Price: $0.39325 3.9757%
Market Cap: 57.77B 1.7549%
Volume (24h): 8.79B 0.4%
Dominance: 1.7549%
Price: $0.39325 3.9757%
Market Cap: 57.77B 1.7549%
Volume (24h): 8.79B 0.4%
Dominance: 1.7549% 1.7549%
  • Price: $0.39325 3.9757%
  • Market Cap: 57.77B 1.7549%
  • Volume (24h): 8.79B 0.4%
  • Dominance: 1.7549% 1.7549%
  • Price: $0.39325 3.9757%
Home > Information news > Analyst Warns Investors About Meme Coins

Analyst Warns Investors About Meme Coins

Release: 2024/05/18 05:04 Reading: 874

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6647b978954b775cc76e46e7

Analyst Warns Investors About Meme Coins

An analyst known for accurate predictions in the cryptocurrency market has resurfaced. This analyst correctly predicted the market's bottom in 2022 and now makes concerning comments about meme coins, alarming investors.

Analyst's Comments on Meme Coins

Analyst DonAlt issued significant warnings on social media platform X about meme coin projects potentially collapsing suddenly.

"I am personally convinced that everything is over for meme coins; the rest of the market might recover, but I expect meme coins to experience a giga rug pull. If your portfolio includes the 10th iteration of a dog or cat coin, good luck."

The analyst made specific comments about certain meme coins, warning that Pepe (PEPE) could drop to a lower range if it fails to maintain the $0.00000998 level as support on the daily chart.

"PEPE: A good breakout, technically bullish as long as it holds. If it fails and returns to the range, I will short targeting the range lows. I prefer WIF but might spread my bets."

Pepe is trading at $0.000010016 after a 0.5% increase in the last 24 hours. PEPE's market cap has reached $4.2 billion after a 0.46% increase. Its 24-hour trading volume has dropped to $1 billion after a 36% decrease.

According to the analyst, if the meme coin dogwifhat (WIF) fails to reach and turn the $3.15 high level into support, it could drop to the $2.23 low range.

"WIF: Actively wants to short the high range. Target a place below the low range. If the range breaks properly, it's wrong."

WIF continues to trade at $2.83 after a 1.24% drop in the last 24 hours. WIF's 24-hour trading volume has dropped to $526 million.

Why Is the Analyst Against Meme Coins?

The analyst also listed several reasons why he is bearish on meme coins:

  • There are already an infinite number of meme coins.
  • Thousands more are released every day.
  • Many people believe in the GME-meme rotation narrative (which I think is beyond stupidity).
  • The charts generally do not look good.
  • Sentiment has largely shifted to bullish.

The post first appeared on COINTURK NEWS: Analyst Warns Investors About Meme Coins

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.