Meme coins were at their peak just a week or two ago, significantly outperforming other altcoins during what was known as “meme season.” However, this trend has reversed, with many meme coins down by 30%. Let’s see where the market is heading.
Meme Coins Face Significant Corrections
Ran Neuner highlights Bitcoin’s promising outlook in his YouTube video, with technical indicators suggesting a potential rise from $65,000 to $84,000 in the next six weeks. In contrast, altcoins, especially meme coins, are struggling. W, a prominent meme coin, has seen a significant decline, leading to speculation about the end of the meme coin trend. As traditional altcoins recover, interest in meme coins has diminished.
The hyped stocks like GameStop and AMC have also affected related meme coins, such as the Solana-based GameStop ($GME) coin, which recently rallied over 4,400% but has since dropped by 46% in the last 24 hours, making the dream of it reaching $1 seem distant.
Is the Meme Coin Mania Over?
Neuner is exploring if the meme coin trend is over and invites guests to weigh in. Despite recent challenges, he highlights meme coins’ cultural importance and loyal following. Some believe meme coins still have room to grow, offering a unique appeal and avoiding exploitation by venture capitalists.
In addition, Su Zhu, a crypto trader, believes meme coins still have significant cultural and market potential despite current struggles. He points out issues with coins with low float and high fully diluted valuation (FDV) with aggressive unlock schedules, suggesting that meme coins offer fairness and avoid VC-dominated project pitfalls.
DJ, a crypto trader, notes Bitcoin’s positive signs, such as holding above a critical flag level on the weekly close and a bullish stochastic RSI crossover. He predicts that Bitcoin could rise from $65,000 to $84,000 in the next six weeks if the momentum continues.
Potential Reversal Possible?
However, the market has mixed reactions to meme coins reversal. Meme coins, in particular, have seen significant downturns, with W suffering a massive correction, sparking speculation about the end of the meme coin trend. As other cryptocurrencies recover, meme coins lose investor interest.
They highlight top meme coins on blockchains, projecting significant market caps based on blockchain growth. Despite the downturn, some meme coins like Pepe on Ethereum still have strong community support and potential for recovery.
