Meme Coins to Buy: This week, the crypto market witnessed a notable downtick that triggered the Bitcoin struggle to sustain above $70000. With most major altcoins experiencing renewed overhead supply, the market sentiment hints at a prolonged consolidation.
In a recent tweet, renowned trader Alicharts highlighted the significant downturn in the meme coin sector. According to the analysis, meme coins experienced the most substantial losses during the latest market correction. Notably, top 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 managed to stay afloat! pic.twitter.com/a419ZeHuSH
— Ali (@ali_charts) June 8, 2024
The treemap provided by charts reveals a broad spectrum of negative price changes among meme coins, marking it as one of the hardest-hit assets. However, amidst the widespread downturn, one meme coin managed to defy the trend. $TRUMP emerged as a surprising outlier, registering a positive price change of 2.54%.
Also Read: “Inflation Is A Hidden Tax on Your Money” Bitcoin Exchange Knocks Fiat in New Ad
1)Meme Coins To Buy – Dogecoin (DOGE)
Dogecoin (DOGE) is a popular cryptocurrency created as a joke based on the “Doge” meme featuring a Shiba Inu dog. Over the past ten weeks, the DOGE price has witnessed a steady correction trend guided by a downsloping trendline in the daily chart.
Dogecoin (DOGE)| Tradingview
The steep resistance plunged this memecoin from $0.228 to $0.1449 registering a loss of 36%. Dogecoin currently holds a market cap of $21.08 Billion, while the 24-hour trading volume is $799.
If the supply pressure persists, the DOGE could fall to the monthly support of $0.122 coinciding with the 61.8% Fibonacci support. For buyers to regain control over this asset, a breakout above the overhead resistance is needed.
If successful, the DOGE Price prediction hints at a rally to challenge the $0.228 high.
2) Pepe Coin (PEPE)
Pepe coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character Pepe the Frog. Amid the recent market correction, the PEPE price formed a new high at $0.00001725 and tumbled 28% trading at $0.0000123.
Pepe Coin (PEPE)| Tradingview
As per data from Coinmarketcap, the Pepe coin shows a market cap of $5.2 Billion, while the trading volume fell 34% to $1.31 Billion. The falling coin price recently breached a support trendline that carried the last two months’ recovery. If the breakdown is sustained, the PEPE price could plunge 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, valued at $8.34 million, acquired at an average price of $0.00001111 since March 16.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.
The whale has bought a total of 750.34B $PEPE($8.34M) from #Kraken at an average price of $0.00001111 since Mar 16.https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
— Lookonchain (@lookonchain) June 9, 2024
Accumulation at dip indicates the whales are positive for the future growth of Pepe Coin.
Also Read: Pepe Price Forecast: On The Cusp Of 35% Action To $0.00002
3) MAGA (TRUMP)
MAGA (TRUMP) is a meme-based cryptocurrency launched in August 2023, inspired by the slogan “Make America Great Again.” This token aims to blend political sentiment with blockchain technology, creating a unique niche within the crypto market.
MAGA (TRUMP)| Tradingview
The TRUMP coin has experienced a steady rally since April, evidenced by the series of higher low formations in the daily chart. The recovery trend pushed memecoin from $3.54 to $17.75 high registering a growth of 400%.
During a recent fundraiser in San Francisco, Donald Trump positioned himself as a staunch advocate for cryptocurrency, vocally opposing regulatory efforts by Democrats. Trump pledged that, if re-elected, he would halt these regulatory measures within the first hour of his administration, asserting that he would be the “crypto president.”
Donald Trump presented himself as a champion for cryptocurrency and slammed Democrats’ attempts to regulate the sector during a San Francisco fundraiser on Thursday. He made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump…
— Wu Blockchain (@WuBlockchain) June 8, 2024
Thus, the market participants are positive towards the MAGA coin movement suggesting a sustained rally to $20.5, followed by $25.5.
Also Read: Pro-Bitcoin El Salvador President Foresees Donald Trump’s Victory In US 2024 Elections
Key Takeaway
The crypto market has witnessed low volatility since April-May following the lead of Bitcoin price consolidation. However, despite the sluggish price behaviors, the MEME sectors offer dynamic moves due to their volatile nature, susceptible to market sentiment and speculative trading.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
