As a researcher with experience in the cryptocurrency market, I believe that the recent price surges in meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and others, are closely tied to the movements of meme stocks such as GameStop (GME) and AMC Entertainment Holdings (AME). The hype surrounding these stocks can easily spill over into the cryptocurrency market, impacting meme coins.
As a crypto investor, I’ve noticed an intriguing trend emerging in the meme coin sector. With traditional stock investors flocking to GameStop (GME), its price has seen a modest surge from around $17.50 to $23.33, according to Yahoo Finance. This momentum seems to be affecting meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) as well. These digital assets often mirror the movements of their namesake stocks.
Over the past week, there’s been a growing focus on meme stocks such as GamesStop and AMC Entertainment Holdings (AME). For certain investors, the significant surge in value of these meme stocks can indicate excitement or hype within the market.
During the 2021 bull market, the excitement surrounding certain assets had a contagious effect on the cryptocurrency sector, particularly impacting meme coins like Dogecoin ($DOGE). The frenzy around GameStop was a significant contributing factor to this trend.
1. Meme Coins To Buy – Dogecoin (DOGE)
Dogecoin, the cryptocurrency inspired by the popular “doge” meme featuring a Shiba Inu, has experienced a significant surge in value lately. With a current market capitalization of $22.75 billion, Dogecoin is now the eighth largest cryptocurrency in existence and remains the foremost meme coin.
The cost of Dogecoin has risen to reach $0.1628, resulting in a 5% decrease over the past 24 hours. If Bitcoin falls below the $65,000 threshold before June, Dogecoin could be a crypto worth considering for sale.
In the last twelve months, Dogecoin has experienced a staggering increase of 124%. This impressive rise is highlighted by a spike in substantial transactions, pointing towards sizeable investments from prominent figures or “whales.” This pattern indicates a growing enthusiasm for Dogecoin.
2. Shiba Inu (SHIB)
As a researcher studying meme coins, I observed that the second-largest meme coin was priced at roughly $0.000026 on Tuesday. Despite a setback in the previous day’s trading, bulls managed to recover their losses, offering a promising sign for potential gains this week.
Approaching the $1 billion trading volume, my analysis indicates that Shiba Inu (SHIB) is poised for growing interest. The potential surge in demand could lead to a significant price breakout above $0.00003. Subsequently, this uptrend might carry SHIB towards the next resistance level at $0.000035.
A more robust foundation was laid along the upward trendline. Additionally, Shiba Inu’s placement above its 200-day Exponential Moving Average (EMA) reinforces the uptrend, even with the correction from the Q1 high at $0.000038.
With Shiba Inu Coin surpassing the 20-day and 50-day moving averages, its trajectory is starting to tilt positively.
If the price surpasses the initial significant barrier at $0.000028, there will be a more robust uptrend towards $0.00003. The influx of investors waiting on the sidelines could fuel fear of missing out (FOMO), leading to increased buying and pushing the price further upwards, potentially reaching $0.000035. Shiba Inu Coin has the potential to surpass its Q1 peak during June, paving the way for a robust bullish trend.
3. Pepe Coin (PEPE)
Pepe Coin, the meme currency with a frog theme, experienced a significant surge in May. This upward trend can be attributed to the recent approvals of spot Ethereum and Bitcoin, which have approached the $70,000 mark. Lately, however, PEPE‘s recovery momentum has started to wane, accompanied by decreasing trading volumes. This could be a sign that a new correction trend is emerging.
Over the past six weeks, the PEPE coin’s price has been gradually rebounding on the daily chart due to an uptrend line’s influence. The succession of new higher lows suggests that there is considerable buying activity, leading to this meme token surging from $0.0000393 to a peak of $0.000016 – a remarkable 300% increase.
4. Dogwifhat (WIF)
In the last 24 hours, the Dogwifhat price has experienced an 8% upward trend, rekindling enthusiasm among crypto investors. Currently, the price of WIF stands at $3.24, marking a noteworthy 15.5% growth over the past week.
As a crypto investor, I’m observing the current trend of WIF‘s price action, which has formed an ascending triangle pattern. This pattern has seen me test the upper boundary at around $3.5 on two occasions so far. However, despite my attempts to push past this resistance level, I’ve been unsuccessful thus far. The third attempt might bring a successful breakthrough, but given its previous rejection, it could prove to be a challenging barrier to surmount.
As a crypto investor, I’ve noticed that Dogecoin’s price has been consistently trading above both its 50-day and 200-day simple moving averages lately. However, there have been limited price swings, with the market action closely mirroring these technical indicators in recent times.
Around the same period, a significant purchase was made by a Solana whale, costing approximately $2.98 million or 17,966 SOL, which translated to around 953,177 WIF tokens. This transaction enabled the whale to gain an entry point at roughly $3.13. Currently, they are experiencing a profit of about 3.51%. The impactful buy from this whale is estimated to have triggered a price increase of nearly 7% for WIF.
On May 21st, this particular whale invested around 1 million USDC, which is equivalent to 355,417 WIF at a price of $2.81 per WIF. The next day, the whale sold these WIFs for a profit of approximately $90,000, with each WIF being sold at an average price of $3.07. This transaction highlights the significant impact that large crypto investors, or “whales,” have on the digital currency market.
Final Thoughts
As a researcher studying the meme coin market, I’ve observed that prices can experience significant swings, both upward and downward. The recent excitement surrounding tokens such as DOGE, SHIB, WIF, and PEPE has generated buzz in the crypto community, potentially leading to substantial price increases. By carefully investing in a diverse selection of these coins, you may enhance your crypto portfolio’s potential for better returns.
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2024-05-28 21:45