Related articles
Memecoins have become a central part of the cryptocurrency sector. Since the launch of Dogecoin (DOGE) in December 2013, the number of meme coins created has skyrocketed.
Despite the increasing number of meme coins, only a handful have entered the top 100 projects by market cap, with just DOGE and Shiba Inu (SHIB) among the top 20.
Meme Cryptocurrencies to Witness a Surge?
According to former Goldman Sachs analyst Murad Mahmudov, the number of meme coins in the top 100 projects by market cap will rise above 25 within this cycle.
The analyst does not delve into why he believes the number of meme coins will increase. Memecoins often witness a surge when other mainstream assets are in a slump.
Last year, we saw the rise of new meme coins such as Pepe (PEPE), Bonk (BONK), etc., when Bitcoin (BTC) and Ethereum (ETH) were showing lackluster growth. PEPE and BONK were among the best-performing cryptocurrencies of the last year.
Also Read: Shiba Inu: Can SHIB Rally 700% And Hit $0.00008 In 2024?
Which meme tokens will enter the top 100?
Mahmudov did not name any particular meme coin. He may believe investors will opt out of mainstream crypto assets and choose meme coins to avoid a possible market correction.
With global geopolitical tensions rising, another sharp market dip is possible. Investors are also concerned that the Federal Reserve will not announce an interest rate cut this year despite falling inflation figures.
There is also a possibility that Mahmudov foresees a cryptocurrency market boom, where several new assets enter the top 100 list.
Also Read: Dogecoin Forecasted To Hit $2, Here’s When
Memecoins, in particular, have substantially increased in popularity over the last few years. New investors often choose new meme projects in hopes of making it big in a short amount of time.
Credit: Source link
