Markets
Meme Coin Market Soars While Bitcoin Holds $60K
Crypto Price Prediction: The crypto market has witnessed ease since the first few weeks of the sell-off, allowing the Bitcoin Price to reach $63,800 on Friday. Amid the renewed recovery, meme cryptocurrencies were among the biggest gainers, accentuating the nature of this asset class that shows rapid movements during changing market dynamics
In a recent tweet, crypto analytics firm Santiment highlighted the continued negative sentiment towards major cryptocurrencies since Bitcoin’s halving on April 19. Contrary to expectations, this significant event did not lead to an immediate increase in market capitalization. The tweet noted increased uncertainty in the market, noting the withdrawal of small wallet holders from the cryptocurrency space.
Santiment suggests that this reduction of smaller, possibly more speculative investors could be a beneficial market clearing, potentially setting the stage for more stable recoveries for Bitcoin and other altcoins as the summer approaches.
Read too: 2 main reasons why Dogecoin price will rise soon
1) Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that started as a meme but quickly gained a large following. What sets Dogecoin apart is its vibrant community and light-hearted identity that promotes widespread use and greater accessibility than traditional cryptocurrencies.
Dogecoin (DOGE) | Trading view
Amid the recent sale on the market, the DOGE Price has reversed from the combined resistance of $0.169 and a descending trendline. This bearish turnaround dropped the asset’s value by 10.8% in four days to currently trade at $0.15, while the market cap plummeted to $21.75.
For buyers to take control of the asset, they need to break the general trend line. This advance would indicate the completion of correction patterns and potentially drive DOGE price beyond $0.228.
On the other hand, if dynamic resistance remains uninterrupted, DOGE price will likely continue its current correction phase.
Read too: Just-In: BitMEX Launches Bitcoin, ETH, SOL, XRP, DOGE Options
2) Pepe Currency (PEPE)
Pepê Currency (PEPE) is a memecoin that takes inspiration from the popular Pepe the Frog meme and has gained rapid traction due to its community-centric approach, which includes a no pre-sale event, zero transaction taxes, and an initial liquidity pool that has been burned to avoid large landfills.
Pepe Currency (PEPE) | Trading view
O Pepê Price has witnessed a steady recovery since last week, evidenced by the formation of higher highs and lower lows on the daily charts. From a low of $0.00000393, memecoin has risen 124% to reach a current trading price of $0.00000873.
At the time of publishing, the PEPE coin holds a market cap of US$3.65 billion, while the 24-hour trading volume hovers at US$741.6 million.
If buyers can sustain above the recently recovered support at $0.000008, buyers could drive a rally beyond $0.00001.
Read too: Pepe Coin Price Analysis As Trading Volume Plummets 20% To $742 Million, Is The 2024 Bull Over?
3) Meme Book (BOME)
Book of Meme (BOME) is an innovative memecoin based on Solana blockchain, designed to archive and immortalize meme culture in the digital world. The project uniquely combines memes with decentralized storage solutions, with the goal of creating a permanent digital repository of meme content on the blockchain, accessible through platforms such as IPFS and Arweave.
Meme Book (BOME)| Trading view
Since last month, the BOME coin price has been trading sideways, struggling to overcome intense supply pressure at the $0.0125 mark. However, as the emerging trend line gradually increases, the asset price increases, revealing the formation of an ascending triangle pattern.
The Book of Meme token currency trades at $0.0117, while the market value is $810 million. A possible breakout of the $0.0125 neckline will accelerate the buying momentum and attract buyers towards $0.0186, followed by $0.029.
Main advantage
Top digital asset Bitcoin, which witnessed renewed demand pressure at the psychological $60,000 level, bolstered the altcoin market to develop a local bottom. As the ongoing correction begins to ease, it is likely to attract buyers looking for opportunities at lower prices, thereby injecting new buying pressure into the market.
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