Is it Safe?

For any crypto investors with remaining cash, that’s the key question following the collapse in prices.

10X Research’s Markus Thielen had been correctly bearish leading into this downturn and he’s not yet ready to buy the dip.

Similar to the speculative bubble in DeFi/NFTs that collapsed after the 2021 bull market—hitting ETH hard—there has been a comparable collapse in memecoins this time, adversely affecting Solana’s (SOL) value and several related tokens.

“This structural decline indicates a weakening foundation, making now a time for caution—not complacency,” wrote Thielen in a report on Tuesday. “Bitcoin (BTC) is steadily heading toward $73,000… If history is any guide, the next major (up) move will require a new narrative.”