Bitcoin seems to be losing support as the price is decreased 3% in the last 24 hours. It is trading at $70300 at this time which looks bad as it may broke the support at $70k anytime. If it loses support in this area then it will fall down more maybe close to $67k but this would be the final pull back before the bull market .
According to coingecko Total cryptocurrency marketcap is dropped to $2.48 Trillion with a 4% decrease in the last 24 hours. Total crypto volume is $111B and Bitcoin dominance is 56%. While Ethereum is the second coin with 12% dominance.
Bitcoin dominance is stopping altcoins movement which is why they are not showing any significant gains. Once Bitcoin dominance is lowered we will see altcoins moving up in terms of prices but this can take a little while.
On the other hand Solana based memecoins are getting hype as they have pushed Solna Blockchain to new heights. Solna Blockchain was dead at one point but then it dod a nice come back with the help of Meme coins.
Solana Blockchain is not only famous for Meme coins but it also have solid projects built on it. People found Meme coins more interesting than any other solid project on Solana because Meme coins are considered to have more potential.
The statement is partially true because most of the Meme coins developers do rug pull. There are only a few who are legit but it is very difficult to understand and recognize them. People have lost millions of dollars in the hands of Meme coins developers.
While im not a fan of Memecoins but in the Past i did but a few memecoins , i dont remember the names. Believe me they are dust now. There is no liquidity plus the price is 99.99% dropped. I have lost a significant amount into these memecoins that is why now i stay away from them.
To me memecoins are like casino, you win if you are lucky. If you have a lot of money then it is good to try your luck otherwise its better to stay away from it. It is true that Memecoins can make you ruch but it is also true that they can make you poor.
We have more examples of Memecoins Rug Pull than legit Memecoins. Sometimes developers will make sure that you believe on them. They do marketing through influencers which trap their followers. Its better to stay away from those influencers who do paid promotions as they only look into their benefit and ignores the community.
Recently A solana Based Meme coin Sharpei dropped 96% in a minute when the developer sold tokens worth $3m. The Sharpei was having a market cap of 54 million within hours of launch. Sharpei was marketed by influencers which pushed its price very fast but then the big price crash made holders crying.
Its just one example, such incidents often happen in Meme coin world. This is why i think its better to stay away from meme coins.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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Gotta be careful with those meme coins!
I'd say they should only make of 5% of your portfolio, at best.