A seasoned trader known for his timely crypto calls is issuing a warning about memecoins as he suggests the sector may have reached its peak in popularity.
Pseudonymous trader The Flow Horse tells his Telegram channel that memecoins could soon disappear as another crypto sector rises.
“Let me emphasize this: Nothing in this market – or in life, for that matter – is permanent. Some things stay in the spotlight much longer than others, but the longer something stays in the spotlight, the more people forget that everything outside still exists. This neglected space, which seems dark and empty, is where the opportunities lie. And remember, nature abhors a vacuum. Memes are an incredible dynamic exchange, but let’s be clear: this is now an absolutely consensual exchange.
Meanwhile, the trader claims that real-world asset (RWA) project Ondo Finance (ONDO) could begin to attract interest from market participants looking for projects other than memecoins.
“Referring to my post on Twitter, I think ONDO could be a candidate. This is a very good place to see a resumption of control by buyers. Most alts who went higher painted similar structures. Ondo has seen most of the OI (open interest) derivatives come unstuck and the unlock schedule is quite friendly with $40,000 in daily supply. Every time consensus occurs, it triggers a boom elsewhere – because one part of the market is saturated and another part is under-allocated.
Looking at his chart, the trader suggests that ONDO prints a bullish inverse head and shoulders (I-HNS) pattern on the daily time frame.
Ondo is trading at $0.73 at the time of writing, flat for the day.
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