22:36]Nobody. Okay? So, to me, this was another kind of glaring one. Again, that doesn't mean there is an opportunity to make money, right? A lot of these typically if you get in early, you get a lot of coins. You could dump. But just be in the mindset that if you're going to do that, you want to at least recoup the hardware cost and then try to sell as much cuz a lot of these just do not do well, right? Especially if it's a bad idea from the get- go. Some of these, again, better ideas, they could potentially do something. But some think were fairly obvious, right? And I think that's the easiest way to think about it is how valuable is that data? Who's going to buy that data? All right. So that's why Helium although the coin value is doing horrible again they have contracts with AT&T with a lot of these providers they are paying for that infrastructure. Hivemapper contracts with a lot of major companies they are paying for that data. Okay that data is worth them especially right now with AI training. Realistically that's probably where most of the revenue is coming from now versus it was different things before. Okay. [sighs and gasps] And getting into this one, to me, this has been my argument from this one.

[00:23:40]Again, it seems cool. Uh, you can see it, you can visualize it, but at the end of the day, my biggest question, especially for something that's been around for so long and has direct competitors, and a lot of people do this as a hobby, who is paying for the data, and how much is that data really worth?

[00:23:58]Okay, at this point, it's been around for years.

[00:24:02]Where's the revenue data? Who's buying this data? Like, again, I get it. It's cool because you can see flight data.

[00:24:08]You get tracking these things, but who is that valuable to? Okay, they did have some contract or something with Korean Air. I don't remember the extent of it, but again, how much money are they making from that on the daily?

[00:24:21]Like again, it's been years and years and years.

[00:24:25]Where's the money? Right? So, again, hopefully it does well and I'll let you guys have this thing, but that was just my viewpoint on it. All right. And last but not least, the only one who's actually doing well, and this is probably one of the bigger ones now that's not like in the compute sector cuz to me that's kind of they call it deepin but in reality it's kind of different is Geonet. They just had their having. So this is the reason why your earnings just have just a few weeks ago.

[00:24:53]But um it actually did kind of go up from it, right? Realistically, it's been hovering quite a lot. It's one that hasn't dropped as aggressively. And when you look at the all-time chart, it is drastically different from a lot of the others. Okay? And this is one again, they are gradually going up. They're gradually building more contracts. They are in a sector that is extremely bullish, especially with like drones, with a lot of things that are going to be using this farming use. There's a lot of use cases with the RTK. Okay, so this is one that hopefully continues to do well. Um, my biggest thing is that it's held up way better than all the others. Again, pull up any of the others, their max chart, and it's wildly, wildly different. Literally any of them. Pick your poison. Look at the max chart. It looks wildly different than theirs. Okay? So, even some of the ones that were previously way larger.

[00:25:48]It's not the case anymore, right? Even Helium, Helium used to be the big dog, now their market cap's down to freaking 36 million. Okay? Gonet is now at 90 million. Okay? In Helium, for example, just for context, uh, market cap wise, in 2021, it was five over five billion.

[00:26:13]Wild, right? So, overall guys, uh, not bullish at all whatsoever in the depend sector. That doesn't mean we may not gamble on some of these as they go lower because again our thesis overall is that there's a potential that we may bottom out a little bit farther down the road like if BTC does bottom out further in Q3 Q4 like in a few months then these will likely continue to get wrecked right or there's potential because again a lot of these are also at all-time lows okay so again there's potential for a reversal But at the same time, just like when things are in price discovery, when they hit all-time high, uh it's kind of price discovery for all-time low. It can continue to bleed. It can go to zero.

[00:27:02]They can do well like Hivemapper is doing and just abandon the coin, which is kind of what was one of our predictions with Helium is that I wouldn't be surprised if that were to happen. Okay? Because essentially they're already doing that with the IoT side. There is no more proof of coverage. There is no anything. You're only earning what your actual hotspot is earning. And it's the same thing with offloading currently. Okay. So again, the deployers will still still make out well and even the guys with the cameras still may do well, especially if they continue to build revenue and actually get more contracts up. It's just token price action is where the struggle is.

[00:27:39]Okay? And until they need to try something new, they need to try something different.

[00:27:44]But at the end of the day, when things are so inflationary and reality there's no reason to hold the token, it's essentially just tokens to incentivize the participants who are just dumping consistently.

[00:27:56]It's hard to say where the upside's going to be, right? So realistically though, a lot of these there will be VCs, there will be DGENs, there is potential for these to pump, but there's also, in my opinion, with a lot of these, the potential for it to go to zero is greater than the likelihood of that happening in these cases, right? Not all of them, but just a chunk of them. Okay, so something to be aware of, guys. I know I love the thought behind DIN. is just they really got to figure out this tokconomics thing out, right? The the sector is going to do well and it's going to continue. There's going to be more and more because again it's a proven model. Okay, at the end of the day, Helium Nova is a profitable company as is Hivemapper.

[00:28:42]It's just not profitable to hold the token. Okay. So, maybe one day one of these will figure out or one of these existing ones can figure something out, but as of now, I would not buy any deepen coins to hle, right? So, again, some of these projects may do well as far as getting the hardware, making money off of that, selling consistently, but it's just again trying to be an investor in the defense space. Nothing but losses, right? Let me know in the comments, guys. I know a lot of you guys probably feel the same way. Hopefully none of you guys got burned with a lot of these like crappy ones cuz I know there's a lot of people chilling this garbage. But it is what it is. Hopefully you guys did make money. But uh let me know in the comments guys. Please comment, like, and subscribe, guys. Thank you for watching.

[00:29:31]I really do appreciate it. And I'm out.