March has been the month of meme coins, with meme coin craze leading to the launching of new coins throughout the month. These new meme coins grabbed the attention of investors and saw the green zone soon, but the meme craze was only for a certain period of time. What caused the sudden shift?
The Fall Of SOL-based Meme Coins
The season of rugpull is here, and the biggest rugpulls can be seen in the SOL chain. What is rugpull? Rugpull is a scenario in which a developer launches a new project, collects presale funds from interested traders and investors, and abandons the project just after the launch. Recently, maximum coins have experienced continuous rugpulls. This abandoning of projects leads to major losses for investors, thus breaking their trust in meme coins.
Coming to the SOL-based meme coins that faced rugpulls recently, the biggest of them are CondomSol and URF. As per news from Whale Insider on X, CondomSol had raised 4965 SOL coins, which were worth $906K, and the developer team vanished just before the coin’s launch.
A similar case happened with the URF meme coin as well. As per data, the URF team raised around 2400 SOL coins during the presale event, used the funds to trade other meme coins on SOL chain, and disappeared after the coin was launched. The back-to-back news of rugpull cases leading to major losses has put the meme market in a dilemma. Due to this, certain well-performing recently-launched meme coins on the SOL chain are also suffering.
Rise Of Altcoins
While meme coins are facing the wrath of rugpulls, investors and traders are looking for a more safer option in the altcoin market. Due to this, attention has shifted towards the altcoin market, which will positively affect their trading volumes in the coming days. On top of that, the Bitcoin halving event on April 19, 2024, is adding fuel to the fire, with investors trying to figure out which altcoin will benefit them the most.
Some altcoins, like Bitgert, are showing massive potential for the upcoming surge. Currently, i.e., on April 5, 2024, Bitgert is standing at $0.0000002, indicating a downfall of 7.11% in the past 24 hours. However, the downfall has not affected Bitgert’s trading volume much. As of now, the Bitgert trading volume is $1.93 Million, with a slight dip of 3.41%.
However, looking into Bitgert’s past 6 months data, the Bitgert charts have been showing good resistance. On top of that, Bitgert has the capability to survive in the bearish conditions and rise beyond imagination in the bullish period. As per the current market scenarios and upcoming events, Bitgert will be one of the altcoins who will benefit the most in the upcoming days.
Final Words
The fall of meme crypto market will be the major factor for altcoins’ upcoming surge. But, how will they perform? Will they be able to handle the investors’ attention or crumble again with BTC? The answers to these questions can only be answered in the upcoming days. But, for now, altcoins’ are deemed to be much safer than meme coins. However, it is better to always understand the volatility of the coins and their performance before making any investment decision.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
