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Prominent crypto trader Altcoin Sherpa weighed in on the future of meme coins, saying a “meme coin supercycle” is still likely but could play out different than expected.
What Happened: Sherpa stated in a post on X that a meme coin super cycle is likely, but it will not resemble the Shiba Inu (CRYPTO: SHIB) runs of the past, which was catching up with Dogecoin (CRYPTO: DOGE).
According to him, the market is too dispersed and the liquidity not as concentrated as it was during the 2021 run-up, which “may never happen again.” He believes that instead of a few coins seeing massive gains, the future will see a larger number of mid-cap coins performing well.
Sherpa suggests that investors should focus on the meme coin sector as a whole, rather than betting all their chips on a single coin like Solana (CRYPTO: SOL) or meme coins like Pepe (CRYPTO: PEPE). He concludes by reminding investors that meme coins do have fundamentals, just like regular tech coins.
Also Read: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader
Why It Matters: Sherpa added that the market will see more likely 15 mid-caps do very well. He details that, "DOGE/SHIB are for big whales, PEPE/WIF/BONK for strong liquidity but more upside, then you get into all of the mid-caps (too many to list) where a few of them are going to go to multi-billion probably." Traders should have exposure to memes, according to this framework.
Coingecko data shows meme coin market capitalization at $52.5 billion, an 11% increase over the past 24 hours. Notably, the top performers over the past 30 days are not the meme coin leaders but newer coins launched in the small-cap and mid-cap segments.
Mid-cap meme coins like Gigachad (CRYPTO: GIGA) with $111.9 million saw a 558% gain in the past 30 days, while Popcat (CRYPTO: POPCAT) at 204% gains has a valuation of $807.5 million. Mog Coin recorded a (CRYPTO: MOG) 144% gain for a market cap of $727.5 million. Among small-cap meme coins, Zyncoin (CRYPTO: ZYN) saw 205% gains, while Zoomer (CRYPTO: ZOOMER) reported 165% gains.
What’s Next: The influence of meme coins 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: Shutterstock
