Top trader issues warning about memecoins, says trading idea is already ‘consensus’ and becoming saturated

A veteran dealer recognized for his well timed crypto calls is warning towards memecoins as he suggests the sector might have reached a peak in recognition.

Pseudonymous dealer The Stream Horse tells his Telegram channel that memecoins might quickly disappear as one other crypto sector emerges.

“Let me emphasize this: nothing on this market – or in life for that matter – is everlasting. Some issues keep within the highlight for much longer than others, however the longer one thing stays within the highlight, the extra folks overlook that every thing outdoors of it nonetheless exists. That neglected area, that appears darkish and empty, is the place alternative lies. And bear in mind: nature abhors a vacuum. Memes are an incredible momentum commerce, however let’s be clear: they’re completely a consensus commerce now.”

In the meantime, the dealer says the real-world asset (RWA) challenge Ondo Finance (ONDO) might entice curiosity from market contributors on the lookout for initiatives aside from memecoins.

“Referring to my Twitter message, I believe ONDO could also be a candidate. This can be a actually good place to see patrons taking again management. Most alts who’ve handed increased have painted comparable buildings. Ondo has seen a lot of the OI (open curiosity) from derivatives disappear and the unlock schedule is sort of pleasant, with a each day provide of $40,000 per day. Each time consensus emerges, there’s a increase some other place – as one a part of the market turns into saturated and one other half stays underserved.”

Taking a look at his chart, the dealer means that ONDO is printing a bullish inverse head-and-shoulders sample (I-HNS) on the each day time-frame.

Ondo is buying and selling at $0.73 on the time of writing, flat on the day.

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