The crypto market has gone through a period of ups and downs in 2024, with many altcoins experiencing significant fluctuations. However, meme coins — tokens inspired by internet trends and often used as jokes — appear to be defying the odds and leading the charge in the recent rise. Just one day after Bitcoin’s highly anticipated fourth halving, a historic event often linked to bull runs, meme coins are coming into the spotlight. As analysts debate the diminishing effects of the halving in this unique cycle, several meme coins are proving to be the biggest winners so far.
What happened to the leaders of the Meme coin group?
Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has emerged as the top performer among larger altcoins. SHIB rose over 18% in a single day, rising to 12th place in terms of market capitalization. This impressive rally pushed the price of SHIB above $0.000027; This is an important milestone for meme coin.
While SHIB made headlines, what really caught the eye was BONK, a Solana-based meme coin. BONK attracted attention with a staggering 41% increase, pushing its price above $0.000021. This breakout indicates an important change for BONK, which has been gaining strength for weeks.
FLOKI and PEPE also join the party
The meme coin party didn’t end there. FLOKI was also the second best gainer of the day, up 25%. PEPE was not far behind, experiencing a significant increase of 20%. This collective rise of the meme coin industry has pushed the overall market cap of all meme coins to close to $57 billion on CoinGecko, a staggering 11.5% increase in just 24 hours.
While the increase is undoubtedly exciting, analysts remain cautiously optimistic. Technical indicators for BONK indicate overbought, potentially leading to a pullback. Similarly, SHIB may experience a pullback despite positive money flow signals. However, bulls remain hopeful and some analysts predict that SHIB could rise as high as $0.000030.
Dogecoin (DOGE), the granddaddy of meme coins, also joined the rally, albeit with a more modest increase of 5.17%. Despite a smaller bounce, DOGE’s Moving Average Convergence Divergence (MACD) indicator suggests there may be more room for growth. The Fibonacci extension also points to a potential climb towards $0.24 in the coming months, but a significant correction could disrupt this optimistic outlook.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.