Memecoins
Looking for the next XRP? Beware of meme coins, says top analyst
Alex Dobnja
A leading analyst says the next XRP can be found in the land of meme coins
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Murad Mahmudov, a prominent financial analyst, recently stressed out that those looking for the next XRP or Cardano (ADA) should pay attention to meme cryptocurrencies.
He believes this sector of the cryptocurrency market has “die-hard” cult communities that could deliver huge profits for early projects.
Earlier this month, Mahmudov shared his “crypto investment philosophy” for the current bull cycle, arguing that investors should only focus on meme cryptocurrencies with market caps between $5 million and $200 million. At the same time, he recommended avoiding microcaps.
The analyst believes that promising meme coins should be held for more than a year and that their holders should have a sincere belief that a given cryptocurrency will last for more than one cycle.
“Memecoins will outperform EVERYTHING in this cycle. Don’t hate the player, hate the game,” he wrote on his social media account today.
At the same time, he argues that investors and traders should “throw all logic out the window” when deciding which specific meme coin to buy, as they must rely solely on their instincts.
No alternative extended season?
Despite being extremely bullish on meme coins, Mahmudov recently predicted that there would not be a prolonged altcoin season like the one that took place in 2021.
He highlighted the fact that excess savings among US households have dried up, meaning Americans would be less likely to spend money on risky assets like altcoins.
Meme coins increase
Despite the fact that Bitcoin’s price action remains rather anemic, some of the major meme coins have managed to post substantial gains over the past 24 hours.
Mog Coin (MOG) and BOOK OF MEME (BOME) are leading the surge with double-digit price gains. Shot (shot) It also increased by nearly 8%.
Meanwhile, Dogecoin (DOGE) and Shiba Inu (SHIB) posted relatively modest gains of 3.1% and 1.7%.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.