Crypto Market to Get Ready for the Meme Coin Supercycle, Says Analyst

The surge in the crypto market continued today, October 19. The rise of meme coin prices boosted investors' sentiments and signaled fresh confidence

The crypto market continued trending upwards on October 19, with a 1.3% rise in the total crypto market cap to around $2.33 trillion. This surge was largely driven by meme coins, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the entire market higher. DOGE prices rose by about 8%, while SHIB prices increased by around 3%.

This strong performance by meme coins has been a key factor in the crypto market's bullishness in recent weeks. SHIB and DOGE continued higher and strongly outpaced the whole crypto market last week.

Moreover, a memecoin analyst is now highlighting some interesting observations that could further explain the strength in the meme coin market.

Crypto Market to Get Ready for the Meme Coin Supercycle, Says Analyst

Memecoins have seen a remarkable rally in recent months, outperforming the broader crypto market and attracting attention from both retail and institutional investors alike.

Now, memecoin analyst Murad Mahmudov has put forth an interesting theory he calls the “meme coin supercycle.” It explains how many factors come together to create extremely favorable market conditions for meme-focused cryptocurrencies to grow.

According to Mahmudov, several key indicators point towards a continuation of the meme coin rally. Firstly, there is a high level of interest in meme coins among both new and experienced crypto investors.

Secondly, these meme-coins are seeing a lot of social media attention and discussion, which is further boosting their visibility and appeal. Thirdly, the prices of meme coins are still relatively low compared to other crypto assets, leaving plenty of room for further growth.

Finally, Mahmudov highlights the role of Bitcoin (BTC) in leading the broader crypto market. This sensitivity indicates that the higher Bitcoin goes, the more parabolic the rise of meme coins might get. It's all due to increased market liquidity and the broader enthusiasm that generally characterizes Bitcoin's bull runs.

The interplay between Bitcoin’s trajectory and the appeal of meme coins could help fuel a cycle of rapid price appreciation.

Analyst Remains Bullish on MicroStrategy Despite Debt Ceiling Concerns

Benchmark analyst Mark Palmer remains optimistic about the near-term prospects for the MicroStrategy (NASDAQ:MSTR) stock price, which he thinks can go far higher. Palmer set a $245 per-share price target in his report. This represents a compelling premium compared to its current price of $206.

On the other hand, Palmer's bullish stance comes despite growing concerns that MSFT is already overvalued. It trades at a 2.3x premium to the net asset value of MicroStrategy's Bitcoin portfolio. As of September, MicroStrategy holds upwards of 250,000 BTC. At the time of writing, its holdings were valued at roughly $17,3 billion.

Election and Crypto Voting Bloc Among Reasons for Crypto Market Jump

The increased odds for Former President Donald Trump in the 2024 US presidential election have been highly influenced by large bets on betting markets. According to reports, one Polymarket user identified as “Fredi9999,” holds upwards of $20 million in pro-Trump bets.

As the election draws closer, apprehensions about possible manipulation in decentralized prediction markets increase, with large volumes of funds moving markets in certain directions.

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