dogwifhat

2024

Pepe

Solana

<div class="finbold">
 <p class="paragraph">Meme coins surged for impressive gains year-to-date, dominating most of the cryptocurrency market’s top performances in 2024. However, the results cooled down in the past week while <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> faced a major correction, threatening further losses.</p>
 <p class="paragraph">Over $230 billion was wiped in a day from March 18 to March 19. The overall sentiment drastically changed from ultra-bullish to slightly bearish, which can put an end to the meme coin’s hype.</p>
 <p class="paragraph">In this context, Finbold selected two <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> to <a rel="noopener noreferrer nofollow" title="avoid" href="https://thebittimes.com/tag/avoid.html">avoid</a> <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> next week, among the previously most traded speculative tokens.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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    Short squeeze alert: 2 <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> with pump potential next week <span class="self-center text-xs text-slate-500">5 hours ago</span>
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 <h2 class="wp-block-heading" id="h-pepe-pepe">Pepe (PEPE)</h2>
 <p class="paragraph">Pepe (PEPE) has seen over 500% gains in the last 30 days, from $0.000000115 on February 22.</p>
 <p class="paragraph">Now, PEPE loses momentum, back to a 55 Relative Strength Index (RSI), similar to one month ago. A bearish divergence appears to be surging in the daily chart, as the price remains high despite the strength loss.</p>
 <p class="paragraph">Currently, PEPE has a market cap above $3 billion and no solid use cases besides price speculation and being a meme. There is price support at $0.000005927 but no other meaningful support between that and $0.000000115, for a 98% drop.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp" alt class="wp-image-163094" srcset="https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp 1024w, https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp 300w, https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp 768w, https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp 1536w, https://cdn.thebittimes.com/images/2024/03/23/39ad98346f16abc25b050252e24e70d8.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   PEPE/USD daily price chart. Source: <em>TradingView</em> (Finbold)
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="dogwifhat-wif">Dogwifhat (WIF)</h2>
 <p class="paragraph">Second, Dogwifhat (WIF) had an even greater performance, attracting retail investors to the Solana (SOL) blockchain. WIF is up nearly 600% in 30 days while testing support at around $2.0 per token.</p>
 <p class="paragraph">Like PEPE, dogwifhat investors may finally decide to realize part of their massive profits, which could create a liquidity shock. Losing the current region would potentially drive the price to its month-over-month lows at $0.29, for an 86% crash.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp" alt class="wp-image-163095" srcset="https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp 1024w, https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp 300w, https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp 768w, https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp 1536w, https://cdn.thebittimes.com/images/2024/03/23/40175f3a44ab9412dd4e6f5b70fd3e57.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   WIF/USD daily price chart. Source: <em>TradingView</em> (Finbold)
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="why-investors-should-avoid-trading-meme-coins">Why investors should avoid trading meme coins?</h2>
 <p class="paragraph">The most dangerous aspect of trading meme coins is that, without further use cases, prices can engage in a death spiral once the hype goes away. Notably, investors usually deploy capital to these tokens in the expectation of selling for higher prices for the next buyer.</p>
 <p class="paragraph">This behavior is described as “The Greater Fool Theory” by finance experts.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The Greater Fool Theory is the idea that, during a market bubble, one can make money by buying overvalued assets and selling them for a proﬁt later, because it will always be possible to ﬁnd someone who is willing to pay a higher price. An investor who subscribes to the Greater Fool Theory will buy potentially overvalued assets without any regard for their fundamental value. This speculative approach is predicated on the belief that you can make money by gambling on future asset prices and that you will always be able to ﬁnd a “greater fool” who will be willing to pay more than you did. Unfortunately, when the bubble eventually bursts (which it always does), there is a large sell-oﬀ that causes a rapid decline in the asset values. During the sell-oﬀ, you can lose a great deal of money if you are the one left holding the asset and cannot ﬁnd a buyer.”</p> <cite>– Harford Funds blog post: “The Greater Fool Theory: What Is It?”</cite>
 </blockquote>
 <p class="paragraph">This purely speculative demand works well while the market is bullish and prices can go up quickly, as observed. Nevertheless, sentiment shifts erase the demand, and investors can initiate a run, panic-selling the coins to avoid losses. In these events, the price drop can be faster than the previous pump, with low chances of recovery.</p>
 <p class="paragraph">Yet, cryptocurrencies are unpredictable, and further support from celebrities or other news could fuel more greed and a rally continuation. On that note, investors should avoid trading PEPE and WIF in a zone of possible huge retracements, while higher prices are still possible.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/2-cryptocurrencies-to-avoid-trading-next-week-tbt83300.html">https://thebittimes.com/2-cryptocurrencies-to-avoid-trading-next-week-tbt83300.html</a></p>

2 cryptocurrencies to avoid trading next week

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