Altcoins

Brian Armstrong Calls Memecoins ‘Canary in the Coal Mine,’ Predicts Tokenization of Identity, Songs, Votes and More

Published

5 days ago

February 24, 2025

Coinbase CEO Brian Armstrong says that memecoins are the canary in the coal mine, foreshadowing a broader trend of the tokenization of culture.

In a new interview with CNBC, Armstrong says he expects memecoins to eventually lead to the tokenization of identities, votes and art.

“Memecoins in the broadest sense, I think we should find a way for artists to get paid. Anyone should be able to put artwork and get paid for it. I do think memecoins are a canary in the coal mine, that more and more of the world is going to get tokenized and put on-chain.

Every asset class, every vote, every identity, every song, every Instagram post, whatever – in the future I think more and more of these things are going to tokenized. Now, we also need to make sure people are following the law and not doing pump-and-dump schemes or insider trading, and there probably has been a little bit of that in the memecoin space which is not helping anybody.

In every crypto cycle, there seems to be people who rush in and they forget these lessons of the past, but insider trading should obviously be prosecuted and people should avoid doing that unless they want to go to prison.”

However, Armstrong admits that recent controversies surrounding memecoins – including Argentinian President Javier Milei’s LIBRA promotion – haven’t been a great look for the industry. But, he says that there is still a positive underlying path forward for digital assets.

“I do think we’re in the early stages of this industry so it’s the Wild West a little bit with memecoins right now. There’s good that comes with that which is a lot of innovation is happening.

There’s some bad happening as well from what I understand, it sounds like President Milei accidentally shared that information without actually understanding exactly what he was sharing if you believe his comments.

My hope is that this gets cleaned up and people continue to think long-term about how are we going to create real value for the billions of people in the world who need an updated financial system.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

The Altcoins Resisting Bitcoin’s Price Downturn Could Lead the Next Rally, Says Analyst – Here Are His Top Picks

Published

6 hours ago

March 1, 2025

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A popular crypto strategist says that the altcoins currently showing market strength despite Bitcoin’s (BTC) downturn may spearhead the next digital asset rally.

Pseudonymous analyst Credible Crypto tells his 463,000 followers on the social media platform X that payment tokens Litecoin (LTC) and XRP may soon be top market performers as they hold key support levels above recent low prices despite Bitcoin’s price collapse this week.

“At this time, for the the first time in a while, select alts are holding their own against prior lows while BTC has nuked below its own relative range lows. Look for those alts that have held their relative lows on this drop; they may be the ones to lead the next rally. Great examples at the moment are LTC and XRP (you seeing a theme here?).”

LTC is trading for $127 at time of writing, up marginally in the last 24 hours. Meanwhile, XRP is trading for $2.15 at time of writing, down 1.6% on the day.

The analyst also says that Bitcoin may trade sideways in the coming days before a breakout.

“BTC tagged $79,000 and we are now seeing some relief. Only two levels that really matter from my perspective at the moment: local supply at $94,000-$99,000 and high timeframe demand just under $74,000. I suspect we form a base between these two levels over the coming days before a full-on reversal.”

Bitcoin is trading for $85,070, up fractionally in the last 24 hours.

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Altcoins

2017–2021 Altcoin Run Likely Never Happening Again, According to Veteran Trader – Here’s Why

Published

3 days ago

February 27, 2025

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A popular market analyst known for his timely crypto calls says that the astronomical altcoin gains of the last cycle are probably never going to happen again.

Pseudonymous trader Pentoshi tells his 858,600 followers on the social media platform X that altcoins now have less potential to print the same level of gains seen in 2017-2021 because the market has significantly expanded and the total market cap started at a much higher level this cycle.

“Well some updated thoughts. I think for alts, we will never see a run like 2017-2021 again. But I also said that previous to this run. The space is just way too big now, with hundreds of millions of people, whereas there, we really did start at 0 for DeFi (decentralized finance) and in 2017 all alts combined were $13 billion. We just started at such a high floor.”

He also says that the robotics and artificial intelligence (AI) sector may start dominating investor interest at the expense of alts.

“I also believe the next bubble won’t even be in crypto. It’s likely going to be in robotics/AI. 50% of the global GDP is labor, a $50 trillion annual market… These fields are moving at lightning speed and likely to have the most allocations. Of course, there will be big opportunities here, a lot of that will end up back in utility too. Memecoins I think are too extractive, and while people call utility a meme, they have stood the test of time.”

However, the veteran trader says there still remains the potential this cycle for the total crypto market cap to surge to around $4.4 trillion. The total crypto market cap is $2.97 trillion at time of writing, down 8.9% in the last 24 hours.

“It’s just a maturing market, and for most of us. We got in pretty damn early and got to capture immense upside. It just isn’t realistic to expect the cycles of the past because eventually returns would be smoothed out. It couldn’t last forever. It takes far more now to move the capital than before.

I never expected anything wild this cycle, my expectations for alts were maybe 2x the previous highs and for total [crypto market cap] to reach $4.4 trillion or so, which was a pretty conservative estimate. We may still even get there yet. But I think we need to set realistic expectations for alts in general and the market.”

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Altcoins

Crypto Bear Market Callers Are Misguided, According to Investor Chris Burniske – Here’s Why

Published

4 days ago

February 25, 2025

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Venture capitalist Chris Burniske says that the current dip in digital assets is typical of any bull market cycle.

In a post on the social media platform X, Burniske, the former head of crypto at Cathie Wood’s ARK Invest and current partner at Placeholder, points out other corrections in the 2021 bull market cycle that ultimately preceded new highs.

“In the middle of 2021:

BTC drew down 56%
ETH drew down 61%
SOL drew down 67%
Many others 70-80%+

You can come up with all the reasons for why this cycle is different, but the mid-bull reset we’re going through isn’t unprecedented. Those calling for a full-blown bear are misguided.”

At time of writing, Bitcoin (BTC) is down 20% from its all-time high, Ethereum (ETH) is down 50% from its all-time high while Solana (SOL) is down 51%.

Earlier this month, Burniske said that BTC’s lackluster price performance looked like a “mid-cycle top” reminiscent of April, May, June of 2021, when “many said it was over, top-callers gloated, and then we ripped in 2H ’21.”

Former Goldman Sachs executive and current Real Vision CEO Raoul Pal echoes Burniske’s sentiments. Pal, who has been vocally bullish on crypto, also believes the current correction is a speed bump on the way to new highs.

“You guys all need to learn patience…

This was 2017. Very similar macro structure:

5 x 28%+ pullbacks in BTC
Most lasted 2 to 3 months before a new high
Alts saw 65% corrections.
All were noise.

Go do something else more constructive than stare at the screen.”

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