As a researcher with a background in finance and experience in the cryptocurrency market, I find Murad Mahmudov’s perspective on XRP and Cardano (ADA) intriguing. His assertion that these two altcoins are “cult meme coins” may be a controversial take, but it is not without merit given their performance during the recent bull run and subsequent crash.
In a recent social media update, ex-Goldman Sachs analyst Murad Mahmudov criticized Ripple‘s XRP and Cardano (ADA) as “cult meme coins” in his perspective. He expressed this viewpoint in a tweet stating, “We’ve reached the stage where people are beginning to understand that XRP and ADA were merely cult meme coins all along.”
Last week, the analyst offered guidance for individuals considering entering the rapidly growing meme coin market. He recommended concentrating on projects with a market value between $5 million and $200 million.
During this cryptocurrency market cycle, it is forecasted by the Princeton alumnus that altcoins will surpass the performance of all other sectors in the cryptocurrency realm.
He doesn’t anticipate a significant altcoin rally because the savings of American households have largely disappeared.
During the exhilarating cryptocurrency market surge in 2017, XRP experienced significant growth and skyrocketed in value, making Ripple’s founders exceptionally wealthy. However, since reaching an all-time high in January 2018, XRP has plummeted approximately 87%, remaining stagnant despite gaining some regulatory clarity last year. Similar circumstances apply to Cardano (ADA). This digital currency saw impressive price increases during the previous bullish trend but is now down by around 87.8% from its record high, which was set in September 2021.
As a crypto investor looking back at the events of early 2020, I recall Mahmudov’s significant influence in the industry through his leadership role at Adaptive Capital, a prominent hedge fund. Unfortunately, we endured a devastating crypto market crash in March that year, which ultimately led to Adaptive Capital’s unfortunate closure.
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2024-07-04 18:22