As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, these recent developments in the meme coin sector have caught my attention. The resurgence of tokens like Neiro, Popcat, Mog Coin, Dogecoin, and Shiba Inu is nothing short of impressive, especially given their significant price increases within a day.
TL;DR
- Meme coins saw strong gains, with tokens like NEIRO up 50%, POPCAT up 20%, and MOG up 17%.
DOGE jumped by 5% with potential for a large rally, and SHIB rose 7%.
This takes place as Bitcoin’ price is surging above $63,000, at the time of this writing.
Massive Meme Coin Resurgence
Over the last day, the value of cryptocurrencies has generally risen, pushing their collective market cap up by 1.5% to over $2.3 trillion, according to CoinGecko’s figures. The meme coin category is performing exceptionally well, as many tokens within this group have experienced substantial price surges.
An illustration is Neiro (NEIRO), experiencing a surge of 50% daily and setting a fresh record high. Its market value surpassed $600 million, positioning it as the tenth largest meme coin in terms of market capitalization.
Additionally, notable coins that saw gains are Dogewhathat (WIF) and Bonk Inu (BONK). Specifically, WIF saw its valuation increase by 20%, while BONK had a 12% surge.
In addition to cat-related tokens, there are some notable ones in the mix. For instance, Popcat (POPCAT) surged around 20%, reaching a new all-time high of almost $1.50. Similarly, Mog Coin (MOG) experienced a 17% increase as well.
Top meme cryptocurrencies – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also seeing growth, although the increases aren’t as significant.
DOGE has seen a 5% increase in the past 24 hours, leading some market analysts to anticipate a potential further rise. User Ali Martinez on the platform X has studied the asset’s price trend and hinted at the possibility of a “potential 200% surge followed by a 60% pullback, and then another bull run.
Mikybull Crypto also expressed optimism, forecasting that DOGE could potentially reach at least $1 during this phase. Traders believe that DOGE is gearing up for another surge of price increases.
What About SHIB?
In the past day, the second-largest meme coin experienced an approximately 7% increase in price, and its total market value is now approaching $11 billion.
At the close of September, SHIB stood out as one of the top performers within the cryptocurrency market. It’s intriguing to observe if this recent surge might mark the beginning of an extended exponential growth trend.
One important on-chain indicator, though, hints at incoming pain for the bulls. This is the Relative Strength Index (RSI), which measures the change and speed of price movements. It varies from 0 to 100, with readings above 70 signaling overbought conditions and a potential correction.
The ratio has been gradually climbing in the past several days, currently set at over 60.
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2024-10-07 11:22