Markets
Can Meme Coins Generate Gains Amid Slow Market Recovery
Crypto Price Analysis: Crypto investors beamed with renewed optimism last week, buoyed by securing long-awaited Ethereum ETF approval from the SEC. The crypto market saw a sharp rise as Bitcoin and Ethereum recouped losses seen in April and early June. Meme Coins like BONK and SHIB stand out with persistent price increases compared to last week. These tokens might be worth considering before BTC wakes up for a move above $70,000.
However, the outlook is quickly fading as the cryptocurrency market stalls recovery. Bitcoin the price has consolidated above $67,000, not to mention the risk of sliding to $65,000 before the end of the week. Most major altcoins are showing little momentum but are looking for proper support established to grow higher.
However, outperforming market uncertainty, Meme cryptocurrencies are showing notable growth. The meme coin industry is characterized by its highly volatile nature, largely due to changes in trader sentiment. This volatility can be off-putting for conservative investors, but it also presents significant, although usually fleeting, opportunities.
On Wednesday, major meme assets such as Shiba Inu (SHIB), Dogwifhat (WIF), and Book of Meme (BOME) are experiencing high-speed rallies.
Read also: Best Shiba Inu Killers to Diversify Your Memecoin Wallet Holdings with
1) Meme Coins Load Ahead – Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin that rose to fame as a decentralized community building experiment. Fundamental factors that influence SHIB’s value include its large active community, speculative trading, and developments within its ecosystem that aim to increase its utility beyond just being a coin.
Shiba Inu (SHIB)| Commercial view
The ongoing recovery trend in SHIB Price can be plotted using an ascending trendline in the daily chart. On May 24, memecoin saw its final reversal of dynamic support, leading to a 16.8% rise to $0.0000276.
With a market size of $16.3 billion, Shiba Inu coin is the second largest meme cryptocurrency.
If the lower trendline remains strong, Shiba Inu coin revisits a higher target like $0.0000328, followed by $0.000038 and $0.0000458.
On the contrary, a bearish break of the support trendline will signal a further correction and could push the SHIB the price comes back to $0.00002.
Read also: Shiba Inu Marketing Head Rejoices as SHIB Price Rises 16%, Topples Cardano
2) BONK
BONK is a meme cryptocurrency that stands out for its strong community orientation and its basis on the Solana blockchain. Launched in late December 2022, it quickly gained attention by implementing a large-scale airdrop strategy, distributing 50% of its total supply to the various players in the Solana ecosystem.
BONK| Commercial view
Defying the current market uncertainty, the BONK Price has seen an aggressive rally since mid-May. The bullish recovery propelled the value of this memecoin from $0.000021 to $0.0000414, registering a growth of 91% and boasting.
THE BONK the coin currently holds a market capitalization of $2.78 billion, while the 24-hour trading volume is recorded at $1.08 billion.
Amid this rally, buyers recently broke notable resistance at $0.0000336, opening the way for buyers to challenge an all-time high of $0.000047.
As the BONK memecoin is about to enter price discovery mode, the traditional pivot level indicator suggests overhead resistances at $0.0000579 and $0.0000672.
3) BOOK OF MEME (BOME)
THE MEME BOOK (BOME) is an innovative project in the world of cryptocurrencies, focused on integrating meme culture with blockchain technology. Its main goal is to create a permanent digital archive of memes, ensuring their preservation using decentralized storage solutions like Arweave and IPFS.
MEME BOOK (BOME)| Commercial view
Over the past six weeks, BOME price has been in a consistent uptrend under the influence of a rising wedge pattern. On May 27, the coin’s price made a decisive breakout from the pattern’s overhead trendline, signaling that this memecoin is preparing for a rally higher.
The rally following the breakout sent the asset up 5.5% to currently trade at $0.0146, while the market cap stood at $1.008 billion.
If this trend continues, BOME price should pursue a potential target of $0.0186, followed by $0.029.
Key to remember
The memecoin sector is experiencing remarkable performance amid broader market consolidation. While the consolidation of Bitcoin (BTC) has stunted the growth of many altcoins, meme coins have surged, benefiting from their inherently high volatility. This feature makes them particularly attractive to momentum traders, who capitalize on the rapid price movements these coins often experience.
Related Articles