Top Meme Coins WIF, PEPE Bleeding, but This Expert Is Optimistic
Release: 2024/10/27 01:09 Reading: 937
Meme Coins Show Potential Amid Market Decline
Cover image via U.Today
October 26, 2024: Despite a bearish market, some altcoins are showing promise for growth based on technical analysis. Among them are the meme coins Dogwifhat (WIF) and Pepe (PEPE), according to cryptocurrency analyst Miles Deutscher.
In a tweet to his 551,000 followers, Deutscher recommended considering these altcoins:
"Lots of alts look like decent adds today.$WIF, $PEPE, $PRIME, $FTM to name a few. Prioritising alts that have showed strength over the past few weeks, and are now pulling back into key support zones."
WIF and PEPE join Fantom's core cryptocurrency (FTM) and Echelon Prime's decentralized gaming platform token (PRIME) on Deutscher's watchlist.
Meme Coins Take a Hit
In the past 24 hours, meme coins have been underperforming. While the overall market has lost 2.5%, meme cryptocurrencies have dropped by 4%.
Pepe (PEPE) has shed 6.9%, while Dogwifhat (WIF) has lost 7.7%. PEPE is close to falling out of the top 30 cryptocurrencies by market capitalization.
Deutscher's Portfolio
Despite the market volatility, Deutscher still holds some meme coins in his portfolio. He specifically mentioned SPX and POPCAT from Murad Mahmudov's "Murad Memecoin List," which were highlighted during Mahmudov's "Memecoin Super-Cycle" presentation at TOKEN2049 in Singapore.
Market Reaction
News of a potential DoJ investigation into Tether has shaken the cryptocurrency market, causing its capitalization to drop to $2.38 trillion. Despite a denial from the Tether team, crypto traders have lost nearly $400 million in liquidations in the past 24 hours, with 82% of those being long positions.
Meme coins MOODENG, PEPE, and NEIRO were among the most affected assets, according to CoinGlass's liquidation tracker.
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