2 November 2024
2022 Is Unlikely To Be A Good Year For Meme Coins
Senior currency strategist Christopher Vecchio, at IG Group subsidiary DailyFX, said that he doesn’t think 2022 will be a good year for Shiba Inu and Dogecoin. He added that only Elon Musk could save these meme coins by “pumping” them on Twitter.
“I'd be very surprised if Dogecoin and Shiba Inu have a good year unless someone like Elon Musk is pumping them on Twitter.”
The strategist is also bearish on Bitcoin, but it is going to be less affected by Cryptocurrency. He predicts that meme coins and altcoins are going to witness “deeper and deeper” losses.
Vecchio said that flagship Cryptocurrency is going through “a crisis of faith” along with the broader Crypto market after Bitcoin failed to reach the $100,000 target that many had predicted.
The trader also notes that on-chain transactions have dropped along with the number of active wallets.
Yesterday, Bitcoin ended 2021 at $46,439, recording its highest yearly close ever. Additionally, Bitcoin is also down 31.74% from its current record high.
Vecchio states that 2021 was “a banner year” for stimulus, but he believes that things will change this year.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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