Two low-cap memecoins are primed to surge higher amid low market sentiment, according to a popular crypto analyst.
The pseudonymous analyst known as Pentoshi tells his 846,600 followers on the social media platform X that he’s bullish on PENGU, the utility token for the non-fungible token (NFT) project Pudgy Penguins, as well as the memecoin Fwog (FWOG).
PENGU is trading at $0.0244 at time of writing. The 88th-ranked crypto asset by market cap is up nearly 4% in the past 24 hours.
FWOG is trading at $0.187 at time of writing. The 380th-ranked crypto asset by market cap is down nearly 5% in the past day.
Pentoshi also notes that crypto market sentiment is currently “extremely low.”
“Here are the charts for the market and alts. What happened? Over-trading is likely a big one, getting chopped on low time frames and not respecting trends or larger ranges.
Trading good coins/assets for bad ones, trying to make it overnight, taking too large of risk on low percentage plays, and obviously returns this cycle will diminish bigly in alts as this cycle will be the smallest by far in terms of percentage returns when it’s all said and done for a number of reasons we’ve already discussed.
But if you look at the market as a whole, the sentiment and charts don’t align currently.”
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