Crypto analyst Michaël van de Poppe is not a fan of meme coin Shiba Inu (SHIB), which has surged this week while most of the crypto markets cooled off.
The trader tells his 458,400 Twitter followers that he hopes SHIB fades away, and says it’s better to seek out other opportunities rather than falling prey to potential FOMO (fear of missing out).
Van de Poppe follows up his initial tweet by saying,
“Well, SHIB corrected down heavily by about 30-40% in a matter of hours. I hope you’ve not been buying last night, if you were feeling the FOMO to get in that coin.
There’s plenty of other massive opportunities.”
The analyst wraps up his thoughts on the SHIB rally by explaining his disappointment that attention has been taken away from other crypto projects involving decentralized finance (DeFi), decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs).
“I’m not sad I missed it. Got my own positions and gains.
However, I’m starting to hate the meme coins taking the spotlight away from the beautiful things being built in the markets through DeFi, DAO and NFTs. It’s just sad.”
SHIB went on an epic rally this past week, more than tripling in value to an all-time high of $0.00008616 yesterday, before correcting to its current price of $0.00007299.
Van de Poppe is also updating his ideal entry points for the leading cryptocurrency, Bitcoin (BTC).
“If you want to get into the markets, these are the chances that you want to go for [in the $57k range].
If you want to get into a position, I think the chances are literally on the horizon right now to get into those.”
The price of Bitcoin is currently $61,613, down 7.1% on the week but up 4% over the last 24 hours, according to CoinGecko.
Moving on to the second-largest crypto by market cap Ethereum (ETH), the trader indicates two key price levels for prospective buyers.
“These two levels [between $3,600 and $3,900] are clearly entry zones for yourself if you want to get into the markets.
If it gets below those zones, you clearly have an invalidation level beneath.”
ETH is valued at $4,205 at time of writing, up 5.8% on the day and just shy of its weekly high of $4,298, according to CoinGecko.
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Featured Image: Shutterstock/Tithi Luadthong