Traders are getting rich from meme coins despite the current bearish market – someone just turned $18K into $263K in three days.
The wallet invested in a new Solana-based meme coin called Shitcoin, which quickly generated a life-changing stack of cash.
Dude bought $SHIT for 18K and is now holding 263K pic.twitter.com/xjBmU93Tad
— Kevin | Solana keeper (@1Kevin_Solana) September 3, 2024
Meanwhile, an emerging meme coin called Shiba Shootout is being tipped to explode next by analysts after its ICO passed the $1m mark.
Shitcoin, other meme coins, explode on bullish market outlook
Smart money traders are not fazed by crypto’s fearful market sentiment – they’re cashing in on new meme coins like Shitcoin.
Shitcoin just launched on the market after an impressive presale where it raised $1.5 million.
It hit the ground running, trending on CoinMarketCap and seeing a continuous steady uptrend.
At the highs, it reached a whopping 3,000% gain. It has sold off slightly since then but remains above a robust support level at $0.007744.
But Shitcoin is not the only meme coin making waves.
Although the crypto market has faced a headwind in recent months, experts believe we are still in a bull run – which is why many top traders continue seeking 10-100x potential meme coin gems.
The crypto market’s bullish outlook has been helped in no small way by looming interest rate cuts in the United States, with the market now anticipating a .5 basis point cut in September.
A bigger rate cut means money becomes cheaper to borrow, which will boost global liquidity and benefit risk-on assets like cryptocurrencies.
A 50BP RATE CUT IN SEPTEMBER IS LIKELY: CITI
— *Walter Bloomberg (@DeItaone) September 4, 2024
"The labor market is looser than it was pre-pandemic and continues to loosen further, according to the July JOLTS report. Job openings fell from 8184k in June (now revised down) to
a below-consensus 7673k in July. The ratio of…
At the same time, the U.S. presidential elections are heating up. Users of the esteemed predictions market Polymarket are betting on Donald Trump to win.
A Trump victory would undoubtedly be bullish for crypto. The former president has openly expressed his aptitude for the industry, even saying he believes it might solve the United States’ $35 billion debt problem.
Factoring in the impending interest rate cuts, everything is falling into a meme coin season continuation.
Is Shiba Shootout the Next Meme Coin to 100X?
Shitcoin has no utility – yet it managed to explode 3,000% and provided absurd gains to early investors.
Therefore, it makes sense why analysts are bullish on Shiba Shootout, a presale project that places utility in high order.
It has raised over $1 million so far, catching up to the $1.5 million raised by Shitcoin.
While riding the viral wave of Shiba Inu-focused hype, Shiba Shootout adopts a Wild West theme to draw attention in the meme coin sector.
It also stands out from other meme coins with its cowboy-themed utilities. Top of that list is Shiba Sharpshooter, an addictive game where timing, aim, and keeping a cool head are key.
The game incorporates Play-to-Earn dynamics, allowing users to earn free $SHIBASHOOT tokens. But that’s not the only way.
Users can also compound their $SHIBASHOOT tokens in the project’s native staking protocol – Cactus Staking.
Moreover, $SHIBASHOOT has utilities like governance, and a lottery and will be used for rewards in the project’s community storytelling sessions.
With that, prominent industry experts like Michael Wrubel are confident it can deliver 100x returns.
Wrubel also suggests it could be the “next Shiba Inu.”
Underpinned by a robust ecosystem, it’s no surprise that analysts are calling for 100x gains on Shiba Shootout.
Other meme coins have seen far bigger returns with less utility in euphoric phases.