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In a market that has long been fascinated by the rapid rise and often speculative nature of meme coins such as Dogecoin (DOGE)and Shiba Inu (SHIB) and PEPE, a remarkable transformation is underway.
According to Ki Young Joo, CEO of CryptoQuant, the once-dominant meme currencies are seeing a decline in market influence, and perhaps… Sending signals Mature cryptocurrency landscape.
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The decline of the dominance of coins
Ki Young Ju’s analysis reveals a significant decline in the dominance of meme coins within Altcoin sectora trend observed from recent market data.
This change indicates a shift from Speculative investments Towards projects with more fundamental fundamentals, similar to previous stages in the development of the cryptocurrency market.
βThe era of meme speculation is coming to an end,β says Joe, emphasizing the return to fundamental analysis as a key driver of investment decisions.
Memecoin’s dominance in alternative markets is declining.
CT will shift from gambling to focusing on fundamentals, similar to what happened a few years ago.
Buckle it up guys, it’s over. pic.twitter.com/H5d81mRIJB
– Ki Young Ju (@ki_young_ju) June 19, 2024
This observation is seen as a reflection of a broader movement away from high-risk gambling in digital assets. Meanwhile, as memes may see a pullback, Joe maintains a positive outlook on fundamentally stronger assets such as Bitcoin.
The CEO of CryptoQuant specifically noted the following:
Some people misunderstood my tweet. I’m bearish on memcoins, not Bitcoin. Long term bullish on Bitcoin.
Market response and future expectations
Current market dynamics further illustrate this shift. So far, the top meme coins have fallen over the past week. In particular, Dogecoin, Shiba Inu, and PEPE all saw a week-long decline, with declines of 13.1%, 14.1%, and 7.9%, respectively.
This trend continued over the past 24 hours, with Dogecoin down an additional 0.3%, Shiba Inu down 1.8%, and PEPE down 4%. However, despite these declines, IntoTheBlock Data Showing the bright side, a large percentage of holders of these memes remain profitable β 74.99% for Dogecoin, 80.57% for PEPE, and 76.85% for FLOKI holders.
In contrast to recent recessions, analyst Mustache remains optimistic about the potential of altcoins in the coming year. It parallels current chart patterns and previous bullish years such as 2020 and 2017.
There are some tremendous signs that altcoins are going to skyrocket in 2024.
-The chart looks like it did in 2020, or even 2017.
-The 2W Gaussian channel has been changed from red to green.No shaking out of the market, this is just a retest IMO. pic.twitter.com/aEm9FE8o06
β ππ π¦π€π₯ππβπ 𧲠(@el_crypto_prof) June 20, 2024
The two-week Gaussian channel turning from red to green is an important technical indicator that supports its outlook, indicating its potential. Upward movements.
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Mustache advises investors to stay on track despite short-term market volatility, suggesting that current volatility could set the stage for a significant rally in 2024.
Featured image created with DALL-E, chart from TradingView
