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Analyst Calls Dogecoin, Shiba Inu and FLOKI ‘Dino Coins’, Here’s What That Means
A crypto analyst has shed light on how meme coins and altcoins will perform in the upcoming bull run. He labeled popular meme-based cryptocurrencies as Dogecoin (DOGE)Shiba Inu (SHIB) and FLOKI, like “Dino Coins”, emphasizing that these tokens could skyrocket during the altcoin season.
Dogecoin and Meme Coins Set to Lead Altcoin Season
In a very long X (formerly Twitter) publish, a crypto analyst identified as ‘Vapor’ shared detailed insights into the crypto market’s bullish outlook. He referred meme coins such as PEPE, Dogwifhat (WIF), BONK, Dogecoin, Shiba Inu and Floki as “blue chip” meme coins, which have achieved a significant level of stability and market acceptance, fueled by their extensive communities and top-tier listings Centralized Exchanges (CEXs).
Steam also characterized these meme-based cryptocurrencies such as “Dino coins”, digital currencies that are completely diluted without attention or adequate market momentum. This analysis may be valid, as meme coins tend to be ignored or show stagnant value during down periods, but gain renewed interest and momentum when the market is on the rise again.
According to the analyst, the advantage of blue chip meme coins is their ability to “capture high multiples”. This essentially means that, unlike most altcoins, meme coins have a higher chance of witnessing astronomical rallies to new highs, offering investors significant financial opportunities. It is important to note that meme coins are also highly volatile and speculativetherefore, they are prone to sharp declines that can lead to huge losses for investors.
Vapor predicted that blue chip meme coins will potentially lead the altcoin season, benefiting the most from the bull run due to its growing demand and popularity among crypto investors. The crypto analyst revealed that meme coins were the best choice for most investors rather than altcoins, citing low dilution and mass appeal to retail investors as reasons for its analysis.
Furthermore, he highlighted the huge rally of Dogecoin and Shiba Inu during the last bull run in 2021, highlighting the meme coins’ potential to rise again during the upcoming altcoin season. Vapor indicated that even as promising new categories of altcoins emerge this market cycle, mass retail investors will likely gravitate toward CEX-listed meme coins, just as they did in the 2021 bull run.
Altcoin Season Will Follow Bitcoin’s Rise to New ATHs
In his X post, Vapor shared a price chart depicting altcoins’ performance against Bitcoin’s dominance. The analyst revealed that Bitcoin will have to surpass its all-time high above $73,000 before the altcoin season you can start. “If Bitcoin is already on top this cycle, then altcoins are officially doomed and we can pack them in,” said Vapor.
However, the analyst revealed that Bitcoin has not yet reached its top, citing the upcoming Federal Reserve (FED) Rate CutsIdentify Bitcoin ETF entries and upcoming ones US presidential election as triggers for Bitcoin’s potential rise to new all-time highs.
Vapor also revealed that inflows of Ethereum spot ETFs I could see significant wealth flowing into Ethereum and several other altcoins in the space. He revealed that the existence of an altcoin season should not be questioned, but rather the magnitude of the season remains uncertain.
Featured image created with Dall.E, chart from Tradingview.com