Memecoins
The end of meme season? What’s in store for Memecoins in the future?
Meme coins reached their peak just a week or two ago, significantly outperforming other altcoins during what was known as “meme season.” However, this trend has reversed, with many meme coins down 30%. Let’s see where the market is going.
Meme coins undergo significant corrections
Ran Neuner highlights the promising prospects of Bitcoin in his YouTube video, with technical indicators suggesting a potential rise to $65,000 to $84,000 over the next six weeks. In contrast, altcoins, especially meme coins, are struggling. W, a major meme coin, has seen a significant decline, leading to speculation that the meme coin trend is coming to an end. With the revival of traditional altcoins, interest in meme coins has waned.
Hyped stocks like GameStop and AMC have also influenced related meme coins, such as the Solana-based GameStop ($GME) coin, which recently rallied more than 4,400% but has since fallen 46% in the past 24 hours , making the dream of reaching $1 seem distant.
Is Meme Coin Mania over?
Neuner is exploring whether the meme coin trend is over and inviting guests to weigh in. Despite recent challenges, she highlights the cultural importance and loyal following of meme coins. Some believe that meme coins still have room to grow, offering a unique appeal and avoiding exploitation by venture capitalists.
Furthermore, Su Zhu, a cryptocurrency trader, believes that meme coins still have significant cultural and market potential, despite the current difficulties. He highlights the problems with low-float, high fully diluted valuation (FDV) coins with aggressive unlock programs, suggesting that meme coins offer equity and avoid the pitfalls of VC-dominated projects.
DJ, a cryptocurrency trader, notes Bitcoin’s positive signals, such as holding above a critical flag level at the weekly close and a bullish stochastic RSI crossover. He predicts that Bitcoin could rise from $65,000 to $84,000 in the next six weeks if the momentum continues.
Potential reversal possible?
However, the market has mixed reactions to the meme coins reversal. Meme coins, in particular, saw significant declines, with W undergoing a massive correction, sparking speculation that the meme coin trend was coming to an end. While other cryptocurrencies recover, meme coins lose investor interest.
They highlight the top meme coins on blockchains, projecting significant market capitalizations based on blockchain growth. Despite the crisis, some meme coins like Pepe on Ethereum still have strong community support and recovery potential.