The broader market starts early, with Bitcoin preparing a bounceback from the crucial psychological support of $60,000. As meme coins are the bull run torchbearer this year, smart money closely follows trend reversals and the launch of new and trending coins.
With the market on the verge of a bull run, the recent surge in the meme coins presents a buying opportunity for massive gains. As the prices of trending coins like the BOME, BONK, and MOG surge, should you consider buying them for a 100% gain next week?
Murad Mahmudov, a well-known financial analyst, opens up on the next big cryptocurrency, and it is not XRP or Cardano (ADA), it is meme coins. With the social media craze and celebrity endorsement, Mahmudov highlights that these coins have dedicated communities that could drive significant gains for early investors. He advises targeting meme cryptocurrencies with market caps between $5 million and $200 million while avoiding microcaps. Mahmudov recommends holding promising meme coins for over a year, driven by a genuine belief in their longevity beyond one cycle.
He asserts that meme coins will outperform all other cryptocurrencies in the current cycle, emphasizing an unconventional approach where investors should rely on gut feelings rather than logic. Despite his optimism for meme coins, Mahmudov predicts no prolonged altcoin season like in 2021, citing depleted excess savings of US households, reducing their propensity to invest in risky assets like altcoins.
Recently, meme coins have seen notable gains even as Bitcoin’s price remains steady. Mog Coin (MOG) and BOOK OF MEME (BOME) have posted double-digit increases, while Bonk (BONK) is up nearly 8%.
Overall, BONK & BOME prices have also displayed a similar trade setup with a drop in selling pressure. Therefore, apart from the top memecoins like DOGE & SHIB, PEPE & FLOKI, the newly launched tokens seem to have gathered huge attention and as a result, they may initiate a fresh bullish spell very soon. Notably, Dogecoin (DOGE) and Shiba Inu (SHIB) have had modest rises of 3.1% and 1.7%, respectively.
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