u.today
In a recent social media post, former Goldman Sachs analyst Murad Mahmudov took aim at Ripple-affiliated XRP and Cardano (ADA). Mahmudov dismissed the two major alternative cryptocurrencies as "cult" meme coins. "This is the cycle when people are finally realizing that XRP and ADA were nothing other than Cult Memecoins all along," he said on X.
Last week, the analyst also shared his piece of advice for those who want to enter the burgeoning meme coin scene, arguing that potential buyers should focus on projects whose current market valuation is in the range from $5 million to $200 million.
The Princeton graduate predicted that altcoins would end up outperforming every other sector of the cryptocurrency market during the current cycle.
However, he also does not expect a major altcoin season due to the fact that the household savings of American households have mostly evaporated.
XRP thrived during the 2017 bull run after recording massive gains and turning Ripple founders into some of the richest people on the planet. The cryptocurrency is still down 87% from its all-time high that was reached in January 2018, despite gaining some semblance of regulatory clarity last year. Cardano (ADA), which made waves with huge price gains during the last bullish cycle, is in the same boat. ADA is down as much as 87.8% from its record peak that was reached in September 2021.
Mahmudov, a crypto OG, came to prominence by leading a hedge fund called Adaptive Capital. However, the hedge fund was forced to shut down after suffering from a massive crypto crash in March 2020.