Not PEPE or Shiba Inu, but these meme coins are the ‘Black Hole of all on-chain liquidity’
- Analysts have named BITCOIN, SPX and JOE as the trifecta pulling in all the liquidity.
- The recent Bitcoin rally pushed these altcoins up from 10% to 78% in the past three days.
- The popularity of memes during the bear market has led to the emergence of such tokens that hold no intrinsic value.
Dogecoin and Shiba Inu pioneered the meme coin market, and PEPE, the frog meme cryptocurrency, popularized it. But the higher they rise, the harder they fall. These tokens do not stick around in the trending list for long but manage to squeeze in enough money from investors to make themselves credible enough to prevent being called scams.
New meme coins in the market
While PEPE had its fun in Q2 this year, it lost steam soon after. Now, according to an analyst on X, formerly Twitter, three new meme tokens hold the potential to squeeze liquidity from the market – BITCOIN, SPX and JOE.
The names of these tokens are as ridiculous as their fundamentals too – HarryPotterObamaSonic10Inu (BITCOIN), SPX6900 (SPX) and JOE (JOE) – making them a definite prospect for being a dangerous investment. The analyst named the trifecta the “black hole of all on-chain liquidity”. In many ways, he could be right.
The Trifeca
— BIG DICK BULL (BDB) (@BigDickBull69) October 17, 2023
The Black Hole of All On Chain Liquidity
$BITCOIN$SPX$JOE
Send them all Infinitely Higher.
In the last 72 hours since Bitcoin price rallied, these tokens managed to not just rise but truly make a dent in their own ways. BITCOIN, at the time of writing, was up by 78%, trading at $0.152; SPX noted a 51.4% rally, bringing the trading price to $0.027; JOE, however, surprisingly only rose by 10.5%, changing hands at $0.256.
The trifecta price action
Needless to say, their past price movement confirms that these rallies are nothing but traders feeding on the rise of major cryptocurrencies, as well as the meme community shilling them for the heck of it.
Why meme coins have become popular
Up until 2022, Dogecoin and Shiba Inu held the mantle of meme coins and were ridiculed for their fundamentals. However, today, these two tokens remain the only ones on the list of meme coins that actually have any intrinsic value. However, the recent bear market gave the other worthless meme coins an opportunity to rise since they were supported by the community.
As people feared losing money on the major cryptocurrencies, owing to the bearish conditions, they kept away from hyping them. But there was no loss in hyping scum coins of little to no value. Hence, the likes of PEPE made a success of itself even when the market was silent, and even to date, tokens such as BITCOIN are rallying by 78%.
Unlike stock markets, there is no dedicated watchdog for the crypto market, so scum coins will keep making appearances and then disappear soon after. The best an honest investor can do is conduct their due diligence and make moves accordingly.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
