A renowned trader who has gained a reputation for accurately predicting cryptocurrency trends has suddenly taken a bearish stance on memecoins. DonAlt, the pseudonymous analyst, has informed his 550,400 followers on the social media platform X that memecoin projects could potentially collapse. Expressing his personal conviction, he stated, “I believe it’s the end for memes. The rest of the market might recover, but I anticipate memes experiencing a massive rug pull. Good luck if your portfolio consists of the 10th iteration of a dog or a cat.”

DonAlt proceeded to highlight specific memecoins that are at risk. He cautioned that if Pepe (PEPE) fails to maintain support at the $0.00000998 level on the daily chart, it could plunge to a range low. He stated, “PEPE has had a decent breakout and is technically bullish as long as it holds. However, if it fails and falls back into the range, I’ll be shorting it with the goal of reaching range lows. I prefer WIF, but I might diversify my bets.”

Pepe is currently trading at $0.00001004, reflecting a 4.5% decrease in the last 24 hours. Additionally, DonAlt expressed concerns about memecoin dogwifhat (WIF), suggesting that it could plummet to the range low of $2.23 if it fails to convert the range high of $3.15 into support. He mentioned, “I’m actively looking to short the range high of WIF, targeting a position below the range low. However, my prediction will be proven wrong if the range is broken in a substantial manner.”

WIF is currently trading at $2.83, marking a 7.6% decline in the last 24 hours. DonAlt also outlined several reasons for his bearish stance on memecoins, including the abundance of existing memes and the continuous influx of new ones. He criticized the belief that buying into the GME-meme rotation narrative is a wise move and noted that the charts are not displaying positive signs overall. Furthermore, he pointed out that sentiment in the market is overwhelmingly bullish.

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