As cryptocurrency markets evolve, meme coins are poised to lead the next altcoin season. With Bitcoin in a consolidation phase, analysts are shifting focus to these speculative yet popular assets.
Originally created as jokes or parodies, meme coins have evolved beyond their novelty origins to become significant profit generators.
Analysts Share Their Top Meme Coins
In the first half of 2024, meme coins ranked among the top earners in the crypto market. This trend signifies a shift in investor sentiment and market dynamics, suggesting a sustainable movement rather than a temporary surge.
“If an altcoin season happens, memes will outperform the alts. If an altcoin season doesn’t happen, memes will outperform the alts,” meme coin analyst Murad Mahmudov, predicted.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Mahmudov targets meme coins within the Ethereum (ETH) or Solana (SOL) ecosystems, specifically those with market caps between $5 million and $200 million. He looks for coins that have reached or are approaching “critical mass,” indicating a strong, cult-like community.
Mahmudov believes in a straightforward investment strategy – buy and hold for over a year, avoiding derivatives and volatile micro-cap meme coins.
Among his high-conviction picks is American Coin (USA), believed to benefit from national events like July 4, the Olympics, or the US Elections. These events could catalyze significant price movements.
“My thesis is simple, identify the number 1 coin in each meme coin sub-category and simply Buy & Hold. This is the number 1 country coin, whose citizens are the wealthiest and most represented on crypto Twitter,” Mahmudov explained.
Other meme coins in his portfolio include Popcat (POPCAT), Retardio (RETARDIO), and GigaChad (GIGA), which highlight the diversity within the meme coin sector.
The cultural resonance of meme coins is a major draw. They reflect contemporary internet culture, mixing humor, critique, and community spirit. This cultural connection engages a broad demographic, particularly young, tech-savvy investors active on Crypto Twitter.
Miles Deutscher, another crypto influencer, supports this view. He notes Pepe (PEPE) and Foxy (FOXY) as top picks and praises their balance of return potential and risk.
“Meme coins, in general, I don’t think you can really fade in terms of having some positioning there in your portfolio. They are still the strongest coins in the market. They continue to exhibit relative strength,” Deutscher said.
He observes that meme coins often outperform more fundamentally driven altcoins during major market downturns.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
Investors are increasingly sophisticated about meme coins, seeking quick profits and looking for assets with longevity and cultural impact. This strategy reflects wider investment trends where narrative and community engagement can significantly influence an asset’s value.
