For several days, Bitcoin and other altcoins have been hit by the FED-induced decline. Bitcoin fell sharply, touching $96,000. The move coincided with a broader sell-off in risk assets as market participants adjusted their positions following the Fed’s hawkish guidance. As the Fed delivered its third consecutive rate cut, the central bank’s cautious stance on future cuts triggered a reassessment of risk positions across multiple asset classes. In addition to Bitcoin, PNUT coin, GOAT and other meme coins also bottomed out following this wave of selling. However, one analyst is particularly hopeful for meme coins and is preparing for a bottoming and rise. Here are the details
PNUT coin, GOAT, MOODENG and CHILLGUY on the decline
The meme coin market suffered a significant setback today. Four major coins – MOODENG, CHILLGUY, PNUT and GOAT – witnessed sharp declines. According to market observers, these losses have largely erased the gains accumulated during the last meme coin season. Despite the current bearish trend, renowned trader Eugene Ng Ah Sio has expressed optimism about the long-term prospects of the meme coin sector. In a social media post today, Ng Ah Sio said the following:
Four Meme Coins: MOODENG, CHILLGUY, PNUT and GOAT, recorded one panic sell candle after another, Meme Coins basically retraced most of their gains from the meme season. Here, I tend to buy for a long-term position.
Meme coins remain important in the market
The cryptocurrency space continues to evolve, and meme coins have gained an important place in this vibrant ecosystem. Some meme coins that started out as light jokes or social media trends have turned into serious investment opportunities. Meme coins are cryptocurrencies inspired by internet memes or cultural references. Unlike more traditional cryptocurrencies, which often have specific use cases or technical innovations, meme coins often rely on social media hype and community engagement to increase their value. While investing in these assets carries higher risks due to their volatility and the impact of changing market sentiment, several meme coins have gained traction. They have also shown strong growth.
Still, investing in meme coins is both exciting and risky. These coins have the potential to offer significant returns due to their volatile nature. However, potential investors should conduct thorough research and consider broader market trends. As of December 21, 2024, dog-inspired coins like Dogecoin and Shiba Inu continue to lead the meme coin market. But the likes of PNUT, CHILLGUY, MOODENG, GOAT, as mentioned by Ng Ah Sio above, are also in investors’ sights.
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