The Magic of “Memeseason” Threatens to Outpower DOT and SOL Price!

The latest community-driven pump in the meme world has given rise to a surge in the chief meme tokens such as SHIB, DOGE, Floki Inu, Safemoon, and many others. Besides, fundamentally strong altcoins such as DOT, SOL, ADA, and other prime altcoins stand in awe of being dethroned by Dogecoin-inspired protocols. 

On a strange note, the meme space solely holds over $70 billion in its custody among the $1.5 trillion total market cap of altcoins. Consequently, a trend reversal has brought forth the traders to search for Doge-inspired coins rather than looking out for fundamentally strong altcoins. 

Meme Mania Versus Altseason!

While professional traders were awaiting Altseason after the bull run of primary coins, yet the outcomes appeared to have come out of the box. Despite cash-flow heading on to altcoins with a larger market cap or fundamentally strong coins, money has moved into meme-based tokens. It appears traders might be looking out for short-term gains, they aspire to become millionaires in the short run. 

Interestingly, analytics from the coinmarketcap highlights massive growth in the meme space. Notably, Shiba Inu, Dogecoin Mars, Tiger King, SafeMoon Inu have surged by 59.40%, 287.93%, 221.18%, and 169.48% respectively over the last 7 days.

In contrast, despite parachain auctions scheduled for the next month, DOT price has surged only by 19.5% underperforming the aforementioned meme protocols. On the other hand, with no significant profits, top-tier altcoins such as Cardano, Solana, and XRP have almost remained stable with negative gains of -9.11%, -1.39%, and -0.26 respectively. 

Traders crave big profits in the short term, hence they’re directly heading on to meme coins despite paying attention to altcoins with larger market cap. The potential reason for the move has been massive hype, low price, large circulating supply, and volatility associated with such coins. 

Collectively, trading meme coins would be more beneficial for advanced traders rather than for newbies. Because of their high volatility, they would dump in a similar fashion where new traders would end up losing everything. For instance, the latest price action of Squid Game token has been the best example, where price rugged pull by almost 99.99% after the phenomenal surge. Hence, it is mandatory to be clear with research to avoid possible loss.

Source: https://coinpedia.org/altcoin/the-magic-of-memeseason-threatens-to-outpower-dot-and-sol-price/