As a researcher with a background in cryptocurrency analysis, I’ve been closely monitoring the recent downturn in the crypto market and its impact on meme coins. Based on my observations, it appears that meme coins have taken the brunt of the correction, with notable losses in popular assets like DOGE, SHIB, and PEPE. However, one outlier has emerged – $TRUMP, which managed to register a positive price change during this period.
As a crypto investor, I’ve noticed this week that the market has taken a turn for the worse, with Bitcoin failing to hold above the $7000 mark. The same trend seems to be affecting most major altcoins, as their supply continues to mount up. Based on the current market sentiment, it looks like we might be in for an extended period of consolidation. In simpler terms, the meme coins I’d recommend buying right now could be those that have a strong community and potential for growth during this market downturn. However, please keep in mind that investing in crypto comes with risks, and it’s essential to do your own research before making any investment decisions.
In a recent tweet, well-known trader Alicharts pointed out the substantial drop in values for meme coins during the recent market correction. Memetic currencies like DOGE, SHIB, and PEPE suffered the greatest price decreases among top assets, with DOGE seeing a decline of 8.43%, SHIB experiencing a loss of 6.71%, and PEPE suffering an 11.35% price drop.
In the latest crypto market downturn, meme coins experienced the most significant declines. However, surprisingly, Trump’s coin, represented by the ticker symbol $TRUMP, held its ground.
— Ali (@ali_charts) June 8, 2024
As an analyst, I’ve examined the treemap presented in the charts, and it’s clear that meme coins have experienced a diverse range of negative price adjustments, making them one of the most affected asset classes. However, against this backdrop of pervasive decline, $TRUMP stood out as an anomaly. I was taken aback to find that its price actually increased by 2.54%.
1)Meme Coins To Buy – Dogecoin (DOGE)
Dogecoin, represented by the symbol DOGE, is a well-known cryptocurrency that originated as a humorous tribute to the “Doge” internet meme depicting a Shiba Inu dog. For the past ten weeks, the value of Dogecoin has been following a corrective trend, which can be observed through the downward slope of its daily chart trendline.
As a researcher studying memecoins, I’ve observed that a significant resistance caused Dogecoin to plummet from $0.228 to $0.1449, resulting in a hefty loss of approximately 36% of its value. Currently, Dogecoin maintains a market capitalization of an impressive $21.08 billion. Meanwhile, the coin’s trading volume within the past 24 hours stands at a noteworthy $799 million.
If the supply pressure continues, the Dogecoin price may drop to the monthly support of $0.122, which aligns with the 61.8% Fibonacci level. To reverse this trend and take control back for buyers, they must manage to push the asset above its current resistance point.
If successful, the DOGE Price prediction hints at a rally to challenge the $0.228 high.
2) Pepe Coin (PEPE)
PEPE coin, modeled after the well-known Pepe the Frog meme character, experienced a surge in value during the cryptocurrency market’s recent downturn, reaching a peak price of $0.00001725. However, it subsequently dropped by nearly 28%, leaving its current trading price at around $0.0000123.
According to Coinmarketcap’s latest figures, the Pepe coin boasts a market capitalization of approximately $5.2 billion. However, trading volume has taken a hit, decreasing by 34% to around $1.31 billion. The downward trend in coin price has resulted in a breach of the support trendline that had supported the last two months’ recovery. If this downturn continues, it’s possible for the PEPE price to plummet as low as $0.000006.
A large investor, or “whale,” has bought approximately 231.6 billion Pepe coins (PEPE) with a market value of around $2.9 million from Kraken. This acquisition adds to their existing stash, now totaling 750.34 billion PEPE tokens, currently worth over $8.34 million. The average price per token for these purchases was around $0.00001111 since March 16.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.
A whale has spent a grand total of 750.34 million dollars in PEPE tokens, equivalent to 8.34 million dollars, which they purchased from Kraken since March 16th. The average price they paid for each token was just under 0.000011 US dollars.
— Lookonchain (@lookonchain) June 9, 2024
Accumulation at dip indicates the whales are positive for the future growth of Pepe Coin.
3) MAGA (TRUMP)
As a researcher studying the dynamic world of cryptocurrencies, I’ve come across an intriguing development: the introduction of MAGA (TRUMP) in August 2023. This meme-based digital currency draws inspiration from the popular political slogan “Make America Great Again.” By merging political sentiment with blockchain technology, it carves a unique niche within the crypto market, offering an innovative way for individuals to engage with both politics and finance in a new and intriguing way.
Since April, the value of the TRUMP coin has consistently increased as indicated by the succession of higher lows on its daily chart. This uptrend propelled the coin from a price of $3.54 to a peak of $17.75, representing a remarkable growth of 400%.
As a crypto investor, I’ve noticed the recent buzz surrounding Donald Trump’s stance on cryptocurrency during his San Francisco fundraiser. Contrary to some Democrats’ regulatory efforts, Trump voiced strong support for this emerging technology. He made a promise, should he secure another term in office, to roll back these regulations within the initial hour of his new administration. With confidence, I can say that under Trump’s leadership, I would be proud to call him the “crypto president.”
At a San Francisco fundraiser on Thursday, Donald Trump positioned himself as a strong advocate for cryptocurrency and criticized Democratic efforts to control the industry. He emphasized that any attempts by the Biden-Gensler administration to crack down on crypto would be quickly reversed following a second Trump term in office.
— Wu Blockchain (@WuBlockchain) June 8, 2024
Based on current sentiment among market players, there is optimism surrounding the price growth of MAGA coin, potentially leading to a continued surge towards $20.5, and subsequently, $25.5.
Key Takeaway
Since April and May, the crypto market has experienced low volatility, mirroring Bitcoin’s price stability. In contrast, sectors involving meme coins have shown vibrant price movements. Their volatility stems from their sensitivity to market moods and speculation.
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2024-06-09 16:18