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I think’s just a waiting game right now until $MONK sees some strong reversals. The vast majority of the memecoin market is down, with $MONK being one of the big names that saw a heavy sell-off over the last few months. Having hit $30 million market cap in May, you can now pick up $MONK at a market cap of $1.7 million. $MONK has ALWAYS been volatile. One of the most volatile of the big names that was launched all the way back in December 2023, around the same time as $WIF. When you actually consider the ‘chart’ on a long-term basis, it is potentially forming a very bullish pattern given its similar volatile fashion during the early months following launch. I’ve been following $MONK since the end of last year, and I notice the declines on the valuation of the coin are very slow and sluggish, while the spikes are pretty damn violent. When this thing rips, it rips. Twitter member metaversejoji even tweeted to his 200k followers in late July that he is eagerly awaiting a strong recovery in $MONK, having held it the most only second to $WIF, which went onto reach a market cap peak of $4.85 billion. If you’re thinking purchase liquidity is low in the memecoin space, $NEIRO is literally up by +125% in the last 24 hours, sitting at $6.3 million. We never know exactly when certain coins will spike. Even after falling over 90% from May levels, it is still holding at a market cap of $1,700,000 (and five weeks ago at $8,000,000). I wrote the figure out in full, because that’s a lot of money, and it shouldn’t be sniffed at as a potential floor going into Q4 2024 and 2025, which will see a lot of new chapters in the crypto space in my opinion. In fact, $MONK has been heavily attractive for memecoin whales, and it’s clearly one that many traders are familiar with. The market knows $MONK is not a scam and can facilitate majors trading volumes during bullish seasons, compared to other newly launched coins that quickly collapse. Some of the single trades have amounted to over $70,000. You can check a number of the high-stake buys below in the green column. The admins have not stopped promoting $MONK since the launch. Literally every single day there is new content being launched across social media. You can track the telegram to see on t.me/monkeyhaircut. A single tweet alone below amassed over 450,000 views. No one on the team appears to be stopping and that’s one of the most bullish signs for me. Now with rate cuts coming in the next few weeks and with borrowing becoming cheaper, the sentiment should see a nice shift towards more speculative assets. I actually think the reason markets slumped is because the rate cuts have kept on being delayed this year. submitted by /u/ecoshares |
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