After Bitcoin and Ethereum push to all-time highs, Altcoin season could be arriving. The cryptocurrency market has been abuzz with positivity and hype.
Coins to watch:
- PEPE
- FLOKI Inu
- WIF
- BONK
Spot ETF inflows and anticipation ahead of next month’s halving event helped drive Bitcoin to a record peak above $69,000 before easing back to current levels around $67000. Investors are now questioning whether the optimism and realized profits will transfer into altcoins, officially kicking off the altcoin season. However, with the recent outperformance of some meme coins, maybe it has already arrived.
Bullish sentiment towards cryptocurrency is up at levels where retail crypto investors are ready to trade. Meme tokens are widely viewed as a way to bet on the growth of blockchain or Bitcoin, but given their lower price, they are considered more retail-friendly.
Earlier this week, the meme coin market cap rose to $54 billion, up almost 20%, driven by a surge in interest in speculative assets.
So, let’s take a look at some altcoins that could explode.
PEPE
PEPE, a frog-themed coin and one of the biggest cryptocurrency debutantes of 2023, has outperformed its peers with a phenomenal 750% rally to its peak. The rally took the price to a new record high and lifted PEPE into the top 50 crypto assets by market capitalization. The blistering rally also saw PEPE’s trading volumes reach a record peak of $3.6 billion, according to CoinGeko data.
While the price has eased from record levels, Pepe is still benefiting from bullish optimism surrounding the crypto space and the fact that it is an AI-based cryptocurrency. This means that development and hype surrounding AI technology can also boost the price. With AI stocks such as Nvidia and AMD surging to all-time highs, optimism surrounding the AI sector is lifting related assets.
Technically, strong volumes supported PEPE’s breakout, which could mean that there is more upside to come.
FLOKI Inu
Another meme coin that has attracted the attention of investors is FLOKI Inu, a canine-themed cryptocurrency that has experienced a sharp increase over the past few weeks. The impressive 350% rally to its peak, ranking it 16th for trading volume, is riding the wave of interest in the sector as Bitcoin reached an all-time high and on fear of missing out (FOMO). There has been a significant rise in social media mentions for FLOKI and a surge in positive weighted sentiment, which is encouraging for further upside.
WIF
Dogwifhat has become Solana’s new top dog. The meme coin saw a $1 billion increase in trading volume on Wednesday this week and has become the first meme coin to cross the $2 line. Dogwithat (WIF) soared to a high of $2.11 on Wednesday, taking the market capitalization of over $2 billion in just three short months.
The latest leg higher in the price, which saw it briefly eclipse BONK as the Solana network’s top meme, comes as the coin listed on key cryptocurrency exchanges, including Robinhood Europe and Binance, where it recorded $219 million in WIF trades on the first day of trading.
BONK
BONK rose to an all-time high of over 200% in the past month as momentum picked up amid a bullish market. The gains reflect a growing investor interest in meme coins and underscore a broader trend of retail investment driving gains.
Conclusion
The meme coin frenzy is similar to that seen in the last crypto bull run in 2021 when Dogecoin led the rally. However, it is worth noting that meme coins can see massive growth during a bull run but can also record the sharpest decline from their peak.
Sources
https://watcher.guru/news/floki-forecasted-to-rise-over-100-heres-when
https://decrypt.co/220381/solana-meme-dogwifhat-reaches-2-billion-market-cap-could-it-flip-bonk
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