The post Memecoins experience a downturn, pose questions over portfolios appeared on BitcoinEthereumNews.com.

The meme coin market briefly crashed, dropping approximately 30% of its value. The market has successfully rebounded, but the question remains: Can it happen again, and are portfolios containing meme coins safe? Technically, yes. Every other context varies based on one’s interpretation. For instance, the crash did not hamper the emotions of long-term traders and investors. A crash happened for a variety of reasons, including the rise of BTC back to power. Bitcoin is well past the consolidation phase and has surpassed the $70,000 milestone. It is next teased to test the resistance of $75,000 and surge as high as $84,000. One theory is that traders have started to make the transition back to BTC because the returns are more likely in large volumes. Bitcoin was previously exchanging hands at around $65,000. It is now at $70,960.88, up by 5.06% in the last 24 hours. Moreover, it is up by 13.59% in the last 7 days and 9.05% in the last 30 days. Investors now rely on meme coins to maintain their interest, provided their values consistently decline. Next, the stocks of GameStop and AMC are experiencing a surge in value. GME has already surged by 4,400%, despite a recent 46% downtrend. At the time of writing this article, the growth in the last 30 days had reached 964.99%. There are dramatic fluctuations, with the potential for larger gains. The memecoin craze is not entirely discontinued. It has the support of a devoted community and cultural significance. Both factors are likely to hold the flag higher than the sky for the meme coin segment of the crypto market. Mixed reactions suggest a rise of $84,000 for Bitcoin and a possibility of a shift back to the flagship crypto. Altcoins were strong during Bitcoin’s struggles, but current trends indicate that this…

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Filed under: News - @ May 21, 2024 10:18 am