u.today
Murad Mahmudov, a prominent financial analyst, recently stressed that those who are looking for the next XRP or Cardano (ADA) should pay attention to meme cryptocurrencies.
He believes that this sector of the cryptocurrency market has "die-hard" cult communities that could secure massive gains for early projects.
Earlier this month, Mahmudov shared his "crypto investing philosophy" for the ongoing bullish cycle, arguing that investors should focus only on meme cryptocurrencies whose market caps are in the range from $5 million to $200 million. At the same time, he has recommended avoiding microcaps.
The analyst believes that promising meme coins should be held for more than a year, and their holders should have a genuine belief that a certain cryptocurrency is going to last for more than one cycle.
"Memecoins will outperform EVERYTHING this cycle. Don’t hate the Player, hate the Game," he wrote on his social media account earlier today.
At the same time, he argues that investors and traders should "throw all logic out the window" when deciding which specific meme coin they should purchase since they have to rely solely on their gut feeling.
No prolonged alt season?
Despite being extremely bullish on meme coins, Mahmudov recently predicted that there would be no prolonged altcoin season like the one that took place in 2021.
He has pointed to the fact that the excess savings of US households have dried up, which means that Americans would be less inclined to spend money on risky assets such as altcoins.
Meme coins surge
Despite the fact that Bitcoin's price action remains rather anemic, some major meme coins have managed to record substantial gains over the last 24 hours.
Mog Coin (MOG) and BOOK OF MEME (BOME) are leading the surge with double-digit price gains. Bonk (BONK) is also up nearly 8%.
Meanwhile, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded relatively modest gains of 3.1% and 1.7%.