The future viability of cryptocurrencies XRP and Cardano (ADA) has been questioned recently. Former Goldman Sachs analyst Murad Mahmudov made comments that sparked debates about the future viability of altcoins XRP and ADA.

In a specific view shared in a recent post, the cryptocurrency expert’s comments cast doubt on some doubts regarding the long-term sustainability of XRP and Cardano, suggesting that both cryptocurrencies may lack essential robustness.

At the time, Mahmudov called XRP and ADA “cult meme coins.” The analyst’s comment suggests a valuation that relies more on sentiment in the crypto community than on a substantial underlying value.

In his post, the former Goldman Sachs analyst stated: “This is the cycle where people are finally realizing that XRP and ADA were nothing more than Cult Memecoins all along,” he wrote.

The analyst’s comment comes amid a broader market downturn, with XRP and Cardano both falling more than 6% in the past seven days alone.

Analyst highlights start of meme cryptocurrency cycle

Memecoins have been shining over the weekend amid the recent recovery in the broader cryptocurrency market. While Bitcoin (BTC) is trying to stabilize above the $57,000 level, memecoins have been standing out in the market for their developments, catching the attention of investors.

2024 is set to see growth in the memecoin market, including the Solana ecosystem tokens, one of the rising stars. Amid the recent developments in the industry, one cryptocurrency expert has highlighted his prediction that a memecoin cycle is beginning.

Former Goldman Sachs analyst Murad Mahmudov recently shared his bullish outlook on the memecoin market. In an analysis on social media platform X, the cryptocurrency expert highlighted that the industry will go through another meme coin cycle.

“Price performance of Majors and Memes since $BTC peakbottom yesterday. Yeah, I’m thinking this is going to be a Memecoin Cycle,” the expert wrote in a shared post on July 6. It’s worth noting that Mahmudov has previously suggested that digital asset investors focus exclusively on meme cryptocurrencies.

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/viabilidade-futura-de-xrp-e-cardano-ada-questionada-entenda/



Leave a Reply