WIF Traders Raking Millions As Analyst Backs Meme Coins To Spearhead Crypto Rally
May 29 2024 - 3:30PM
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Andrew Kang of Mechanism Capital, a crypto venture fund, thinks
meme coins have evolved and shouldn’t be considered lowly. In a
post on X, Kang argues that meme coins are no longer a “last
resort” investment but an emerging sector constantly attracting
millions of investors. Investors Should Change Strategy? If
anything, the analyst thinks, top meme coins like BONK, HONK, and
others may spearhead the next market surge. For this reason, and
considering the potential of meme coins, investors, the analyst
said, should consider adapting their strategies or risk “dying.”
Another observer on X endorsed this observation. Replying to the
post, the analyst said meme coins have been driving the market for
months. Top meme coins like PEPE and others from Solana and
Ethereum layer-2 platforms have increased. Related Reading: Crypto
Expert Says Market Has Begun A Macro Bullish Expansion – What This
Means For Bitcoin And Altcoin Prices The fact that meme coin prices
are defying gravity and cryptocurrencies are concurrently rallying
suggests that they are no longer reliable indicators for calling
tops. In the past, whenever there was a pivotal expansion of meme
coin prices, most analysts interpreted the move as a signal that
the crypto rally might end. However, this is rapidly changing. In
this cycle, the analyst said meme coins are resilient and that
there is an unconventional altcoin rotation, which means the
landscape is changing. Meme Coins On Fire: Traders Raking Millions
From PEPE, WIF While there are doubts about the sustainability of
meme coins, considering they mostly lack utility and are
speculative, top tokens, especially PEPE, outperform Bitcoin and
Ethereum. Recently, PEPE soared to register fresh all-time highs,
printing new crypto millionaires. Lookonchain data shows that after
purchasing 6.1 million WIF for $5,879 in December 2023, one trader
now holds $23.7 million worth of the coin. With this return, the
trader posted an impressive ROI of 1,197x. The trader is not the
only one. Another recently sold all their WIF holdings for $2
million worth of SOL. Lookonchain data notes that the
trader has also profited from BONK and Boden. Platforms are
also realizing the importance of tokens like BONK or HONK. Since
they are speculative and without complex roadmaps, they attract new
investors keen on exploring crypto and the multiple platforms in
the space. Related Reading: Time To Stack Stellar (XLM)? Analyst
Calls For Epic 500% Price Breakout Aware of the potential of this
industry, the Avalanche Foundation recently launched the Memecoin
Rush program. Accompanying their announcement, Eric Kang, BD
Manager at Ava Labs, said meme coins have “become a cornerstone of
Web3, representing the uniqueness and interests of diverse crypto
communities.” Feature image from Canva, chart form TradingView
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