The cryptocurrency market is witnessing a rise in meme coin popularity, with several tokens experiencing significant price increases. While established leaders Dogecoin and Shiba Inu are showing moderate gains, lesser-known players are stealing the show.
The craze for meme coin projects has started again
Today (April 24) marks a green day for the meme coin industry. Solana-based Bonk Inu (BONK) led the way with a daily price increase of 27%, followed by dogwifhat (WIF) with 17%, Cat in a Dogs World (MEW) with 23% and BOOK OF MEME (COME) with 12%. Established meme coins such as Pepe (PEPE) and Floki Inu (FLOKI) also joined the rally with price increases of 15% and 14% respectively. Despite the overall upward trend, the two largest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have shown more modest growth.
DOGE, Elon Musk’s favorite meme coin, is up just 2% on the day, while SHIB has seen minimal movement over the past 24 hours. The total market cap of the meme coin industry currently stands at over $58.5 billion, reflecting a 4% increase compared to yesterday. Fueled by the recent Bitcoin halving, some analysts are predicting a more significant bull run for meme coins such as SHIB, DOGE, and WIF in the near future. Historically, Bitcoin halvings have triggered significant volatility in the cryptocurrency market. For example, DOGE was worth less than a cent at the time of the 2020 halving, but a year later its value skyrocketed to almost $0.70.
Critical comments for FLOKI, WIF
Floki Inu (FLOKI) attracted the attention of investors with a price increase of approximately 15%. This uptrend, coupled with bullish on-chain metrics, has fueled optimism among crypto enthusiasts. Crypto analyst Captain Faibin spotted a bullish flag pattern on FLOKI’s daily chart, indicating that the uptrend will potentially continue. FLOKI’s price rose further, reaching $0.000196, with the analyst predicting a 2-3x rally. Open interest and derivatives volume also increased, indicating strong market interest in the meme coin.
Solana-based meme coin dogwifhat (WIF) witnessed a staggering 20% price increase, driven by stable Bitcoin prices as well as the recovery in altcoins. The price jump coincided with a 70% increase in trading volume, indicating accumulation by whales. Analysts have detected multiple breakouts on WIF’s price chart, including a break above a resistance level and a potential breakout from the 2-week ascending triangle. This technical analysis, combined with trader Bluntz Capital’s confirmation tweet, triggered excitement in the crypto community and led to a 20% price increase for WIF. Analysts are predicting a potential rally of up to 35% for WIF, which has a price target of $4.2.
SHIB whales take action
Most recently, Shiba Inu (SHIB) witnessed a price increase that coincided with a massive transfer of 3 trillion SHIB tokens by a whale. This transaction led to speculation about the future trajectory of the meme coin. While the consequences of the transfer remain uncertain, recent developments such as $12 million for layer 3 Blockchain development in the Shiba Inu ecosystem through TREAT show a focus on benefit and sustainability. The launch of TREAT, a dual-function governance and gas token, incentivizes SHIB holders and supports a collaborative ecosystem. SHIB has lost nearly 3% in value over the past 30 days, despite a slight price increase of 3.09%.
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