All cryptocurrency markets are in red today, October 26, 2024, as a result of yesterday’s statement on the purported DoJ probe against Tether. Even while meme currencies don’t do as well as their rivals, there are certain prospects, according to veteran cryptocurrency analyst Miles Deutscher.
Meme coins WIF, PEPE in Miles Deutscher’s pick today
Based on trends in tech analysis, several cryptocurrencies show promise for an increase despite the continuous drop in cryptocurrency market capitalisation. Among the contenders are popular meme currencies Dogwifhat (WIF) and Pepe (PEPE), bitcoin researcher Miles Deutscher informs his 551,000 followers on X.
FTM and PRIME, the key coins of the Fantom L1 blockchain and the Echelon Prime decentralised gaming platform, respectively, are included with WIF and PEPE in his evaluation. Based on three-day time frame charts, all of the aforementioned currencies may be approaching breakthroughs.
https://x.com/milesdeutscher/status/1850035635207409875
In the meantime, the meme coin market has been losing ground over the last day. The market average only had a 2.5% overnight loss, but meme cryptocurrencies saw a 4% decline.
In a 24-hour period, Dogwifhat’s (WIF) capitalisation dropped 7.7%, while Pepe’s (PEPE) fell 6.9%. PEPE is about to drop out of the top 30 cryptocurrencies based on market capitalisation.
The community was also let down by the biggest meme currencies today, as Shiba Inu (SHIB) dropped 4.8% and Dogecoin (DOGE) fell 2.6%.
“Murad’s Memecoins” also in Deutscher’s portfolio
The WSJ report stating that Tether is being investigated by U.S. law enforcement has shocked the cryptocurrency market, causing its valuation to plummet to $2.38 trillion. Crypto traders lost about $400 million in liquidations in the previous day, with 82% of longs, even though the Tether team quickly refuted the statement.
According to the CoinGlass liquidation tracker, the most impacted meme currencies were MOODENG, PEPE, and NEIRO. Miles Deutscher acknowledged that he still had some of these cryptos, nevertheless.
He specifically brought out SPX and POPCAT, the biggest meme currencies on the infamous “Murad Memecoin List.” During his “Memecoin Super-Cycle” speech on TOKEN2049 in Singapore, notable trader and former Goldman Sachs analyst Murad Mahmudov included them in his index of meme currencies.
