Dogecoin (DOGE) and Shiba Inu (SHIB) rivals will remain bullish in the short-term after a long-term rally memes crypto markets for a sharp correction, a popular cryptocurrency analyst has hinted.
Shared with his more than 580,000 followers on the microblogging platform Twitter, anonymous cryptocurrency analyst Kaleo believes that the meme-inspired cryptocurrency $PEPE is currently the third largest by market capitalization and may have room to grow further.
Kaleo’s analysis shows that since mainstream adoption last month, Pepe has hit consecutive all-time highs every time he has managed to break above the downtrend line on the hourly chart.
At the time of writing, PEPE was trading at $0.000001606 after retreating from an all-time high of $0.000003995, according to available market data. Kaleo issued a warning to those considering long-term investments in meme cryptocurrencies, saying most of them could lose value over time.
While he respects those who are open to such high-risk, high-reward investments, he advises against long-term holding of memecoins.
As CryptoGlobe reported, a meme-inspired drop in cryptocurrency prices recently cost crypto whales around $500,000. The drop came after the cryptocurrency was listed on Binance, and one lucky cryptocurrency investor seemed to have managed to turn a 0.125 ETH investment in PEPE into a staggering 1.14 million in just a few days by buying in at the right time Dollar.
The rise of meme-based cryptocurrencies has become a phenomenon in the world of digital finance. The meme-inspired cryptocurrency Dogecoin ($DOGE) has gained a lot of attention in recent years with the birth of competitors like Shiba Inu ($SHIB), Babydoge ($BABYDOGE) Wojak ($WOJAK) and ArbDoge surge in popularity.
As evidenced by the recent PEPE success story, Memecoins have become something of a sensation because these cryptocurrencies offer investors the opportunity to earn significant financial gains.
However, the rapid rise and potential volatility of meme coins also poses significant risks for investors, especially those who may be new to the world of cryptocurrencies, as many end up in trouble after purchasing.
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