Benzinga - Vapor, a widely followed crypto trader, expressed bullish views on established meme coins, forecasting a shift in market sentiment away from venture capitalist-backed tokens.
What Happened: Vapor criticized the token distribution methods of recent projects like EigenLayer, suggesting that such ventures are exploiting end users. He also pointed out a growing weariness in the market towards such schemes, which he believes have become more efficient at benefiting founders and investors since 2021, at the expense of the end user.
Adding on $WIF and buying some $PEPE hereI think the durable narrative of this cycle will be an increasing hate of VCs' low float high FDV scams and token unlocks/emissions of "serious" coins with a flight to established meme coins as a revolt
EigenLayer ann yesterday…
— vapor (@trading_vapor) April 30, 2024
He further expressed his intention to increase his holdings in Dogwifhat (CRYPTO: WIF) and Pepe (CRYPTO: PEPE), two well-known meme coins. He states, "I believe both WIF and PEPE will be north of $10 billion by summer and be the top performers among large caps."
Also Read: Pepe Up 42% On The Week: ‘Don’t Buy Dogs, Cats…Buy Real Memes’ Says Crypto Trader
Why It Matters: Vapor’s tweet reflects a broader sentiment within the crypto community, where many are growing frustrated with the perceived exploitation by venture capitalists and project founders. He predicts a "memecoin supercycle," where established meme coins will become a "black hole" attracting both mass retail and crypto natives.
If his prediction materializes, it could signal a significant shift in the crypto market, with meme coins gaining more legitimacy and market share. However, as with all market predictions, only time will tell if Vapor’s forecast comes to fruition.
IntoTheBlock data highlights an expansion of 9.9% in Pepe’s total active addresses to 3,250 while hodlers balance has also surged by 2.6% to $233.96 million. Transactions greater than $100,000 have widened to 308 transactions as of May 1 from 266 transactions as of April 20.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Biden-Inspired ‘Jeo Boden,’ Dogwifhat And Other Memecoins ‘Are Aiming For New Highs,’ Says Crypto Analyst
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