As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of volatility and unpredictability – but the meme coin sector continues to surprise even the most hardened analysts. The recent surge of Dogecoin (DOGE) and Shiba Inu (SHIB), along with the lesser-known tokens like MAGA, KAMA, and POPCAT, has been a rollercoaster ride for those who dare to invest in this space.
The value of meme coins significantly increased over the last couple of months, peaking at a market cap of approximately $70 billion just a few days ago. However, after a recent downturn, the current market cap is now roughly $64 billion.
Based on CoinGecko’s data, over 2,300 meme coins exist, with some gaining prominence due to recent price fluctuations and other factors. In this discussion, we will zero in on five fascinating cryptocurrencies that could potentially see increased volatility within the next month.
Dogecoin (DOGE)
Recently, the cryptocurrency meme coin with the highest market capitalization has been experiencing significant growth, increasing by approximately 17% over the last seven days.
A potential reason for its strong showing could be the involvement of Elon Musk through his interactions. Last week, Tesla’s CEO attended Donald Trump’s rally at Madison Square Garden, encouraging people to vote for the Republican candidate in the upcoming U.S. presidential elections (set for November 5th).
He reiterated his intention to lead a Department of Government Efficiency (DOGE) should Trump become president again. Last but not least, Musk posted an interesting photo of him on X. The top half of the image shows the billionaire flexing during the public speech, while the bottom half displays a muscular Shiba Inu breed (resembling DOGE’s logo) striking a similar pose.
The outcome of the voting may potentially cause further fluctuations in Dogecoin’s price due to Musk’s possible influence on it. Elon Musk, Tesla’s CEO, is well-known for being a strong advocate for the original meme coin, frequently highlighting its benefits and boosting its recognition.
Shiba Inu (SHIB)
The second-largest meme cryptocurrency showed strong performance at the tail end of October. Yet, over the last 24 hours, it has seen a substantial drop, undoing most of the progress made earlier.
The revival of Shibaraium (the SHIB burning mechanism), along with other key factors, seems to indicate that the asset’s price could be heading towards an upward trend once again. As CryptoPotato recently reported, transactions on its layer-2 blockchain solution are now in the millions daily, and the burn rate has soared by a massive 252,900% on a day-to-day basis.
Constantly working on that subject will result in a decrease of SHIB tokens available, leading to scarcity, which could cause the price to increase if demand stays steady or grows.
MAGA and KAMA
This month, it’s expected that the political movements associated with Donald Trump (MAGA) and Kamala Harris (Kamala Horris) will encounter significant challenges or difficulties.
It’s quite likely that the first one will reach new heights should the Republican candidate win, whereas the second might experience an increase if the Democratic candidate comes out on top.
Nevertheless, the realm of meme coins exhibits a high degree of volatility, and it remains uncertain how these specific tokens will respond following the disclosure of the final results.
POPCAT
As an analyst, I’m excited to note that Popcat (POPCAT), the leading meme coin with a feline flair, has been one of the standout performers in the market this year. Reaching an unprecedented peak of nearly $1.80 on October 29, its current value stands at $1.65. This represents an impressive 23,500% growth from its starting point on January 1.
Crypto X is brimming with analysts who foresee further profits for the token in the upcoming days. One ardent supporter, known as “shah,” believes that POPCAT will pave the way for other adorable cat memes to reach the legendary realm of Valhalla.
That said, it will be interesting to see what November has to offer.
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2024-11-02 08:13