Meme Coins to Buy: This week the cryptocurrency market saw a significant decline that saw Bitcoin struggle to maintain a price above $70,000. With most major altcoins experiencing renewed oversupply, market sentiment points to consolidation for an extended period.
In a recent tweet, popular trader Alicharts highlighted the significant downturn in the meme sector. According to the analysis, meme coins saw the biggest losses during the recent market correction. Notably, major assets such as DOGE, SHIB, and PEPE saw price declines of 8.43%, 6.71%, and 11.35%, respectively.
The structural map provided by the charts reveals a wide range of negative price changes among meme currencies, making it one of the most affected assets. However, amid the widespread economic downturn, one meme coin has managed to defy this trend. The US dollar emerged as a surprising outlier, recording a positive price change of 2.54%.
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1) Meme coins to buy – Dogecoin (DOGE)
Dogecoin (DOGE) is a popular cryptocurrency that was created as a joke based on the “Doge” meme featuring a Shiba Inu dog. Over the past 10 weeks, DOGE price has seen a consistent corrective trend guided by the downward trend line on the daily chart.
Sharp resistance sent the memecoin falling from $0.228 to $0.1449, registering a loss of 36%. Dogecoin’s market cap currently stands at $21.08 billion, while its 24-hour trading volume stands at $799.
If supply pressure continues, DOGE may fall to the monthly support level of $0.122 in conjunction with the 61.8% Fibonacci support. For buyers to regain control of this asset, a breakout above the general resistance is needed.
If successful, DOGE price prediction indicates a rise to challenge the high at $0.228.
2) Baby Queen (PEPE)
Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character Pepe the Frog. Amid the recent market correction, PEPE price formed a new high at $0.00001725 and fell 28% at $0.0000123.
According to Coinmarketcap data, Pepe shows a market capitalization of $5.2 billion, while trading volume fell by 34% to $1.31 billion. The declining currency price recently broke through the support trend line that carried the recovery of the past two months. If the collapse continues, PEPE price may fall to the $0.000006 mark.
However, a whale recently purchased 231.6 billion Pepe Coin (PEPE) tokens worth $2.9 million from Kraken. This brings the whale’s total holdings to 750.34 billion PEPE, worth $8.34 million, acquired at an average price of $0.00001111 since March 16.
The accumulation on the decline indicates that whales are positive for the future growth of Pepe Coin.
Read also: Pepe price forecast: On the cusp of a 35% move to $0.00002
3) MAGA (Trump)
MAGA (TRUMP) is a meme-based cryptocurrency that was launched in August 2023, inspired by the slogan “Make America Great Again.” This token aims to blend political sentiments with blockchain technology, creating a unique niche in the cryptocurrency market.
Trump Coin has been on a steady rise since April, which is evident from the series of high-low formations on the daily chart. The recovery trend pushed memecoin from $3.54 to $17.75, recording 400% growth.
During a recent fundraiser in San Francisco, Donald Trump presented himself as a staunch defender of cryptocurrencies, vocally opposing Democrats’ regulatory efforts. Trump pledged that, if re-elected, he would halt these regulatory measures within the first hour of his administration, stressing that he would be the “president of cryptocurrencies.”
Hence, market participants have a positive outlook towards the MAGA coin movement suggesting a continued rise to $20.5, followed by $25.5.
Read also: Pro-Bitcoin El Salvador President Predicts Donald Trump Will Win 2024 US Election
Key takeaways
The cryptocurrency market witnessed low volatility from April to May in the wake of Bitcoin price consolidation. However, despite sluggish price behaviours, MEME sectors present dynamic movements due to their volatile nature, vulnerable to market sentiment and speculative trading.
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