Memecoins
Looking for the next XRP? Be careful of Meme Coins, says top analyst
Alex Dovbnya
Top Analyst Says The Next XRP Is In The World Of Meme Coins
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Murad Mahmudov, a prominent financial analyst, recently stress that those looking for the next XRP or Cardano (ADA) should pay attention to meme cryptocurrencies.
He believes that this sector of the cryptocurrency market has “diehard” sectarian communities that could guarantee massive gains for early projects.
Earlier this month, Mahmudov shared his “cryptocurrency investing philosophy” for the ongoing bull cycle, saying that investors should focus only on meme cryptocurrencies with market caps between $5 million and $200 million. At the same time, he recommends avoiding microcaps.
The analyst believes that promising meme coins should be held for more than a year and their holders should have a sincere belief that a certain cryptocurrency will last more than one cycle.
“Memecoins will outperform EVERYTHING this cycle. Don’t hate the player, hate the game,” he wrote on his social media account earlier today.
At the same time, he argues that investors and traders should “throw all logic out the window” when deciding which specific meme coin they should buy, as they should rely solely on their intuition.
No extended alternative season?
Although he is extremely bullish on meme coins, Mahmudov recently predicted that there would be no extended altcoin season like the one that took place in 2021.
He pointed to the fact that excess savings among American households have dried up, meaning Americans would be less inclined to spend money on risky assets such as altcoins.
Meme Coins Explode
Despite the fact that Bitcoin’s price action remains rather anemic, some major coins have managed to post substantial gains over the past 24 hours.
Mog Coin (MOG) and BOOK OF MEME (BOME) are leading the rally with double-digit price gains. Bonk (BONK) is also up almost 8%.
Meanwhile, Dogecoin (DOGE) and Shiba Inu (SHIB) saw relatively modest gains of 3.1% and 1.7%.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming sector, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.