LIVETrader says meme coins will outperform everything else in crypto this bull run | Analysis for SHIB
(note: the post consists extracts from CryptoPotato and Andrew Kang)
Andrew Kang, crypto trader and co-founder of crypto-focused venture capital firm Mechanism Capital, believes that meme coins will outperform every other digital asset in this bull cycle because the tokens are pure and upfront speculative vehicles.
In a Sunday tweet, Kang stated that the crypto market might see Ether (ETH) soar by 50% from its current price, but meme coins will witness a 5-100x increase in value. This surge will introduce a generation of new money meme coin elites like the whales and old guards created through Bitcoin (BTC), ETH, and Solana (SOL).
According to Kang, meme coins will outperform other crypto assets by a wide margin because the crypto masses will not care about fancy new technologies that give throughput benefits, and they will not fall for the 10,000th decentralized finance (DeFi) farm, which retail traders have deemed “self-referential ponzi like house of cards.”
Meanwhile, Pepe (PEPE) is up by 240% and sits at a multi-month peak, totalling over $3 billion of market cap. Its closest rival – Shiba Inu (SHIB) surged ahead with a staggering $13.5 billion trading volume in the last 24 hours. This figure significantly eclipsed the combined trading volumes of XRP, BNB and Solana, which totaled approximately $12 billion during the same period.
The meteoric rise of SHIB's trading volume, marking a remarkable 237% increase, has propelled the meme-inspired cryptocurrency to the forefront of the market.
If SHIB maintains the run it has had over the last few weeks, the price could rise toward $0.000066 in the long run, retesting its ATH.
From a technical point of view, the Fibonacci extension showed that SHIB’s price might trend high. As of this writing, the 0.618 Fib level was at $0.000030. This indicates that entries around that region could be profitable in the long term despite the price currently being lower.
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