Morgan Stanley Suggests New Opportunities in Uniswap Coins as Bitcoin Price Plateaus, Traders Seek Next Memetic Tokens like Dogecoin, Shiba Inu, or Pepe
According to Wall Street investment bank Morgan Stanley, the peak of the Bitcoin market might have arrived as investors turn their attention to emerging cryptocurrencies on decentralized exchanges such as Uniswap, particularly speculative meme coins.
As we enter June 2023, the Bitcoin price has surged by approximately 100% from its lows in November 2022, when it traded below $15,500.
Morgan Stanley crypto analyst Sheena Shah noted that during the peak of the 2021 crypto bull run, the pace of new token listings inversely correlated with the Bitcoin price. In the past month, the number of new cryptocurrencies created and listed on Uniswap has doubled, a trend that has often coincided with market tops since 2020.
The Forbes article titled ‘The Game May Be Over’ also covered hedge fund manager Paul Tudor Jones’ bearish Bitcoin price prediction. Jones believes that Bitcoin may lose its appeal as an inflation hedge, considering that inflation rates in the US have reached their lowest point in two years. Additionally, Jones highlighted the regulatory challenges faced by Bitcoin in the US.
While the Bitcoin price has retraced below $27,000, its market cap currently stands at $522 billion. Reaching its previous all-time high of $69,000 from the last crypto bull run would represent a 2.5x increase in price. Similarly, for Ethereum, returning to its ATH of $4,800 compared to its current price of $1,800 would result in a 2.66x surge.
For traders seeking short-term gains, investing in new Uniswap coins can often outperform these returns within minutes, especially when participating in early-stage initial coin offerings (ICOs) with low market caps. Memetic tokens like Pepe and Sponge have recently garnered attention, causing even New York Magazine to suggest they are posing challenges to Bitcoin.
During the 2021 bull run, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) delivered significant profits for those who timed their investments right. Shiba Inu was considered by many as the potential successor to Dogecoin, surpassing DOGE in market cap at one point. However, after its price surge in October 2021, the Bitcoin market peaked shortly thereafter. It remains to be seen if the same pattern will repeat this year, with meme coin FOMO signaling another market top.
