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Today, Oct. 26, 2024, all crypto markets are in red, scared by yesterday's announcement about the alleged DoJ investigation against Tether. Meme coins perform even weaker than their competitors, but seasoned cryptocurrency commentator Miles Deutscher indicates some opportunities here.
Meme coins WIF, PEPE in Miles Deutscher's pick today
Amid the ongoing decline of cryptocurrency market capitalization, some altcoins demonstrate potential for an upsurge, based on tech analysis patterns. Major meme coins Dogwifhat (WIF) and Pepe (PEPE) are among the candidates, cryptocurrency analyst Miles Deutscher says to his 551,000 followers on X.
Lots of alts look like decent adds today.$WIF, $PEPE, $PRIME, $FTM to name a few.
— Miles Deutscher (@milesdeutscher) October 26, 2024
Prioritising alts that have showed strength over the past few weeks, and are now pulling back into key support zones.
Medium size for me today, saving capital in case there's another shakeout. pic.twitter.com/14V0Cjx4a6
In his review, WIF and PEPE are accompanied by FTM and PRIME, core cryptocurrencies of Fantom L1 blockchain and Echelon Prime decentralized gaming platform, respectively. All aforementioned coins might be getting closer to breakouts based on three-day time frame charts.
Meanwhile, the segment of meme coins is bleeding in the last 24 hours. While the market benchmark lost only 2.5% overnight, meme cryptocurrencies are down by 4%.
Pepe (PEPE) lost 6.9% in 24 hours, while Dogwifhat (WIF) sees its capitalization reduced by 7.7%. PEPE is on the verge of leaving the top 30 cryptocurrencies by market cap.
The largest meme coins also disappoint the community today as Dogecoin (DOGE) dipped by 2.6% and Shiba Inu (SHIB) lost 4.8%.
"Murad's Memecoins" also in Deutscher's portfolio
Shaken by the WSJ article about Tether being under investigation of U.S. law enforcers, the cryptocurrency market sees its capitalization plunging to $2.38 trillion. Despite the message being almost immediately debunked by the Tether team, crypto traders lost almost $400 million in liquidations in the last 24 hours, 82% longs.
Meme coins MOODENG, PEPE and NEIRO were among the most affected coins as per CoinGlass liquidation tracker. However, Miles Deutscher admitted that he still owns some cryptos of this class.
Namely, he mentioned SPX and POPCAT, which are the largest meme coins in the so-called "Murad Memecoin List." They were featured in the index of meme coins prominent trader and former Goldman Sachs analyst Murad Mahmudov highlighted during his "Memecoin Super-Cycle" speech on TOKEN2049 in Singapore.