THE RISE AND POSSIBLE FALL OF MEME COINS
In 2024, memecoins were one of the best performers among speculative cryptocurrencies. However, earnings at the beginning of the year diminished with market fluctuations, increasing concern about losses among investors.
Pepe and Dogwifhat Worry Their Investors
The cryptocurrency market experienced a severe correction between March 18 and 19, losing more than $230 billion in value. This has led to decreased interest in memecoins and increased investors' doubts about their future performance. Investors are warned to be careful for altcoins such as Pepe (PEPE) and Dogwifhat (WIF).
PEPE has recently surged over 500 percent, but has lost momentum and bearish risks have emerged. There is concern that without a concrete use case, PEPE may lose important support levels and experience sharp declines in value.
WIF, on the other hand, has gained over 600 percent in the last 30 days, but investors may be tempted to realize their profits, which could lead to liquidity shocks and price declines. Support levels for WIF are being tested and if they cannot be maintained, a major collapse could occur.
Speculative Attractiveness of Memecoins
The appeal of Memecoins comes from the prospect of selling at a higher price to the next buyer, referred to as the “great fool theory.” While this situation carries high risks, it is possible for prices to rise again with the support of celebrities. During periods of increased market volatility, staying away from speculative assets such as PEPE and WIF can prevent significant losses.
NB: With all this being said , I suggest personally that you buy coins with real long term value like #Sol #Eth #Btc and if in the future more money flows into the market, the meme coins would be back. They’re several other tokens with real use and value besides these one i mentioned above. So always DYOR.
Good luck guys ❤️