Historically, the month of October is considered bullish for cryptocurrencies and this 2024 seems to be no exception. Strong Cryptocurrency returns suggest the rally could extend for several weeks. This would also translate into a big jump for the so-called memecoins.
The nicknamed Uptober (bullish October) would cause a new wave of optimism among investors. Since 2013, the price of BTC has only been bullish on two occasions (2014 and 2018). Thus, a positive performance of BTC would also cause a good moment in the meme coin sector.
One of the protagonists of the crypto world, the founder of BitMEX, Arthur Hayes, is one of those who is convinced of the new really meme. During the last week, the businessman kept buying meme coins in large quantities, especially from the Solana network. The latter, despite the fact that its largest possession is the Ethereum memecoin, PEPE.
On his social networks, Hayes asks the community to recommend memecoins that they consider will have great performance in October. He affirms that he will have a large portfolio of memecoins ready to wait for the great leap in the sector that would occur in the short term.
Memecoins maintain their dominance in the last week. Source: Artemis
The behavior of memecoins in September
During the last few days, the meme coin sector has achieved outstanding performance. The market capitalization, although not equal to that of the fever era, already exceeds $52 billion dollars. Tokens such as WIF, SHIB, PEPE and BONK maintain a performance of more than 30% in a week.
Although some of these tokens are now in the process of correction, it is most likely that they will soon return to the bullish path. To get an idea of the momentum of this sector, it is enough to say that they are the best performing in the entire crypto universe.
According to data from Artemis, within a week they comfortably dominate the crypto spectrum with +27.4% overall performance. In second place, with a notable distance, is the AI token sector with just over +20%. Within a month, the latter dominate memecoins, but that will likely change in October.
Hayes claims on social media that he owns a wide variety of fish, dog and other tokens. In his opinion, the entire sector will enter a large bullish streak. After a season of calm, memecoins are now preparing for a jump again, or at least that’s what some investors like Hayes think.
It should not be lost sight of that these tokens are highly volatile, which could cause total capital losses. The recommendation is to be cautious and investigate carefully before investing.
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