Pseudonymous crypto trader “apatheticwhale” quizzed his followers on the potential of meme coins, asking which would become the third meme coin to reach a market capitalization of $10 billion.
What Happened: Apatheticwhale, a self-proclaimed “apathetic crypto whale with giga wealth,” pointed out that while many meme coins have surpassed the $1 billion market cap milestone, only two have crossed the $10 billion threshold: Shiba Inu SHIB/USD and Dogecoin DOGE/USD.
The meme coins that have crossed the $1 billion valuation mark are Dogwifhat WIF/USD, Pepe PEPE/USD, Floki FLOKI/USD and Bonk BONK/USD.
The influencer posed the question, “Who will be 3rd?” suggesting that the next meme coin to achieve this feat could be based on various themes, such as cats, dogs, frogs, pigs, monkeys or even a parody politician.
“Meme Coin Supercycle Is Not A Meme“
In similar fashion, two other cryptocurrency traders brought forward more bullish arguments for a “memecoin supercycle.”
Intuitio introduced the concept of the “proof-truth effect,” which the trader believes is one of the two main reasons why the "meme coin super cycle is not a meme" itself.
Although he did not elaborate on the specifics of this effect, it suggests that there are underlying factors driving the success of meme coins beyond mere hype and speculation.
‘Stop Ignoring Meme Coins'
Rektfencer, another crypto trader, emphasized that memes, especially certain ones, have the potential to reach heights that surpass individual expectations. He encourages followers to study meme coins and the reasons behind their potential for continued outperformance.
The influencer also addressed the common skepticism surrounding meme coins, acknowledging that many people may consider them worthless and doomed to fail. However, they argued that this perception should not prevent individuals from profiting from the trend.
“Stop ignoring meme coins,” the trader urges, drawing parallels to the DeFi boom of 2020 and the NFT craze of 2021 which made significant profits for him despite his initial aversion towards the space.
Why It Matters: These tweets serve as a reminder that personal opinions and biases should not hinder one’s ability to recognize and capitalize on emerging trends in the rapidly evolving cryptocurrency space.
As meme coins continue to gain traction and attract attention, investors may benefit from keeping an open mind and exploring the potential opportunities they present.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin, Shiba Inu And Who Else? How Meme Coins Have Evolved Since The Last Bitcoin Halving
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
