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Heavily followed crypto trader DonAlt expressed a bearish outlook on meme coins, singling out Dogwifhat (CRYPTO: WIF) as a particularly poor performer.
What Happened: DonAlt noted Dogwifhat's underperformance compared to other meme coins, despite its significant mindshare. He stated, "If you’re bullish it’s heavily mispriced to the downside. If you’re bearish everyone that’s gonna buy already bought."
DonAlt believes that the eventual target for Dogwifhat is zero, but "that’s the same for pretty much every altcoin." He suggested that while there may be short-term gains to be made, the long-term outlook for these coins is bleak.
While he admitted that memes have a quick upside, they are "harder to resurrect given the meme accrues negativity over time as bag holders get angrier and angrier." The trader concluded, "Long-term they’ll all gravitate towards ghost chains with zero volume that might as well be zero.”
Crypto trader Cryptomist agreed, predicting a 30% drop for Dogwifhat.
Also Read: Dogwifhat, Pepe Will Do What Shiba Inu Did In 2021 And Run To Multi-Billions, Predicts Trader
Why It Matters: DonAlt’s comments reflect a growing skepticism towards meme coins in the crypto community. Based on Coingecko data, four of the top five meme coins are down between 25% and 40% in the past 30 days. Bonk (CRYPTO: BONK) is the exception with a 4% drop only.
Recent statistics from the cryptocurrency exchange Kraken show a rising demand for newer meme coins like Pepe (CRYPTO: PEPE), Dogwifhat and Bonk in Australia. As per the data reported by The Block, around 2.65% of Australian users hold Pepe, nearly doubling the global average of 1.49%. Similarly, 1.58% of Australian investors hold WIF, compared to a global average of 0.45%.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
