Bitcoin continues to amaze investors in the world of cryptocurrencies, and memecoins are also gaining popularity. Bitcoin’s price action towards its upcoming halving event and all-time high levels has been under discussion. However, the real center of attention has been on the memecoins such as Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe Coin (PEPE), which had triple-digit price increases on a monthly basis
Andrew Kang – a well-known trader, thinks that Pepe Coin could be one of the best-performing coins during the 2024-2025 bull run. “2020-2021 bull market coin – Doge, 2024-2025 bull market coin – Pepe,” wrote in his tweet recently. He further explained that while Elon Musk may be hesitant to post about Dogecoin now, he has no issue consistently posting about Pepe. As long as the market reacts, Musk doesn’t even need to directly mention the token, as the pattern self-reinforces.
Kang’s bullish sentiment toward Pepe Coin is fueled by its robust holder base, which has weathered numerous FUD (Fear, Uncertainty, and Doubt) events, leaving only the most resolute investors holding onto their tokens. From insider sniping FUD to multisig dumps and Pepe forks, these events have effectively weeded out weak hands, leaving a dedicated community of diamond-handed holders.
Memecoins: Shiba Inu and Dogecoin Performance
Meanwhile, data from Kaiko reveals that memecoins have seen outsized gains over the past few weeks, with weekly trade volume hitting a multi-year high of nearly $80 billion. Shiba Inu (SHIB) led the pack, boasting a staggering $31 billion in trade volume last week, surpassing the market leader Dogecoin ($23 billion) and other large-cap altcoins like Solana (SOL).
Analyst Rekt Capital has been closely monitoring the performance of both SHIB and DOGE. In terms of SHIB, this means the most important thing to look for is a reclamation on its key support level because doing so could help set off a short-term rally across some defined range. Over time, whenever there is a weekly close above this level, it has usually resulted in sharp upward moves.
As for DOGE, Rekt Capital notes that it has successfully retested the macro downtrend as new support and has since rallied by an impressive 46%. The goal for DOGE going forward is to reclaim the psychological resistance level of $0.20, which could potentially trigger a rally across a specified range. However, the memecoins frenzy shows no signs of slowing down, with investors eagerly anticipating the next big move in this unique and often unpredictable corner of the cryptocurrency market.
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