Seeing the Truth Behind Altcoin Peaks and the Success of Meme Coins
According to Mechanism Capital’s CEO, Andrew Kang, over 98% of cryptocurrencies have already peaked for this cycle. He said that just a small number of coins might hit new highs in late 2024 or early 2025 and that the majority of coins with this potential would probably be meme coins.
Kang’s latest comments expand upon his observations from approximately a week ago when he noted that Bitcoin had brought the cryptocurrency market to a turning point. He says this happens after extended periods of trading practices that get rewarded repeatedly and become established.
You do not buy when a few people are bearish 10% off BTC highs. Some people need to sell for the price to go down after all. You buy for the next cycle when everyone is liquidated, people leave the space, and the majority question whether crypto is dead forever.
KangTrending
Kang Believes Meme Coins Could Reach New Highs as Altcoin Cycle Concludes
In response to Kang’s statements, one X user said that he implied the cycle was done and that buying was not necessary at this moment. The analyst stated that memes likely make up the majority of coins with the potential to reach new highs in response to a query about how meme coins fit into his outlook. There are hundreds of thousands of meme coins out there, so you have to be picky, in his opinion. According to Kang, Bitcoin is beginning to behave more and more like an established macro asset and is evolving into a “supercyclish asset,” displaying traits from earlier cycles.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment