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Are Meme Coins Under the Control of the Wolves This Meme Season?

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October has helped the crypto space rise from the ruins of several cryptos in the space. Numerous digital coins have retraced their levels from their previous crashes. But what fascinates enthusiasts is the astonishing rally of meme coins. Which was initiated by Shiba Inu, which influenced other meme coins to follow suit. Leaving behind prominent coins of the space.

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The rally has been surprising for professional traders and critics in the industry. The space has also seen DOGE fighting against newer coins and making its presence felt. However, analysts and critics fear the possibility of the meme coins being under the control of the wolves.

The Game of Wolves?

  The meme coins have rallied exponentially in October, and are keeping up with the trend with the start of November. Hinting at the month turning into Moonvember. While SHIB has been the talk of the coin, other coins have performed considerably well. Giving out daily returns more than the annual returns of some of the investments.

Consecutively, SHIB Price at press time is trading at $0.00007177 with gains of 14.1%. KISHU is trading at $0.000000007402 with gains of 14.9%. FLOKI is valued at $0.00027512 gaining 22.3%, the meme coin hit its ATH two days ago. On the other hand, Dogeelon Mars is trading at $0.00000213 rising 12.1%, the digital asset hit its ATH of $0.00000259 on the 30th of October. The statistics of the coins are from press time.

The growth of the aforementioned coins has been staggering. Leaving prominent ones at shade. The surprising surge questions many not one, as most of the meme coins, hold little utility. Which is negligible in comparison with top players. It is widely known that these coins hold sentimental value in traders looking out to make quick gains. Meanwhile, sources also suggest that community leaders of coins have been manipulating with misinformation.

Collectively, the coins have been performing ahead of arithmetic calculations, not once but in a rhythmic trend. Which is hinting at the possibility of wolves in play. Analysts are advising traders to make calculated trades, over-sentimental decisions. Hence, it is advisable to put in only which one can afford to lose.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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