March 3, 2024 8:22 PM | 2 minute read |
Famous cryptocurrency guru and CEO of Real Vision Group, Raul Pala humorous take on the current altcoin season, touching on trending cryptocurrencies, dogwifat (cipher: WIF).
what happened: On Sunday, Pal tweeted about his changing perspective on cryptocurrencies, from a deep discussion of blockchain technology to a somewhat whimsical embrace of the latest meme coin trend. “My crypto timeline has gone from half-debating what is good blockchain technology to 'Damn it, dog in the hat!'” he quipped.
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The coin in question, Dogwifat, recorded a staggering 361.59% gain in one week. Pal’s support for this coin reflects the speculative nature of the current cryptocurrency market and the massive popularity of meme coins.
He advised his followers on X (formerly Twitter) to “get out of your head and enjoy” the current excitement, but to be wary of “alternative seasons.”
SEE ALSO: Pepecoin Outperforms Dogecoin, Shiba Inu, Floki, Expert Says 'It Will Compete Against Pepe'
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why is it important:Pal's tweet came in the wake of a prediction by BitMEX co-founder Arthur Hayes, who believes Dogwifat could reach $2. It was a profitable week for cryptocurrencies in general, with Bitcoin leading the way with a weekly gain of 19.5%, according to data from CoinMarketCap.
Analyst Blunts Capital predicted the following for X: Solana (CRYPTO: SOL) based meme coin Dogwifhat will surpass at least two meme rivals.
Dogwifhat briefly surpassed Bonk to become Solana's top meme coin, with both tokens having a market cap of around $1.6 billion. Other traders, including Solana influencer Anthem and former Goldman Sachs executive Pal, echoed the bullish view, citing a memecoin supercycle and increased liquidity for smaller cryptocurrencies. He predicted the start of “Alternative Season.”
The coin's popularity has skyrocketed even more since it was listed on Robinhood's European platform, with its value increasing by 27% in one day.
Price action: At the time of writing, WIF was trading 5.3% higher at $1.57. Dogwihat's 24-hour trading volume increased by 46.2% to $406.3. a million.
Photo credit: Shutterstock.com
Read next: Welcome to the “Memecoin Supercycle”: Ivan’s Mad Cryptocurrency
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