Meme Coin Supercycle Sentiment Strengthens, Shifting Bitcoin's Dominance in Crypto Market!
2024-10-25
Bittime - Lately, the meme coin trend has started to emerge again. Even though Bitcoin is still the king of crypto, sentiment meme coin supercycle is now starting to shift investors' attention.
What is the Meme Coin Supercycle sentiment? Come on, read this article to the end to find out more!
Meme Coin Supercycle Sentiment
Searches related to meme coin on the internet show a significant trend. According to Google Trends, the popularity of the keyword "meme coin" is currently higher than "Bitcoin".
On a scale of 0-100, Bitcoin search volume was at 33, while meme coin jumped to 77. This phenomenon is known as the meme coin supercycle, namely attention shifts to coin memes.
This increase in interest is reflected in the high volatility and attractiveness of the meme coin community which makes investing in this sector more attractive to many groups.
Read Also: Top 10 Meme Coin Solana 2024: There's Dogwifhat, Popcat, and Moo Deng!
Meme Coin Supercycle Sentiment Strengthens
Meme coins have shown a real impact in the crypto market in 2024, with performance far surpassing Bitcoin.
The MarketVector Meme Coin Index, an index that tracks the performance of the six largest meme coins, posted a 127.3% gain over the year, nearly double Bitcoin's 61.5% gain.
This significant difference indicates a shift in sentiment among crypto investors. The meme coin supercycle sentiment is starting to strengthen as many investors are increasingly interested in high-risk assets such as meme coins.
Why Meme Coin Supercycle Sentiment Strengthens?
Sentime mThis strengthening eme coin supercycle cannot be separated from the appeal of meme coin as an investment instrument that is different from other crypto assets.
According to a spokesperson from PONKE, one of the most popular meme coins, meme coins offer a combination of culture, fun and community, which makes them different from other crypto assets.
Meme coins feature high volatility, with much greater profit opportunities than Bitcoin. While Bitcoin is often seen as a store of value, meme coins have cultural appeal and are therefore easier to accept.
Meme Coin Supercycle: Profit 10-100 Times
Ryan Lee, chief analyst at Bitget Research, added that meme coins offer potential returns of 10 to 100 times, especially if the meme coin supercycle sentiment strengthens.
Bitcoin has now stabilized, and is no longer considered an investment with the potential for significant profits in a short time. Meanwhile, meme coin is an option for looking for opportunities for quick profits even with high risks.
Read Also: List of Top Meme Coins on Sui Network Based on Number of Holders!
Meme Coin Supercycle: Meme Coin Reted More Interesting
The presence of meme coins indirectly increases participation in the crypto market. A number of platforms such as Pump.fun, which make it easy to create new meme coins, have attracted retail investors to enter the meme coin market.
Jeffrey Hu, head of investment research at HashKey Capital, explained that the strengthening meme coin supercycle sentiment shows market players are starting to turn to assets that offer entertainment value, virality potential, and opportunities for quick profits rather than long-term fundamentals.
Meme Coin Supercycle: Short Term or Long Term
The increase in interest in meme coins is considered to have a positive impact in the short term, thereby increasing trading volume and liquidity in the crypto market.
However, in the long term, meme coin's extreme volatility has the potential to create market instability and fragmentation.
Due to its highly volatile nature, meme coin may find it difficult to become the main choice for investors who avoid high risks.
Read Also: Meme Coin MOODENG Becomes Top Rank in Last 7 Days!
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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
