Is a big leap ahead for memecoins?
Historically, October is considered a bullish month for cryptocurrencies, and 2024 seems to be no exception. Strong cryptocurrency performance suggests that the rally could extend for several weeks. This would also translate into a big jump for the so-called memecoins.
The so-called Uptober (bullish October) would trigger a new wave of optimism among investors. Since 2013, the price of BTC has only been bullish twice (2014 and 2018). Therefore, a positive performance of BTC would also trigger a good moment in the meme coin sector.
One of the leading lights of the crypto world, BitMEX founder Arthur Hayes, is one of those who is convinced of the new really meme. Over the past week, the entrepreneur has been buying meme coins in large quantities, mostly from the Solana network. This is despite the fact that his largest holding is Ethereum's memecoin, PEPE.
On his social media, Hayes asks the community to recommend memecoins that they think will perform well in October. He claims that he will have a large portfolio of memecoins ready to wait for the big jump in the sector that will occur in the short term.
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The behavior of memecoins in September
Over the past few days, the meme coin sector has been performing remarkably well. The market capitalization, although not equal to that of the craze, has already exceeded $52 billion. Tokens such as WIF, SHIB, PEPE and BONK have maintained a performance of more than 30% in a week.
Although some of these tokens are currently undergoing correction, it is likely that they will soon resume their upward path. To get an idea of ââthe momentum of this sector, suffice it to say that they are the best performing in the entire crypto universe.
According to Artemis data, within a week they comfortably dominate the crypto spectrum with an overall +27.4% performance. In second place, with a notable distance, is the AI ââtoken sector with just over +20%. Within a month, the latter dominate memecoins, but that will probably change in October.
Hayes claims on social media that he owns a wide variety of fish, dog and other tokens. He believes the entire sector is about to enter a major bull run. After a period of calm, memecoins are now preparing for a jump again, or at least that's what some investors like Hayes think.
It should not be overlooked that these tokens are highly volatile, which could lead to total capital losses. The recommendation is to be cautious and do careful research before investing.
