A famous cryptocurrency trader stated that memecoins with several large market caps are in a downward trend. The trader known as Altcoin Sherpa, who has 239,100 followers on social media platform
Performance of Memecoins
Altcoin Sherpa stated that memecoins with large market capitalization may not be market leaders, but they may experience rallies over time. He added that PEPE is performing better than BONK and WIF on the daily chart.
“Major market tits are not looking great overall, but in my view it’s not a good place to go short right now. “PEPE holds up much better on the daily chart than BONK and WIF, which is probably due to the SOL/ETH chart.” – Altcoin Sherpa
Other Memecoins and Future Prospects
Trader, Dogecoin $0.353415Despite trading at the $0.33 Fibonacci retracement level, it remains uncertain whether Dogecoin will take the lead. He stated that POPCAT is close to the local market bottom after a 75% drop and is not suitable for a short position.
“POPCAT is down 75% and is in a high volume nodal zone, not a good place to go short. I’m actually thinking of buying it. “Still, I think cats will lag behind dogs in the future.” – Altcoin Sherpa
Price Reviews
While PEPE was trading at $0.0000169 at the time of writing, it has fallen 3.5% in the last 24 hours. BONK is at $0.0000264 and decreased by 2.5% on a daily basis. WIF is trading at $1.49 and has lost 2.9% in the last 24 hours.
Dogecoin is trading at $0.33 and has increased by 1.1% in the last 24 hours. POPCAT, on the other hand, is trading at $0.55 and has decreased by 2.6%.
Altcoin Sherpa stated that memecoins can sustain their performance despite market dynamics, but are cautious about market leadership. He emphasized that market movements should be followed closely.
Given the volatile nature of cryptocurrency markets, investors are advised to be careful and follow market trends closely.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
