According to U.Today, Murad Mahmudov, a former analyst at Goldman Sachs, recently criticized Ripple-affiliated XRP and Cardano (ADA) in a social media post. He referred to these two major alternative cryptocurrencies as 'cult' meme coins. Mahmudov also suggested that those interested in the meme coin scene should focus on projects with a current market valuation ranging from $5 million to $200 million.
Mahmudov, a Princeton graduate, predicted that altcoins would outperform every other sector of the cryptocurrency market during the current cycle. However, he does not anticipate a significant altcoin season due to the depletion of American household savings.
XRP experienced significant growth during the 2017 bull run, which resulted in Ripple founders becoming some of the wealthiest individuals globally. Despite gaining some regulatory clarity last year, the cryptocurrency is still down 87% from its all-time high in January 2018. Similarly, Cardano (ADA), which saw substantial price gains during the last bullish cycle, is down by approximately 87.8% from its record peak in September 2021.
Mahmudov gained prominence by leading a hedge fund called Adaptive Capital. However, the fund was forced to close following a significant crypto crash in March 2020.