Closely followed crypto analyst Ben Armstrong, nicknamed Bitboy, has suggested that all non-DOGE meme coins will return to zero. Elsewhere, crypto analyst Altcoin Sherpa expects drastic drops in recently trending SUI, PEPE, and ARB.
Bitboy says DOGE will be the only surviving meme coin
In a recent tweet, Armstrong compared investing in meme coins to a game of ‘kartoshka’. In this game, an object moves around in the hands of the players until the music is over, and the last player is eliminated. For this reason, Armstrong advises his followers to ‘take profits as often as possible’ from their meme coin investments.
The popular analyst previously informed his Twitter followers that he has transferred some of his profits from GENSLR and POOH to DINO. According to himself, this was the first time he had taken such a high-risk, speculative cryptocurrency position. In his most recent statements, he likened investing in the meme coin to a game where the last one is eliminated.
Don’t forget guys all meme coins will eventually go to zero except maybe $DOGE
It’s a game of hot potato. Take those profits
— Ben Armstrong (@Bitboy_Crypto) May 7, 2023
Bitboy’s meme coin investments
Good Gensler (GENSLR)
Among the meme coins Armstrong invested in, GENSLR rallied over 200% between May 6-7. Within 24 hours, the GENSLR price rose from $0.00000005306 to the ATH level of $0.00000003588. It continues its momentum at the time of writing. It is trading in the $0.00000002882 region, where it is up over 140% on the day.
Pooh (POOH)
POOH rose from $0.00000001341 on May 5 to $0.0000001954 on May 6, 2023. Thus, it set a new ATH level. After reaching the new ATH, it has gained over 96% in the last 24 hours. It is trading at $0.0000001288 at the time of writing.
Altcoin Sherpa expects drastic drop in these 3 altcoins
Another popular crypto analyst predicted a sharp correction in SUI, PEPE and ARB prices. According to Sherpa, Bitcoin, which has strengthened recently, will significantly shrink the market share of these altcoins.
The crypto analyst warns that the SUI price will drop to $1.29-1.27. If BTC rises even more, it could slide back to the $1.24 region as a result.
$SUI: Expecting range lows to come eventually around 1.29 but it's going way lower if bitcoin shits the bed IMO. Still, it looks like somewhat accumulation phase as long as btc is stable. pic.twitter.com/XBtu95uqkJ
— Altcoin Sherpa (@AltcoinSherpa) May 5, 2023
Crypto analyst writes about PEPE Coin: “Don’t buy PEPE here unless you’re scalping and you’re definitely not shorting (yet). The market can remain irrational longer than you can stay solvent.
I do think that PEPE will remain and not be like some of the other shitcoins like safemoon/BONK/many others. The reason is that this one is very recognizable and just a very easy meme. Now, will it be as strong as some of these others that have gone off in the past like SHIB? idk
— Altcoin Sherpa (@AltcoinSherpa) May 5, 2023
Sherpa finally took a look at the ARB chart. He mentioned that Arbitrum could decline to the $1.15-1.20 region. In his analysis, he said, “I haven’t paid that much attention to it lately, but I wouldn’t be surprised if it drops and goes back to the $1.15-1.20 region. It’s still a great Blockchain, but the new flavor of the month (SUI) + memecoin craze (PEPE) draws liquidity from ‘regular’ cryptocurrencies.
The crypto analyst speculates that recent rallies like SUI and PEPE have eclipsed the ARB.
$ARB: Havent paid as much attention to this one lately but I wouldn't be surprised if it falls through and goes to the $1.15-$1.20 area again. This is still a great chain but new flavor of the month (SUI) + memecoin madness (PEPE) are sucking liquidity out of 'normal' coins. pic.twitter.com/LNoUE93QQD
— Altcoin Sherpa (@AltcoinSherpa) May 5, 2023
cryptocoin.com We have included Sherpa’s detailed SUI, PEPE and ARB technical analysis in this article. Among the highlights of the day was the Ethereum Foundation’s $30 million ETH sale.
