Death of Memecoins? Ran Neuner’s Bold Bet: Bitcoin to Soar Amidst Memecoin Meltdown
Altcoins and memecoins face losses, with Worldcoin and dogwifhat experiencing notable declines.
Neuner hints that memecoin declines could be boosting Solana’s price, indicating a market shift.
During a weekend memecoin crash, Ran Neuner, better known to many as Crypto Banter, bets that Bitcoin will top out at US$84K (AU$125K) in the coming weeks. His prediction, posted over the weekend, is that – if it holds – Bitcoin will reach that target around the last weekend of June.
While some analysts see in fact a recovery on the horizon for crypto’s largest asset, it’s a different story for altcoins and especially memecoins.
Worldcoin and the Pyth Network are among the biggest losers in the past week, down 15% and 9% respectively.
Meanwhile, dogwifhat had to suffer the largest week-on-week loss of any memecoin, licking its wounds with a 7% drop in that timeframe.
Dogwifhat, 7-day graph, source; CoinMarketCap
Sol’s Price Correlation with Memecoins May Be Over
Neuner points to a post by SplitCapital, noting that recently there has been a noticeable shift in the typical correlation between Solana and memecoin prices on its platform.
Source: SplitCapital via X
While these prices usually move together, recent days have seen memecoins decline while the SOL price appears to be less affected, possibly even supported by the memecoin sell-offs. This change suggests a decoupling of their price actions, indicating a new dynamic in how memecoin movements influence Solana.
Neuner Says It’s Not All Bad for Memes Though
The Crypto Banter host said despite all this, it might not be the end for memecoins just yet:
Look, it’s not exactly all negative. I’ll be honest with you: I think there is a lot of positive stuff that happened around memes.
Neuner said that phantom crypto wallet – a wallet he said many in the US are using for trading memecoins – is in the top three of utilities in the App Store in the United States. It’s also the number one iOS app in Nigeria.
It could also be that there is a redistribution of wealth from those who panic and sell their holdings to those who are patient and hold onto or buy more during the dip, as trading_vapor points out.
If you think current bluechip memes are easily replaceable then study $DOGE, $SHIB and $FLOKI current mc. Study $PEPE and $BONK revival from hades
Cannot see the current $WIF selloff as anything but a transfer of wealth from the scared to the patients
See you in a few months
— vapor (@trading_vapor) May 19, 2024
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The post Death of Memecoins? Ran Neuner’s Bold Bet: Bitcoin to Soar Amidst Memecoin Meltdown appeared first on Crypto News Australia.
Filed under: Bitcoin - @ May 20, 2024 7:00 pm