Key Points
- Analyst labels Dogecoin, Shiba Inu, and FLOKI as “Dino Coins”.
- Predicts meme coins will soar during the next altcoin season.
- Points to past performance and investor interest as key factors.
- Altcoin season to follow Bitcoin’s rise to new all-time highs.
Meme Coins Poised for a Surge
In a recent analysis, crypto expert ‘Vapor’ has tagged popular meme-based cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and FLOKI as โDino Coins.โ This label underscores their potential to experience significant price surges in the next altcoin season, despite being overlooked during bearish periods. Vaporโs insights come from a detailed post on X (formerly Twitter), where he discussed the market dynamics and future prospects of these coins.
Vapor described these meme coins as โblue chipโ cryptocurrencies, highlighting their established presence and stability in the market. He noted that their large, loyal communities and listings on major Centralized Exchanges (CEXs) contribute to their resilience and potential for high returns. This stability allows them to โcatch high multiples,โ making them attractive investment options during bullish cycles.
The term โDino coinsโ refers to these tokens being fully diluted with less market attention during downturns. However, their inherent volatility and speculative nature can lead to substantial gains once the market turns favorable. Vapor emphasized that meme coins like Dogecoin and Shiba Inu have previously led significant rallies, such as during the 2021 bull run, and are likely to do so again.
Analyst Calls Dogecoin, Shiba Inu, FLOKI โDino Coinsโ, Hereโs What It Means https://t.co/MbcPzhzSyc #cryptocommunity #crypto #nftcommunity
โ CryptoLab (@crypto_thinktk) June 19, 2024
Bitcoin’s Influence on Altcoin Season
Vaporโs analysis also covered the broader crypto market, indicating that the altcoin season will likely follow Bitcoinโs ascent to new all-time highs (ATHs). He shared a price chart showing altcoinsโ performance against Bitcoinโs dominance, asserting that Bitcoin needs to surpass its previous ATH of $73,000 for the altcoin season to commence. Factors such as upcoming Federal Reserve rate cuts, Spot Bitcoin ETF inflows, and the US presidential election are expected to drive Bitcoinโs rise.
Moreover, Vapor highlighted the impact of Ethereum Spot ETFs, which could channel significant investment into Ethereum and other altcoins. He stressed that while the occurrence of an altcoin season is almost certain, the extent of its impact remains unpredictable.
Meme coinsโ ability to capture retail investorsโ interest and their low dilution make them prime candidates to lead the next altcoin season. As Bitcoin gears up for a potential new ATH, the crypto community is eagerly watching how these โDino coinsโ will perform, with many hoping for another explosive bull run.