Crypto analyst Miles Deutscher posted on X his thoughts on what’s hot in crypto right now. While there are the usual suspects like the big blockchains he thinks a lot of events, such as conferences drive the narrative. Additionally, AI might be the next big thing, driving prices more than some of the lesser-known coins. Also, he has meme coins on his radar for a possible breakout.

Solana, LINK and XRP Starting Things Off

Deutscher starts off with Solana (SOL), noting that the Breakpoint 2023 conference kicks off today. This event is significant, being the first major one since the FTX incident.

While Deutscher anticipates the community to react positively, previous Breakpoints saw post-announcement dips, similar to what Chainlink (LINK) experienced earlier. His approach here is tentatively bearish.

Meanwhile XRP has its ‘Swell Conference’ on November 8-9. Despite unconfirmed rumours of an IPO of Ripple, the speculative nature of crypto could spur buying enthusiasm, the analyst remarks. Historically, XRP has seen a surge leading up to the conference, with 2022 being an exception. Worth watching closely, he said.

Other Coins of Interest

There are a few more coins the internet personality and self-proclaimed DeFi addict believes are a good pick this week.

He points out that Arvweave AR recently achieved its all-time high transaction count and often performs well during Solana events.

Deutscher points to the AI narrative which he believes is gaining traction again.

For SingularityNET (AGIX), Fetch.AI (FET), and Ocean Protocol (OCEAN), this is especially interesting with upcoming AI conferences, including OpenAI’s debut developer event. When AI-focused coins surge, they do so significantly. Investing in these leading coins, which showed strength in previous AI booms, could be more beneficial than speculating on lesser-known options.

Deutscher believes Arkham (ARKM), linked to investor Sam Altman, is being overlooked even with an upcoming conference. Lastly, Render (RNDR), he states, also linked to AI, has shown a rapid rise recently. It experienced a significant increase before a major conference last year, so there’s potential for growth, but if momentum weakens, it might be a “sell the news” scenario.

Source: @milesdeutscher via X

Make Meme Coins Great Again?

DOGE’s momentum and buzz have slightly diminished recently. However, factors like DOGE Day and anticipation of an Elon Musk Halloween tweet (similar to last year) could drive it. Deutscher expects that if mainstream interest increases, Dogecoin (DOGE) is going to perform well. He personally views it as a consistent investment with potential for a significant surge in the future.

Deutscher has a final tip up his sleeve, progress with caution with this one. BONK, a meme coin on Solana, has witnessed upward momentum leading into Breakpoint.

There are two potential outcomes for Deutscher: 1. If SOL peaks around Breakpoint, BONK might face a further pullback, aligning with a short-term bearish view on SOL. 2. This surge could mark the beginning of a significant trend, boosting memecoins. Both scenarios present potential trading opportunities.

Source: CoinMarketCap

Meanwhile, the meme coin has seen enormous growth, rising about 265% in the past ten days according to CoinMarketCap.  

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Filed under: Bitcoin - @ October 31, 2023 4:54 am