An analyst, known for his insightful analyses in the cryptocurrency market, has resurfaced. This analyst was also known for correctly predicting the bottom of the crypto market in 2022. The analyst made some concerning comments about meme coins, causing unease among investors.
Analyst’s Comments on Meme Coins
DonAlt, the analyst, issued significant warnings on the social media platform X, suggesting that meme coin projects could collapse suddenly.
I am personally convinced that everything is over for meme coins; the rest of the market might recover, but I expect meme coins to experience a giga rug pull. If your portfolio includes the 10th iteration of a dog or cat, good luck.
The analyst made specific comments about certain meme coins, warning that Pepe (PEPE) could fall to a lower range if it fails to maintain the $0.00000998 level as support on the daily chart.
PEPE: A good breakout, technically bullish as long as it holds. If it fails and returns to the range, I will short it targeting the lower levels of the range. I prefer WIF, but I might spread my bets.
Pepe is trading at $0.000010016 after a 0.5% increase in the last 24 hours. PEPE’s market cap has risen by 0.46% to $4.2 billion. Its 24-hour trading volume has dropped by 36% to $1 billion.
According to the analyst, if meme coin dogwifhat (WIF) fails to reach and turn the $3.15 high into support, it could fall to the $2.23 low range.
WIF: Actively wants to short the high range. Target a place below the low range. If the range breaks properly, it’s wrong.
WIF continues to trade at $2.83 after a 1.24% decrease in the last 24 hours. WIF’s 24-hour trading volume has dropped to $526 million.
Why Is the Analyst Against Meme Coins?
The analyst also listed several reasons why he is bearish on meme coins.
Reasons why I am against memes:
- There are already an infinite number of meme coins.
- Thousands more are launched every day.
- Many people believed in the GME-meme rotation narrative (which I think is beyond idiotic).
- The charts generally do not look good.
- Sentiment has largely shifted to bullish.