'Spectacular Meme Runs' Mean These Three Altcoins Could Be 'Doomed To Irrelevancy,' Muses Veteran Trader
Portfolio Pulse from Khyathi Dalal
Veteran trader 'Cold Blooded Shiller' speculates that certain altcoins, including meme coins, may become irrelevant as the market favors stronger performers and Bitcoin. He notes that some altcoins have failed to maintain their gains, using Polygon (MATIC), Lido (LDO), and ApeCoin (APE) as examples, while others like Dogecoin (DOGE) and Shiba Inu (SHIB) have shown notable gains. The discussion raises questions about the future relevance of underperforming altcoins.
April 29, 2024 | 2:10 pm
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POSITIVE IMPACT
Bitcoin is highlighted for its undeniable strength in the current cycle, contrasting with the underperformance of certain altcoins.
Bitcoin's resilience and strength, as noted by 'Cold Blooded Shiller', suggest a positive outlook for BTCUSD, especially as it contrasts with the underperformance of certain altcoins.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Dogecoin (DOGE) reported gains of 57%, indicating a positive market sentiment and potential for continued short-term growth.
Dogecoin's notable gains reflect positive market sentiment, suggesting a bullish short-term outlook for DOGEUSD, supported by investor interest.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Shiba Inu (SHIB) has achieved a 125% gain, underscoring strong performance and potential for further short-term appreciation.
Shiba Inu's significant gains highlight a robust performance, indicating a positive short-term outlook for SHIBUSD, buoyed by ongoing investor enthusiasm.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
ApeCoin (APE) is another altcoin that has not maintained its recent run-up, potentially indicating a negative short-term trajectory.
ApeCoin's performance, as discussed, not maintaining its gains suggests a pessimistic short-term view for APEUSD, likely due to investor wariness.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Lido (LDO) is mentioned as an example of an altcoin that has failed to maintain its gains, suggesting potential short-term challenges.
Lido's inability to hold onto its gains, as highlighted by the trader, suggests a bearish short-term outlook for LDOUSD, reflecting investor skepticism.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Polygon (MATIC) has undone its entire 2023/2024 run-up, trading under a key support level, indicating potential concerns for its short-term performance.
Given Polygon's significant loss of its recent gains and trading below key support, its short-term outlook appears negative, reflecting concerns over its ability to maintain value.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80