Influencer DonAlt is bearish on meme coins, thinks market has been overly diluted

Well-known KOL DonAlt expressed a bearish view on Meme coins on Twitter, Wu said. He believes that there are already countless Meme coins on the market, with thousands of new Meme coins appearing every day, and many people buying because of the GME -> Meme rotation narrative, which in his opinion is very stupid. He also noted that the charts on all fronts are not looking good and market sentiment is heavily skewed towards the bullish side. He further stated that BTC has attracted almost everyone willing to buy Meme coins at the current price level, and excessive capital inflows into new Meme coins will further dilute the market. If BTC needs to rise significantly to attract outside funds, then a massive injection of liquidity will be needed. Previously, a16z CTO Eddy Lazzarin also criticized Meme coins for undermining the long-term vision of cryptocurrencies and lacking technology.