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The rising geopolitical tensions in the Middle East have sent crypto prices tumbling.
Contrary to the ‘Uptober’ projections, the Bitcoin price slid to $60,300 on Wednesday. Meme coins are hit the hardest, with Pepe and Floki down by nearly 15%. Dogecoin, Shiba Inu and Dogwifhat also posted double-digit losses.
However, the crypto crash hasn’t dissuaded smart money investors from their bullish convictions. Prominent crypto investor Ran Neuner advises investors to buy the dip unless they believe World War 3 is imminent.
Unless you believe this is WW3, you should probably start buying! ($61,660).
— Ran Neuner (@cryptomanran) October 1, 2024
Investors appear to be particularly bullish on low-cap meme coins. For instance, a Base meme coin Degen (DEGEN) is up by over 100% today, while presale coins like PEPU and FLOCK are seeing robust fundraising.
Is It Ideal To Buy The Dip On Meme Coins Now?
Iran’s retaliation against Israel for the recent killing of Hezbollah leader Hassan Nasrallah has resulted in a broad-based decline in crypto prices.
Iran fired at least 400 missiles, with the US and Israel now promising “severe consequences” in return. Israel has also started a ground invasion against Lebanon while it is already at war with Palestine.
Quite simply, the Middle East stands at the precipice of a full-scale conflict, one which could soon draw in nations like Turkey and Jordan. This is a decidedly bearish scenario for equities and risk assets like cryptocurrencies and meme coins.
However, prominent investors like Ran Neuner aren’t budging from their bullish projections despite the crypto crash. He is also not the only one.
Tom Lee of Fundstrat has advised stock market investors to buy the dip, claiming that the setup into year-end has “a lot of tailwinds”.
"I think we're still in the midst of a very tricky period," says Tom Lee of @fundstrat. "If we get a dip, I think you still want to buy that dip because the setup into year-end has a lot of tailwinds." pic.twitter.com/QIkp52C8uW
— Squawk Box (@SquawkCNBC) October 2, 2024
Similarly, smart money investor Doctor Profit also remains extremely bullish on Bitcoin, highlighting that BlackRock remains a buyer despite the broader market uncertainty.
Indeed, BlackRock’s BTC holdings are now worth over $21.5 billion. Despite the heavy outflows from other ETFs on Tuesday, BlackRock’s IBIT recorded another $40.8 million inflow.
Indeed, there is plenty of bullish narrative for Bitcoin to create a local bottom and start a strong reversal this week.
For one, global liquidity is still on the rise with major economies – including the US and China – cutting interest rates. Atlanta Fed President Raphael Bostic revealed that he is open to another 50 bps rate cut in November, a scenario that interest rate traders are also heavily betting on.
The Fed’s aggressive quantitative easing is a decidedly bullish narrative for meme coins. Therefore, it isn’t a surprise that smart money investors are continuing to buy the dip despite Tuesday’s crypto crash.
Best Meme Coins To Buy After The Crypto Crash
Dogecoin is one of the meme tokens that experts are extremely bullish on. For instance, Dogecoin saw the largest spike in active addresses on Tuesday in the past 6 months, which could signal a strong buying pressure.
#Dogecoin just saw its largest spike in active $DOGE addresses in the past six months, reaching 84,306 active #DOGE addresses! pic.twitter.com/OEOAufZfWj
— Ali (@ali_charts) October 2, 2024
Other large caps like Pepe, Floki and Dogwifhat also remain attractive investments.
However, sidelined investors shouldn’t underestimate new low-cap meme coins, especially in light of the increasing global liquidity. For instance, a trader turned $368 into $2 million with a new meme coin HIPPO.
Turn $368 into $2M in just 3 days!
This guy spent 198 $SUI($368) to buy 253.5M $HIPPO(memecoin on #Sui) 3 days ago and sold 119.6M $HIPPO for 175K $SUI($325K), leaving 133.9M $HIPPO, worth $1.7M!
This guy made ~$2M on $HIPPO in just 3 days!https://t.co/MuVQhpVOCJ pic.twitter.com/pFeNnJvuj3
— Lookonchain (@lookonchain) October 2, 2024
Experts believe that Pepe Unchained (PEPU) could offer similar returns. The meme coin is already in extremely high demand before its launch, having already raised nearly $17 million in presale funding.
PEPU’s key selling point is its utility-driven nature. The project seeks to introduce a new meme coin ecosystem, with its own Layer-2 chain, block explorer, custom DEX and developer grants. The meme coin promises to offer extremely low trading costs as well as high staking rewards.
Owing to its unique value proposition, prominent investors are bullish on Pepe Unchained, with some calling it “the next big thing in crypto”.
Similarly, Flockerz (FLOCK) is in high demand and is nearing the $400k mark in its ICO. The meme coin’s unique vote-to-earn platform, a dedicated Flocktopia DAO and attractive rewards have already caught the attention of smart money investors.
Some prominent investors are even aiming for 100x returns with Flockerz.
*Cryptonomist did not write the article or test the platform.
