Meme Coins Are Gaining Traction and Whales Are Likely to Push the Assets Further as the Market Cap Hits a New All-Time High

This article is about meme coins gaining traction and whales are likely to push the assets further as the market cap hits a new all-time high.

Meme coins have been gaining traction recently and whales are likely to push the assets further as the market cap hits a new all-time high.

According to the market intelligence platform Santiment, leading meme coins show signs of “mini breakouts.” These assets see notable spikes in their social activity over the last eight days.

Large meme coin holders would likely push the prices to create FOMO (fear of missing out) among retail investors to take profits potentially, per the Santiment X post.

Several crypto assets are showing mini-breakout activity with increased social activity over the past week.

🟨 Some of the assets that have seen a spike in chatter include:

– Balancer (BAL)

– Chainlink (LINK)

– Grant (GRNT)

– Klay Token (KLAY)

– Litestream (LIT)

– OlympusDAO (OHM)

– Pepe (PEPE)

– RNDR

– StepN (GMT)

– Unbanked (BANK)

🟨 These assets could be primed for volatility with FOMO setting in on several small-cap tokens. Several tokens saw triple-digit gains this week.

🟨 Greed in the markets often leads to the potential for a selloff. At this point in the market cycle, meme coins are likely to see large price fluctuations.

🟨 While this is less likely with blue-chip tokens, they’re still highly vulnerable to social trends, FOMO and FUD. pic.twitter.com/41Z3z4uM4x

— Santiment (@SantimentAlert) July 15, 2023

The problem with greedy market conditions is that there is usually a high chance of a selloff by whales. At this point, meme coins are likely to see high price fluctuations.

This is less likely with blue-chip tokens as they’re still highly vulnerable to social trends, FOMO and FUD (fear, uncertainty and doubt).

Meme coin market cap at new ATH

Thanks to the recent upward momentum, the total meme coin market cap reached an ATH of $134 billion earlier today, according to data from CoinMarketCap.

According to the market intelligence platform Santiment, leading meme coins show signs of 'mini-breakouts' with increased social activity over the last eight days.

These assets could be primed for volatility with FOMO setting in on several small-cap tokens. Several tokens saw triple-digit gains this week.

Greed in the markets often leads to the potential for a selloff by whales at this point in the market cycle. Meme coins are likely to see large price fluctuations.

This is less likely with blue-chip tokens as they’re still highly vulnerable to social trends, FOMO and FUD.