A well-regarded cryptocurrency market analyst, known for accurately predicting the market’s bottom in 2022, has recently raised concerns about meme coins. This has alarmed many investors.

Analyst’s View on Meme Cryptocurrencies

DonAlt, an analyst, has issued stern warnings on the social media platform X about the potential for meme coin projects to collapse abruptly. For the latest updates on finance and business, visit COINTURK FINANCE.

"I firmly believe that meme coins are finished. The rest of the market might recover, but I foresee meme coins experiencing a massive rug pull. If your investment portfolio includes any of these repetitive dog or cat coins, I wish you luck."

He specifically mentioned Pepe (PEPE), warning that it could fall to a lower price range if it fails to maintain the $0.00000998 support level on the daily chart.

"PEPE: A good breakout, technically bullish as long as it holds. If it fails and returns to the range, I will short targeting the range lows. I prefer WIF but might spread my bets."

Currently, Pepe is trading at $0.000010016, showing a 0.5% increase over the past 24 hours. Its market cap has reached $4.2 billion, with a 0.46% increase. However, its 24-hour trading volume has dropped by 36% to $1 billion.

Regarding dogwifhat (WIF), the analyst warned that if it does not turn the $3.15 level into support, it could drop to the $2.23 range.

"WIF: Actively wants to short the high range. Target a place below the low range. If the range breaks properly, it’s wrong."

WIF is currently trading at $2.83, showing a 1.24% drop over the past 24 hours. Its 24-hour trading volume has decreased to $526 million.

Reasons for the Analyst's Negative Outlook on Meme Coins

The analyst shared several reasons for his bearish stance on meme coins:

- There are already countless meme coins.

- Thousands more are launched every day.

- Many people believe in the GME-meme rotation narrative, which the analyst thinks is foolish.

- The charts typically do not look promising.

- Market sentiment has largely shifted to a bullish outlook.

In conclusion, the analyst’s warnings serve as a caution for investors considering meme coins. While the broader market may recover, meme coins could face significant declines. Investors should be wary and consider these risks when managing their portfolios.