News
Looking for the next XRP? Pay attention to meme coins, says top analyst
Alex Dovbnya
A leading analyst claims the next XRP could be found in the land of meme coins
Read U.TODAY at
google news
Murad Mahmudov, a prominent financial analyst, recently stressed that anyone looking for the next XRP or Cardano (ADA) should pay attention to meme cryptocurrencies.
He believes this sector of the cryptocurrency market has “diehard” cult communities that could guarantee massive gains for early projects.
Earlier this month, Mahmudov shared his “cryptocurrency investment philosophy” for the ongoing bull cycle, arguing that investors should only focus on meme cryptocurrencies whose market caps are in the range of $5 million to $200 millions. At the same time, he recommended avoiding microcaps.
The analyst believes that promising meme coins must be held for more than a year, and their holders must have a genuine belief that a particular cryptocurrency will last more than one cycle.
“Memecoins will outperform EVERYTHING this cycle. Don’t hate the Player, hate the Game,” he wrote on his social media account earlier today.
At the same time, he argues that investors and traders should “throw all logic out the window” when deciding which specific meme coin they should buy, as they need to rely solely on their instincts.
No extended alternate season?
Despite being extremely bullish on meme coins, Mahmudov recently predicted that there would not be a prolonged altcoin season like the one that occurred in 2021.
He pointed to the fact that excess U.S. household savings have dried up, meaning Americans would be less inclined to spend money on risky assets like altcoins.
Rise of meme coins
Despite the fact that Bitcoin’s price action remains quite anemic, some of the top meme coins have managed to record substantial gains over the last 24 hours.
Mog Coin (MOG) and BOOK OF MEME (BOME) are leading the charge with double-digit price gains. Bonk (BONK) also rose almost 8%.
Meanwhile, Dogecoin (DOGE) and Shiba Inu (SHIB) posted relatively modest gains of 3.1% and 1.7%.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.