Markets
Top Meme Coins Outperform Market Gains Amid ETH ETF Optimism
Crypto Price Analysis: Sentiment in the cryptocurrency market has recently turned strongly bullish this week amid developments related to the Ethereum ETF. Renewed optimism pushed the Ethereum Price to $3,700 registering 22% in 72 hours.
Bloomberg Analyst James Seyffart expects the Spot Ethereum ETF listing to take weeks or longer. At least five potential issuers – Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin – filed revised Forms 19b-4 through the CBOE, removing staking-related content.
However, during some notable changes in market dynamics, the Meme cryptocurrency sector often sees the most drastic changes in its assets. On Wednesday, meme tokens such as Pepe coin (PEPE), Book of Meme (BOME), Dogecoin (DOGE) and FLOKI were among the biggest gainers, offering a new long opportunity for traders.
Read too: Meme Coins PEPE and FLOKI see strong rise, what is driving them?
1) Floki
Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog, taking advantage of the meme coin trend to build a unique ecosystem. It stands out for its community-driven approach and diverse offerings, including the Valhalla NFT gaming metaverse, the Floki DeFi ecosystem, and Floki University, an educational platform.
Floki| Trading view
In the last 10 weeks, the FLOKI price traded sideways resonating within two converging trend lines of a symmetrical triangle pattern. The continuation pattern reinforces a short pause period for buyers to regain exhausted bullish momentum to lead a rally.
On May 15, the coin’s price broke the pattern’s upper trendline, signaling the end of the previous correction. The Floki memecoin currently trades at $0.000227 and has a market cap of $2.174 billion.
If the breakout continues, FLOKI price could surpass the $0.00026 mark and reach the $0.00031 mark, indicating a potential gain of 40%.
Read too: Investment Opportunity Alert: New Crypto Economy Could Surpass ApeCoin and Floki Inu
2) Meme Book (BOME)
Book of Meme (BOME) is an innovative cryptocurrency project designed to integrate memes into the decentralized web3 ecosystem. Launched on the Solana blockchain by pseudonymous artist Darkfarm1, BOME aims to immortalize meme culture within a digital anthology.
Meme Book (BOME)| Trading view
BOME Memecoin entered the current recovery trend in mid-April when the price recovered from $0.0071. This bullish turnaround has increased the coin’s value by 80%, currently trading at US$0.012, while the market cap is recorded at US$897 million.
The daily chart of BOME shows a rising wedge pattern, characterized by two trendlines that provide dynamic resistance and support, reinforcing the current recovery. As long as this pattern remains intact, BOME price could continue its steady upward trend.
For a high momentum rally, buyers must break the upper boundary of the wedge, potentially allowing the asset to reach the $0.0186 level.
On the other hand, a breakdown below the lower support could trigger a new correction trend to plunge BOME Coin towards $0.00824.
3) BEAUTIFUL
BONK is a Shiba Inu-themed memecoin launched on the Solana blockchain on December 25, 2022. The combination of community-driven governance, multichain accessibility, and integration with DeFi and gaming platforms makes it a standout project in the memecoin space.
Fuck| Trading view
An analysis of the daily chart shows the BONK Price developed an inverted head and shoulders pattern during the last 2 months’ consolidation. On May 20, the currency price decisively broke the pattern’s neckline resistance at $0.00003.
At the time of publication, the BONADO the price trades at $0.0000318 and has a market cap of $2.14 billion.
The coin price is expected to retest the breached $0.00003 resistance level in the coming days to confirm its sustainability. The post-breakout rally could push BONK price to $0.0000366, followed by $0.0000478.
Read too: Bonk Price Prediction: Bullish Reversal Pattern Signals 22% Upside Potential
Main advantage
The potential approval of Spot Ethereum ETF has generated bullish sentiment across the crypto market as investors respond positively to the recent development of the filing of revised 19b-4s, anticipating further growth in the sector. Meme coins are at the forefront of bullish rallying, often driving rapid price movements due to their inherent volatility and susceptibility to speculative trading. These characteristics make them attractive for quick gains, despite the associated risks.
Related articles