Meme Coin Supercycle Is Still Likely, But It Could Play Out Differently Than Expected, Says Altcoin Sherpa
- WBOYOriginal
- 2024-07-17 07:16:29512browse
Prominent crypto trader Altcoin Sherpa weighed in on the future of meme coins, saying a “meme coin supercycle” is still likely but could play out different
Crypto trader Altcoin Sherpa has shared his thoughts on the future of meme coins, suggesting that a “meme coin supercycle” is still possible but may not unfold as anticipated.
In a recent post on X, Altcoin Sherpa discussed the potential for a meme coin super cycle, expressing his belief that it will not resemble the previous runs of Shiba Inu (SHIB) attempting to catch up with Dogecoin (DOGE).
According to the trader, the market is now too dispersed, and the liquidity is not as concentrated as it was during the 2021 meme coin rally, which may never occur again. Instead of a few coins experiencing massive gains, Sherpa anticipates that the future will witness a larger number of mid-cap coins performing well.
Emphasizing the importance of viewing meme coins as a sector, Sherpa advises against placing all bets on a single coin, such as Solana (SOL) or meme coins like Pepe (PEPE). He concludes by highlighting that meme coins do have fundamentals, just like regular tech coins.
As highlighted by Benzinga earlier, Sherpa suggests that the market will likely see 15 mid-caps perform exceptionally well.
“DOGE/SHIB are for big whales, PEPE/WIF/BONK for strong liquidity but more upside, then you get into all of the mid-caps (too many to list) where a few of them are going to go to multi-billion probably,” said the trader, adding that traders should have exposure to memes within this framework.
According to CoinGecko, the meme coin market capitalization stood at $52.5 billion at the time of writing, displaying an 11% increase over the past 24 hours.
Interestingly, the top performers over the past 30 days were not the meme coin leaders but rather newer coins launched in the small-cap and mid-cap segments.
Among mid-cap meme coins, Gigachad (GIGA) displayed a 558% gain with a valuation of $111.9 million, while Popcat (POPCAT) followed with 204% gains and a valuation of $807.5 million. Mog Coin (MOG) recorded a 144% gain, bringing its market cap to $727.5 million.
In the small-cap meme coin segment, Zyncoin (ZYN) and Zoomer (ZOOMER) led the gains with 205% and 165%, respectively.
The impact of meme coins is set to be explored further at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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