A popular crypto trader, known as DonAlt, recently expressed a negative outlook on memecoins. According to an expert analysis, memecoin projects could potentially collapse.
Personally, I believe that the era of memes is coming to an end. While the rest of the market may recover, I anticipate memecoins to suffer significant losses. If your portfolio consists of the 10th iteration of a dog or cat meme, I wish you good luck.
In recent analyses, DonAlt specifically warned about Pepe (PEPE) and Dogwifhat (WIF), two prominent memecoins. Regarding PEPE, DonAlt emphasized that the memecoin could face a decline if it fails to maintain support at US$0.00000998 on its daily chart. At the time of writing, the price of PEPE was at US$0.00001022, showing a 1.0% increase in the last 24 hours.
PEPE has experienced a decent breakout and is technically bullish as long as it remains above the support level. However, if it fails and falls back into the range, I will sell it with the goal of reaching the range lows. Although I prefer WIF, I may diversify my investments.
When it comes to Dogwifhat, DonAlt mentioned that WIF might experience a pullback to $2.23 if it fails to hold the $3.15 support. “WIF: actively looking to short within the maximum range. Aiming for a position below the range’s low. My prediction will be incorrect if the breakout is successful.” As of now, the price of Dogwifhat stands at US$2.89, showing a 1.5% increase in the last 24 hours.
In a recent development that has caught the attention of meme cryptocurrency enthusiasts, memecoins have experienced significant recovery in recent days, leading to explosive price increases. According to a survey shared by the Santiment platform on May 15, memecoins have shown impressive growth in the second quarter, surpassing other markets.
The platform’s analysts highlighted that the PEPE cryptocurrency has been the biggest beneficiary of the bullish rally in memecoins, with a 100% appreciation. Additionally, Ponke (PONKE), MAGA (TRUMP), Turbo (TURBO), and BITCOIN have also benefited from the market growth.
Disclaimer: The opinions and views expressed by the author or individuals mentioned in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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