Andrew Kang: Be optimistic about altcoins, especially Meme coins! Solana will be the biggest winner

Recently, most of the mainstream coins in the crypto market have encountered downward pressure. Bitcoin once jumped above US$64,000 yesterday, and Ethereum once fell to US$3,200. Although it has recovered somewhat, it is still There is a difference between a 1% decline and a 1.6% decline within 24 hours. However, amid this wave of market declines, there are still altcoins that have risen against the trend, especially Meme coins, which have performed particularly well.

Meme coins rise against the trend

For example, the Meme coin $MEW (catinadogsworld), which was air-dropped to Solana 2nd generation mobile phone on the 1st, has risen sharply by 38.1% in the past 24 hours, and is now at 0.00785 US dollars, with a market value approaching US$700 million.

Mantle ecological Meme coin $PUFF also hit a record high of US$0.1676 yesterday (2), and its market value has now reached US$67.93 million.

CoinGecko data shows that three of the top five sectors with the best performance in the past seven days are Meme currency-related sectors, especially the Solana and Base ecology.

Andrew Kang: Altcoins will have significant returns, especially Meme coins

In this regard, Andrew Kang, co-founder and partner of crypto venture capital institution Mechanism Capital, said that in the past few years In the middle of the month, almost all altcoins saw significant gains relative to Bitcoin. He expects that BTC, ETH, etc. will mostly fluctuate within a certain range in the next few weeks, as volatility will continue to compress as major cryptocurrencies become institutionalized.

He particularly emphasized the potential of Meme coins: I still predict that the "altcoin market" will have significant returns, but it will mainly be limited to Meme coins, because the growth rate of new funds entering the cryptocurrency market is increasing. Slow down. At this stage, I expect veteran cryptocurrency investors to increasingly flock to Meme coins, as many will no longer be able to comfortably profit in a market where all assets are rising. For those not participating, the risk is that Meme coins rise while other altcoins fall.

Andrew Kang said that nothing prompts people to accept a new trend more than an obvious liquidity depletion.

In addition, he specifically mentioned that the outstanding performance of Meme currency will benefit Solana the most, so he expects the price of SOL to continue to rise and perform better than BTC and ETH.

Currently, the SOL/BTC trading pair is currently trading at 0.0028, up 2.4% in the past 24 hours; the SOL/ETH trading pair is currently at 0.057, up 2.3% in the past 24 hours. SOL is currently stronger than BTC and ETH.

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