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 exposed to renewed public supply, 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.
#MemeCoins took the biggest hit in the recent #crypto market correction. Interestingly, $TRUMP has managed to stay afloat! pic.twitter.com/a419ZeHuSH
– Ali (@ali_charts) June 8, 2024
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%.
Read also: “Inflation is a hidden tax on your money” Bitcoin exchange beats fiat currencies in new ad
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.
A whale bought $231.6 billion ($2.9 million USD) of #Kraken again 7 hours ago.
The whale has bought a total of $750.34 billion worth of PEPE ($8.34 million) from #Kraken at an average price of $0.00001111 since March 16. https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
— Lookonchain (@lookonchain) June 9, 2024
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.”
Donald Trump presented himself as a champion of cryptocurrency and criticized Democrats’ attempts to regulate the sector during a fundraiser in San Francisco on Thursday. He made it clear that the Biden-Gensler campaign against cryptocurrencies would be halted within one hour of Trump’s second victory…
— Wu Blockchain (@WuBlockchain) June 8, 2024
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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The content provided may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
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