Are The Days Of Meme Coins Mania Over? Market Trends Suggest A Shift To Substance
2024年6月21日 - 11:00AM
NEWSBTC
In a market that has long been captivated by the rapid rise and
often speculative nature of meme coins like Dogecoin (DOGE), Shiba
Inu (SHIB) and PEPE, a notable shift is underway. According to Ki
Young Ju, the CEO of CryptoQuant, the once-dominant meme coins are
witnessing a decline in market influence, potentially
signaling a maturing cryptocurrency landscape. Related
Reading: Trump-Inspired Memecoins Crash 30% After Rumors Of Trump’s
Official Token Launch The Decline of Meme Coins Dominance Ki Young
Ju’s analysis reveals a significant reduction in the dominance of
meme coins within the altcoin sector, a trend observed from recent
market data. This change suggests a shift from speculative
investments towards projects with more substantial fundamentals,
akin to earlier phases in the development of the crypto market.
“The era of meme coin speculation is winding down,” Ju states,
emphasizing a return to fundamental analysis as a key driver for
investment decisions. Memecoin dominance in alt markets is
declining. CT would be shifting from gambling to focusing on
fundamentals, similar to a few years ago. Pack it up lads, it’s
over. pic.twitter.com/H5d81mRIJB — Ki Young Ju (@ki_young_ju) June
19, 2024 This observation is seen as a reflection of a broader
movement away from high-risk gambles in digital assets. Meanwhile,
as meme coins may be experiencing a downturn, Ju maintains a
positive outlook on more fundamentally sound assets like Bitcoin.
The CryptoQuant CEO particularly noted: Some people misunderstood
my tweet. I’m bearish on memecoins, not BTC. Long-term bullish on
Bitcoin. Market Response And Future Outlook The current market
dynamics further illustrate this shift. So far, the top meme coins
have declined over the past week. Particularly, Dogecoin, Shiba
Inu, and PEPE have all experienced a week-long downturn, with
declines of 13.1%, 14.1%, and 7.9%, respectively. This trend
continued over the past 24 hours, with Dogecoin dropping an
additional 0.3%, Shiba Inu 1.8%, and PEPE 4%. However, despite
these decreases, IntoTheBlock data shows a silver lining, as a
large proportion of holders for these meme coins remain
profitable—74.99% for Dogecoin, 80.57% for PEPE, and 76.85% for
FLOKI holders. In contrast to the recent downturns, analyst
Moustache remains optimistic about the potential for altcoins in
the coming year. He parallels current chart patterns and previous
bullish years like 2020 and 2017. #Altcoins There are some massive
signs that Altcoins will rise exponentially in 2024. -The chart
looks like it did in 2020, or even 2017. -The 2W Gaussian Channel
has changed from red to green. Don’t get shaken out of the market,
this is just a retest imo. pic.twitter.com/aEm9FE8o06 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲
(@el_crypto_prof) June 20, 2024 The 2-week Gaussian Channel
shifting from red to green is a significant technical indicator
supporting his outlook, signaling potential upward movements.
Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite
Insider Trading Activity Allegations Moustache advises investors to
stay the course despite the market’s short-term volatility,
suggesting that the current fluctuations may be setting the stage
for a major rally in 2024. Featured image created with DALL-E,
Chart from TradingView
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