According to U.Today, financial analyst Murad Mahmudov has recently emphasized the potential of meme cryptocurrencies for those seeking the next big thing in the crypto market. Mahmudov suggests that these types of cryptocurrencies have dedicated cult communities that could lead to significant profits for early projects. He shared his 'crypto investing philosophy' earlier this month, advising investors to focus on meme cryptocurrencies with market caps ranging from $5 million to $200 million, while avoiding microcaps.
Mahmudov believes that promising meme coins should be held for over a year, and their holders should have a genuine belief that a certain cryptocurrency will last for more than one cycle. He stated on his social media account, 'Memecoins will outperform EVERYTHING this cycle. Don’t hate the Player, hate the Game.' He also suggests that investors and traders should rely solely on their gut feeling when deciding which specific meme coin to purchase, advising them to 'throw all logic out the window.'
Despite his bullish stance on meme coins, Mahmudov has predicted that there will not be a prolonged altcoin season like the one in 2021. He attributes this to the fact that the excess savings of US households have dried up, which could lead to Americans being less inclined to spend money on risky assets such as altcoins.
In spite of Bitcoin's relatively stagnant price action, some major meme coins have seen substantial gains over the last 24 hours. Mog Coin (MOG) and BOOK OF MEME (BOME) are leading the surge with double-digit price gains. Bonk (BONK) is also up nearly 8%, while Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded relatively modest gains of 3.1% and 1.7% respectively.
