A veteran trader known for making timely cryptocurrency calls has issued a warning, suggesting that the memecoin sector may have reached peak popularity.
Pseudonymous trader The Flow Horse said on his Telegram channel that memecoins could soon disappear as other cryptocurrency sectors rise.
“I want to emphasize this point. Nothing is permanent in this market or in life. Some things stay in the spotlight for much longer than others, but the longer something stays in the spotlight, the more people forget that everything else still exists. Opportunities lie in overlooked spaces that seem dark and empty. And remember, nature abhors a vacuum. The meme is an amazing momentum trade, but let’s be clear: it is absolutely a consensus trade right now.”
Meanwhile, traders said real-world asset (RWA) project Ondo Finance (ONDO) may start to attract interest from market participants looking for projects other than memecoins.
“Based on my Twitter post, I think ONDO will be the candidate. This is a really great place to see buyers taking back control. Most minor characters converted to higher levels drew on a similar structure. Ondo has seen most derivatives open interest (OI) close and the unlock schedule is very favorable, with daily supply reaching $40,000. Every time an agreement is reached, there’s a boom elsewhere. This is because one part of the market becomes saturated and another part becomes underallocated.”
A trader looking at his chart suggests that ONDO is recording a bullish inverse head and shoulders pattern (I-HNS) on the daily time frame.
Temperature is trading at $0.73 on the day as of this writing.
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