Memecoins
Former Goldman Sachs Analyst Calls XRP and ADA “Cult Coins”
In a recent social media postFormer Goldman Sachs analyst Murad Mahmudov took aim at Ripple-affiliated XRP and Cardano (ADA). Mahmudov called the two leading alternative cryptocurrencies “cult” meme coins. “This is the cycle where people are finally realizing that XRP and ADA were nothing but cult meme coins all along,” he said on X.
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Last week, the analyst also shared his advice for those looking to get into the burgeoning meme coin scene, saying that potential buyers should focus on projects with current market valuations between $5 million and $200 million.
The Princeton graduate predicted that altcoins would eventually outperform all other sectors of the cryptocurrency market during the current cycle.
However, he also doesn’t expect a major altcoin season due to the fact that U.S. household savings have largely evaporated.
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XRP thrived during the 2017 bull run after posting massive gains and making Ripple founders some of the richest people on the planet. The cryptocurrency is still down 87% from its all-time high in January 2018, despite gains a semblance of regulation Last year, Cardano (ADA), which made waves with huge price gains during the last bull cycle, is in the same boat. ADA is down 87.8% from its all-time high in September 2021.
Mahmudov, a cryptocurrency OG, rose to prominence by running a hedge fund called Adaptive Capital. However, the hedge fund was forced to shut down after suffering a massive crypto crash in March 2020.