The cryptocurrency market remains in a holding pattern, and it's possible we might witness further downward movement in the weeks or months ahead. On the flip side, the uptrend that's been in play since November 2022 continues. Despite pullbacks and corrections, the cryptocurrency market, especially Bitcoin, is unmistakably on an upward trajectory.
If only we had a crystal ball to identify the winners of this ongoing bull market, that would be fantastic, but alas, it's an impossibility. No one can definitively say which coin will yield the highest returns during this bull market or what the best bet currently is.
Yesterday, @steemychicken1 mentioned the Sonik coin, which is undeniably a meme coin. SONIK, for me, triggers memories of the cartoon character from a friend's daughter. She's completely obsessed with Sonik, and her dad might just end up buying his first crypto in the form of this meme coin. Or maybe not...
There are investors in the crypto world who would sooner eat dirt than invest in any meme or shitcoin. However, the truth remains that shitcoins have the potential to generate substantial profits during a bull market. Just take a look at the price charts of DOGE, SHIB, FLOKI, and the like.
Even PEPE experienced a tremendous rally in the midst of a bear market, so we can't deny the profit potential of these joke coins. In the long run, 99.9% of them will fade into obscurity, so comparing them to Bitcoin, Ethereum, or Hive is an exercise in futility. This type of investment is not for the long haul.
You might purchase some SONIK, PEPE, or SHIB just in case they experience astounding rallies that can yield substantial profits. Still, putting all your funds into a shitcoin, especially if you plan to hold it for several years, is not something I would recommend.
Don't underestimate the potential these coins have. We are far from being able to declare that bull markets in crypto and the winners of such cycles are driven by fundamentals. That's not the case in crypto at all. Otherwise, projects like Hive should have sky-high valuations by now.
The cryptocurrency market remains in an immature state, despite the claims of some crypto enthusiasts. I cannot stress this enough. The reason I missed out on the DOGE pump in 2021 is that I sold my 588,000 coin stack at the end of 2019. Why did I do that?
At that time, I was paying too much attention to celebrities who were saying, both then and now, that crypto projects without strong fundamentals would not even reach their previous all-time highs. That was a terrible piece of advice. DOGE, during the 2021 bull market, increased by a staggering 350 times from its lowest point in 2018.
That's a 350-fold increase. If someone had invested $1,000 in tokens in 2019 and held until mid-2021, they would have made $350,000 from their investment. My stack was worth $1,200 when I sold it and reinvested in whatever other assets I thought would perform well in the upcoming bull market. I don't know if I bought the bottom or not, but if I had held until May 2021, my $1,200 investment would have grown to $420,000.
The crypto market isn't even mature enough to recognize that these four-year cycles revolve around Bitcoin's halving event. To make life-changing profits, one simply needs to buy crypto a year before the halving and sell about one to one and a half years after. It's that straightforward, but many refuse to acknowledge it and instead fall prey to the fear and distractions created by smart money, keeping so-called dumb money on the sidelines.
Big money prefers little money to enter the crypto market near the top so they can offload their holdings onto the small investors. They don't want us in crypto right now because now we're being offered incredibly good buying opportunities.
The crypto market is still highly immature, as evidenced by the numerous hacks and rug pulls that persist in the space. Therefore, we should not expect a full-fledged bull market driven by fundamentals anytime soon. I don't know what Sonik will do in the coming months and years, but I believe the era of meme and dog coins is far from over. By harnessing this, one can potentially accumulate more dollars or satoshis from one cycle to the next.
Remember the words of Elon Musk: "Sometimes the most entertaining outcome is the most likely."
Thanks for your attention,
Adrian
Posted Using LeoFinance Alpha
Nice 👏
;)
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Thanks
Not financial advice, but I've already doubled my money on BITCOIN (HarryPotterObamaSonic10Inu). How can you lose with a name like that?
Great word of advice 👏