Crypto analyst Tony Edward announced a significant portfolio realignment the other day. He revealed exiting holdings in large caps Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) to instead favor meme coins Dogecoin (DOGE) and Bonk (BONK). 

Edward expressed confidence these meme coins, though highly speculative, will outperform established crypto leaders in the current market cycle. 

His stance notably drew a brief, humorous reaction from Ripple CTO David Schwartz, who simply replied on X (formerly Twitter) with the popular acronym, “YOLO.” 

This response arguably highlights a broader current market mood involving high speculation, risk-appetite, and the potential for unexpected asset performance.

How Are Major Cryptos Performing?

Bitcoin, currently trading at $84,971.94, saw a modest 2.04% daily increase despite a weekly decline of over 3%. 

Bitcoin’s market cap remains dominant at over $1.68 trillion, supported by a circulating supply nearing 20 million coins. However, recent price action shows potential signs of exhaustion, as trading volume has slowed, hinting at possible short-term consolidation for BTC.

XRP is trading at $2.14 with a mild 1.31% daily gain. It faced resistance near $2.17, while $2.07 acted as a strong support level.  

XRP’s trading volume is down 7.07% over the past 24 hours, suggesting reduced immediate bullish conviction among traders. However, the bounce observed from the $2.07 level shows buyers remain active defending key nearby support zones.

Ethereum rose by 3.42% to $1,908.85, breaking past resistance at $1,850.

Despite this recent price climb, ETH’s trading volume actually fell 5.62% during the same 24-hour period. Its positive volume-to-market cap ratio (around 6.53%) indicates solid underlying liquidity. 

ETH found firm support near the $1,830 level recently; further significant gains likely depend on sustained buying demand emerging.

How Are Solana and Meme Coins Faring?

Solana gained 1.46%, reaching $128.33 after rallying from an intraday low below $125. Strong volume growth of 8.47% confirms bullish sentiment. 

However, the $130 price mark acts as a short-term resistance ceiling for now. With market focus potentially shifting towards specific narratives like meme coins, SOL’s upward momentum may face competition from assets perceived as higher-risk, higher-reward plays.

Dogecoin surged by 3.53% to $0.1732 despite a drop in trading volume.

DOGE broke above prior resistance near $0.167, but now faces further hurdles around the $0.175 resistance level. 

The decline in volume suggests some buyers might be hesitating at these current price levels, but the bullish chart structure remains technically intact unless the prior $0.167 support level fails decisively.

Bonk Shows Growing Potential Among Speculators

Bonk (BONK), another Solana-based meme coin, showed growing strength among speculators. Bonk. The token jumped 6.26% to trade near $0.00001197 as its 24-hour trading volume surged over 22%. This signals growing interest among retail and speculative traders. 

Resistance immediately overhead near the $0.000012 mark remains the key breakout zone to watch. Nearby support around $0.0000112 is currently holding, offering a potential base for further price moves.