A widely followed crypto analyst believes one digital asset sector will see a massive rebound this market cycle.
Pseudonymous crypto trader Kaleo tells his 643,400 followers on social media platform X that a bullish rebound is likely for non-fungible tokens (NFTs).
“I’m one of the crazy people who still believe that NFTs will have another big run this cycle. Think back to late summer/early fall 2020, at the start of the last bull market. NFTs were irrelevant. Punks hadn’t done anything major yet. Finding the next DeFi (decentralized finance) play was all anyone cared about.
It wasn’t until long after Bitcoin was in price discovery that you started seeing things like Top Shot take off. Ultimately, that led to the coin meta that brought a whole new wave of participants on board the crypto market. Art lovers will inevitably return. I just need a little catalyst and eventually the rest will take care of itself.”
The analyst also refutes the argument that the popularity of memecoins could keep the NFT market depressed.
“To anyone who says NFTs won’t take off because of the popularity of memes, I say you’re crazy. If anything, the popularity of memes shows how willing people are to speculate about degen (degenerate) art. Before NFTs really took off in early 2021, PancakeSwap was where people spent time in the trenches. What was traded on PancakeSwap? Memes.”