David Gokhshtein, a former US politician, thinks that meme coins will start the next bull run, led by SHIB and DOGE.
DOGE and meme coins could lead new investors to the cryptocurrency market
David Gokhshtein thinks meme coins like SHIB and DOGE may eventually attract new individual investors to the market. The former US politician said in a new tweet that it was due to risk appetite:
No matter how much I indulge in meme tokens, they will ultimately drive new individual investors into the crypto market. At first glance, the norms are usually summed up in Bitcoin or ETH price. They also want to enter the “next” Bitcoin psychologically.
As much as I bitch about meme tokens, they’ll ultimate lead new retail buyers into the #crypto industry.
At first glance, normies usually bulk at the price of #Bitcoin or $ETH.
Psychology, they want to get into the “next” #Bitcoin as well.
— David Gokhshtein (@davidgokhshtein) October 17, 2022
The cryptocurrency market has melted $2 trillion in market cap since the 2021 bull. In the current “crypto winter”, various altcoins have also lost value as Bitcoin has dropped more than 71.51% from its record level. The cryptocurrency market is currently valued at $936 billion. That’s slightly more than the $830 billion it reached in early 2018 before the start of the previous winter.
Meme coins are the lowest value cryptocurrencies in the market due to their high supply. Based on this, Gokhstein says, meme tokens like SHIB and DOGE will attract new investors. He also notes that cryptocurrency “norms” or newcomers often complain about the costs of Bitcoin and Ethereum, preferring to invest in “next” single-member cryptocurrencies instead.
Meme coins promise greater earning potential
Bitcoin and Ethereum still have high prices despite being significantly lower than ATH levels. On the other hand, the majority of meme coins are trading under a cent. To recall, the Shiba Inu price was initially trading at just $0.00001. Investors looking for the next meme coin after Dogecoin’s signature rally triggered a similar price spike on the Shiba Inu. As a result, the SHIB price has delivered a massive 1,000% return in just 4 months.
Meanwhile, Gokhshtein recently said that he regrets not investing in SHIB sooner. The crypto phenomenon also continues to fill his wallet as he waits for Dogecoin’s parabolic rise. Gokhshtein recently tweeted that he is bullish on both XRP and Bitcoin.
26947
