Andrew
Kang
of
Mechanism
Capital,
a
crypto
venture
fund,
thinks
meme
coins
have
evolved
and
shouldn’t
be
considered
lowly.
In
a

post

on
X,
Kang
argues
that
meme
coins
are
no
longer
a
“last
resort”
investment
but
an
emerging
sector
constantly
attracting
millions
of
investors.

 

Investors
Should
Change
Strategy?

If
anything,
the
analyst
thinks,
top
meme
coins
like

BONK,
HONK,
and
others
may
spearhead
the
next
market
surge.
For
this
reason,
and
considering
the
potential
of
meme
coins,
investors,
the
analyst
said,
should
consider
adapting
their
strategies
or
risk
“dying.”

Another
observer
on
X
endorsed
this
observation.
Replying
to
the
post,
the
analyst
said
meme
coins
have
been
driving
the
market
for
months.
Top
meme
coins
like
PEPE
and
others
from
Solana
and
Ethereum
layer-2
platforms
have
increased.

Related
Reading

The
fact
that
meme
coin
prices
are
defying
gravity
and
cryptocurrencies
are
concurrently
rallying
suggests
that
they
are
no
longer
reliable
indicators
for
calling
tops.

In
the
past,
whenever
there
was
a
pivotal
expansion
of
meme
coin
prices,
most
analysts
interpreted
the
move
as
a
signal
that
the
crypto
rally
might
end.

 

However,
this
is
rapidly
changing.
In
this
cycle,
the
analyst
said
meme
coins
are
resilient
and
that
there
is
an
unconventional
altcoin
rotation,
which
means
the
landscape
is
changing.

Meme
Coins
On
Fire:
Traders
Raking
Millions
From
PEPE,
WIF

While
there
are
doubts
about
the
sustainability
of
meme
coins,
considering
they
mostly
lack
utility
and
are
speculative,
top
tokens,
especially
PEPE,
outperform
Bitcoin
and
Ethereum.
Recently,
PEPE
soared
to
register
fresh
all-time
highs,
printing
new
crypto
millionaires.

Lookonchain
data
shows
that
after
purchasing
6.1
million
WIF
for
$5,879
in
December
2023,
one
trader
now
holds
$23.7
million
worth
of
the
coin.
With
this
return,
the
trader
posted
an
impressive
ROI
of
1,197x.

The
trader
is
not
the
only
one.
Another
recently
sold
all
their
WIF
holdings
for
$2
million
worth
of
SOL.
Lookonchain

 

data
notes
that
the
trader has
also
profited
from
BONK
and
Boden.

Platforms
are
also
realizing
the
importance
of
tokens
like
BONK
or
HONK.
Since
they
are
speculative
and
without
complex
roadmaps,
they
attract
new
investors
keen
on
exploring
crypto
and
the
multiple
platforms
in
the
space.

Related
Reading

Aware
of
the
potential
of
this
industry,
the
Avalanche
Foundation
recently
launched
the
Memecoin
Rush
program.
Accompanying
their
announcement,
Eric
Kang,
BD
Manager
at
Ava
Labs,

said

meme
coins
have
“become
a
cornerstone
of
Web3,
representing
the
uniqueness
and
interests
of
diverse
crypto
communities.”

Feature
image
from
Canva,
chart
form
TradingView

Go to Source
Author: Dalmas Ngetich

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