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Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast. They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector. Related Reading: Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coin’s Price Tumble Is There Value In A Memecoin? To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people “think too hard” about the value of memecoins as projects. Moreover, he considers there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens. Why Memecoins Have Been 2024’s Most Profitable Crypto Trade: Ansem and Kelxyz Dive into the wild world of memecoins with @blknoiz06 and @kelxyz_! Discover how Ansem and Kel trade memecoins, 🎢 the risks and rewards, and their predictions for the future of memecoins 🚀 Plus,… pic.twitter.com/QovysNwAGP — Laura Shin (@laurashin) May 7, 2024 Ansem further explains that the crypto community is “very internet-centered,” with its members being “internet people” since crypto’s origin. As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture. The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s a possibility with crypto. Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a “bazillionaire” by now. The host seemingly referenced the still-popular meme that originated from Drake’s Hotline Bling music video. Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their “winning trade businesses idea.” All these trillion-dollar businesses (…) facilitate directing attention and the way they’ve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet. The Risks And Criticisms Of Memecoin Mania To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens. One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can “be riskier” and “more easily go to 0.” Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns. Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doge’s top to those who bought Bitcoin at $69,000 last cycle before it fell to $15,000. To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector. Ansem considers the shady behavior behind the projects’ teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors. In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by “the Financial nihilism and the lack of liquidity that the youth has.” Adding that investors are “Buying a mere coin is like a lottery ticket.” It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that. This guy won a 4,906x lottery ticket today, so lucky! He trades MEMEcoins like buying a lottery ticket, investing 0.1/0.2/0.3 $SOL for each #MEMEcoins. He invested 0.2 $SOL($30) in $AGORA today, then sold 2M $AGORA for $100K, with 959K $MILK(worth $47K) left. So he turned $30… pic.twitter.com/fnJDQnavfI — Lookonchain (@lookonchain) May 7, 2024 Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned $30 into $147,000 by turning 0.2 SOL into 2 million AGORA. What’s In Memecoins’ Future? When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it. The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF). Adding to that idea, Kel asserted that “all memes will become coins” in the next ten years. Moreover, the trader wouldn’t be surprised if “the creation of a meme was natively financialized” by then, as the trend of financialization of things continues to increase. Ultimately, he believes the sector is in the early stages of this trend as the community tries to “capture the moment of a meme” and capitalize on it now that crypto has made financialization “trivial from a tech perspective.” Related Reading: Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms Total crpto market is at $2.22 trillion on the weekly chart. Source: TOTAL on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

Crypto Traders Discuss Why Memecoins Have Been 2024’s Most Profitable Narrative

Crypto analyst Crypto Dona has predicted a 350% price surge for Shiba Inu (SHIB). He suggested that the meme coin will unlikely go higher than that in this bull run. Shiba Inu To Rise To $0.00011 Crypto Dona revealed in an X (formerly Twitter) post that his price target for Shiba Inu is $0.00011 and that he doesn’t see the meme coin going higher. A rise to that level represents a 350% price surge for the meme coin, which will undoubtedly appeal to Shiba Inu investors. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade Source: X Crypto Dona joins a host of other crypto analysts who predict that Shiba Inu could shed another zero from its current price level and rise to $0.0001. However, some of these analysts have given a way higher price prediction than Crypto Dona’s. One is Javon Marks, who predicts that Shiba Inu could rise to as high as $0.0001553. Crypto analysts like Armando Pantoja and Ali Martinez have also made much higher predictions, predicting that Shiba Inu could rise to $0.001 and $0.011, respectively. Forecasts like these have undoubtedly raised the expectations for SHIB in this bull run, with community members optimistic that the meme coin could flip Dogecoin (DOGE) in this market cycle. Shiba Inu’s lead developer, Shytoshi Kusama, is also confident about the meme coin’s potential in this market cycle. He suggested that the meme coin is in a good position to lead this season. He alluded to Shiba Inu’s technology, vision, plan, and community as some of the reasons he holds this belief. The First Step Is Hitting A New All-Time High (ATH) While Shiba Inu undoubtedly looks primed to make big moves in this bull run, the first step will be for the meme coin to rise above its current all-time high of $0.00008845, as it is currently 70% down from that price level. Shiba Inu’s Marketing Lucie has earlier predicted that the meme coin could hit a new ATH before or shortly after the Bitcoin Halving. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing Crypto analyst and trader Xanrox also hinted that SHIB may hit a new ATH of $0.00008854 by July. Shiba Inu rising to a new ATH by then could set the pace for it to hit other bullish price predictions that crypto analysts have made for the meme coin. Meanwhile, it is also worth mentioning that Shiba could soon come close to its current ATH with Ali Martinez highlighting a bull flag on Shiba Inu’s chart which he belives could send the meme coin to $0.000072323. At the time of writing, Shiba Inu is trading at around $0.0000227, down over 4% in the last 24 hours, according to data from CoinMarketCap. SHIB price retraces from recovery | Source: SHIBUSDT on Tradingview.com Featured image from Times Tabloid, chart from Tradingview.com

Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target

Bitcoin’s dull range-bound action is likely to continue for a few more days as the bulls and the bears battle for control of BTC price.

Price analysis 5/8: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Meme tokens like Dogecoin and Shiba Inu have experienced notable losses. The overall market value of meme tokens has dropped to $50.6 billion. Continue Reading: Significant Losses Hit Meme Tokens Like Dogecoin and Shiba Inu

Significant Losses Hit Meme Tokens Like Dogecoin and Shiba Inu

The post Experts Predict a 30% Crash Dogecoin Price Crash – Crypto Whales Shift To Dogeverse appeared first on Coinpedia Fintech News Crypto analysts have been largely bullish on Dogecoin ($DOGE), backing the top meme coin to start a major price rally. This projection hasn’t shifted in the long-term perspective. However, experts are now cautioning of a major Dogecoin price crash in the short term. With macroeconomic risks still at play, large-cap meme coins continue to show …

Experts Predict a 30% Crash Dogecoin Price Crash – Crypto Whales Shift To Dogeverse

The post Google AI Predicts Shiba Inu Price Will Reach $0.001, Dogecoin (DOGE) And ETFSwap (ETFS) To Cross $1 appeared first on Coinpedia Fintech News Shiba Inu (SHIB), ETFSwap (ETFS), and Dogecoin (DOGE) have been predicted to reach new all-time highs this bullish season. Google’s Artificial Intelligence (AI) chatbot, Gemini has projected a massive increase for doggy-themed cryptocurrency, Shiba Inu (SHIB), while Dogecoin (DOGE) and ETFSwap (ETFS) are expected to surge above $1 in the near future. Although predictions in …

Google AI Predicts Shiba Inu Price Will Reach $0.001, Dogecoin (DOGE) And ETFSwap (ETFS) To Cross $1

Everyone’s favorite memes have taken the biggest hit today as the wider market sees a moderate drawback in comparison.

Meme Coins DOGE and SHIB See Losses as Ethereum Drops 4%

The total crypto market cap has lost almost $100 billion daily and $150 billion since Monday.

DOGE, SOL, AVAX Keep Plummeting as BTC Slumps Toward $62K (Market Watch)

Inmortal, a crypto analyst, predicts Solana's last major correction this cycle. Following Solana's rise, Floki, Dogecoin, and Pepe are also expected to climb. Continue Reading: Analyst Predicts Major Gains for Solana and Other Altcoins

Analyst Predicts Major Gains for Solana and Other Altcoins

The post BOOK OF MEME (BOME) Price Prediction: BOME Memecoin To Plunge 20% Soon? appeared first on Coinpedia Fintech News The crypto market leader, Bitcoin price, continues hovering close to the $62,500 mark, resulting in top memecoins such as Dogecoin, Shiba Inu, and PEPE recording a notable correction in their respective portfolios since the start of this week. On the other hand, the network congestion on the Solana Network has turned out to be a …

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