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- Despite meme tokens recording impressive percentage growth in terms of price, Dogecoin, ApeCoin, Bonk, and Dogwifhat have been tipped for a dump.
- A legendary crypto investor who bought Bitcoin when it was just $5 has predicted that AI coins could take the market by storm.
With a total of $55 billion market cap, meme tokens have recorded a staggering price growth of 18,708,256% in the last 30 days. However, the market has flipped to a bearish mode as almost all the top meme coins enter the “red zone” with Dogecoin (DOGE) down by 1.8% in the last 24 hours, and Shiba Inu (SHIB) down by 2%. Interestingly, a review of market data and suggestions from some analysts highlights four main meme tokens that should be dumped before they crash.
ApeCoin (APE)
The first is ApeCoin (APE). According to our checks, this meme token is strongly linked to the Non-Fungible Token (NFT) market which is undergoing a serious recession with sales volume in May falling by 54% to $624 million. Our market observation confirms that the top NFT collection, The Bored Ape Club (BAYC), fell by 80% from the peak of 120 ETH to a current price range of $11 to $13. The ongoing NFT struggles make coins like ApeCoin unattractive, subjecting them to the speculative swings of the crypto market while it has no serious real-world utility. Ape was trading at $1 after declining by 2% in the last 24 hours.
Bonk (BONK)
The next meme token marked for a dump is Bonk (BONK). This token rose to fame following an airdrop of 50% of its token supply in 2022 after the crash of the FTX exchange. However, its reliance on Solana is said to portray its speculative nature as it offers little or no upside potential. Over the years, its price has been strongly linked to social media buzz rather than its fundamentals despite the effort to expand its utility. In the meme ecosystem, it appears unlikely for Bonk to surpass the likes of Shiba Inu which seeks to transcend the realms of the “meme description”. At press time, Bonk was trading at $0.00002618 after declining by 4% in the last 24 hours.
Dogwifhat (WIF)
The third meme token on the list is DogWifHat (WIF). Interestingly, this coin has enjoyed a consistent hype following the meme stock wave, increasing from 22 cents to $4.85 between February and March. While experts expect its decentralized governance approach and its ability to take advantage of the popularity of Shiba Inu to sustain its price for a longer period, it has no meaningful utility. To analysts, the future of this asset may be affected by regulatory uncertainty and its speculative nature. At press time, WIF was trading at $2.5 after declining by 3.8% in the last 24 hours.
Dogecoin (DOGE)
The final memecoin to sell before it crashes is Dogecoin (DOGE). This token enjoyed a 20-fold jump from the end of 2020 to September 2021, thanks to Tesla’s Elon Musk’s influence and some viral social media videos. However, the asset lags in terms of long-term perspective and its transition from bullish sentiment to crypto winter. The reason is mostly linked to its speculative nature and unlimited supply. On top of that, its acceptance is not matching the price.
At press time, DOGE was trading at $0.14 after declining by 2% in the last 24 hours.
According to Legendary crypto investor Charlie Shrem, known for purchasing Bitcoin (BTC) when it was just $5, Artificial Intelligence (AI) coins could be the winner of the 2024 bull run.
