Bitcoin’s Popularity Starting to Decline, Crypto Entering the Memecoin Cycle?

Posted by – The AMBCrypto report involving 557 respondents showed that 53.7% of traders, investors and analysts prefer meme coins over Bitcoin. The survey revealed that 36.8% of respondents had invested in meme coins, while 25.5% invested in artificial intelligence-themed tokens, and the DeFi and GameFi sectors attracted interest from 25.5% and 15.4% of respondents respectively.

Crypto Analyst Reku, Fahmi Almuttaqin, stated that the popularity of meme coins is indeed significant. He did not deny the results of the survey conducted by AMBCrypto.

“Meme coins are growing rapidly not only because of the volatility that can be exploited to optimize returns, but also because of current trends. “For example, meme coins that utilize the names and brands of former US presidents such as MAGA (TRUMP) and SUPER TRUMP (STRUMP) attract the attention of investors,” said Fahmi, Tuesday (4/6).

In terms of market performance, memecoins show competitive performance. For example, dogwifhat (WIF) is up 1,768% this year, while Bonk (BONK) is up 123%, and PEPE is up 945%. In comparison, the price of Bitcoin is up 53.32% on a Year-to-Date (YTD) basis.

The survey also revealed an increase in PEPE memecoin owners from less than 160,000 in February to 238,000 on May 31, representing a nearly 50% increase in three months. According to Fahmi, this shows optimism that a memecoin super cycle will occur.

“This shows the memecoin super cycle may not stop anytime soon,” added Fahmi.

Despite the increasing preference for memecoins, 65.5% of respondents still own Bitcoin, indicating Bitcoin remains the favorite. Most respondents believe that Bitcoin could rise by 80% by December 2024, which means the price of Bitcoin could reach $121,953 by the end of 2024.

Fahmi explained that Bitcoin is still a reference for the movement of other coins, with adoption by global institutions increasing.

“This institutional adoption reflects the strengthening of global societal consensus on Bitcoin,” he said.
Regarding the condition of the crypto market as a whole, Fahmi stated that the market is in the early stages of a bullish cycle.

“Slowing US economic growth could be a positive perception for crypto investors, because the situation of high interest rates could accelerate the Fed’s reduction in interest rates, having a positive impact on the crypto market,” said Fahmi.

Fahmi advises investors to adapt their strategy to their investment or trading goals.

“For those looking for high volatility, memecoin could be an option. However, for beginners or long-term investors, the DCA or dollar cost averaging strategy is also ideal,” he said Rokokbet.

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