As of August 3rd, the memecoin market capitalization is $40B. While the bitcoin and altcoin market has suffered a blow, memecoins still hold their place with only a -0.10% change. Within the crypto market, Bitcoin’s price declines almost nab altcoins and memecoin’s prices. However, five coins in the market have continued to remain stable, even as Bitcoin tests to stay afloat at its new support level of 56K. Read here for more information on Bitcoin’s price prediction.
Memecoin market recovery
DOGE– The father of memecoins, Dogecoin, is currently trading at $0.09904. At the beginning of 2024, DOGE opened at $0.089 and kept topping its resistance level to reach $0.22 in March (an ATH in 2024). However, from mid-April onwards, the coin started reacting to the ebb and flow of the market and finally closed at $0.09912 on September 2nd. The current MACD analysis of DOGE -0.0014, meaning a bearish momentum, is currently continuing in the market. Investors need to wait for another trend reversal for profit or buy the dip.
SHIB– The 2020 orig. memecoin Shiba Inu price has also been affected by the market conditions amid Bitcoin’s price slump. However, the token has started its journey of recovery with a liquidity score of 654 on Binance and a 0.43% increase in the last 24 hours. The current MACD is below the Signal Line, suggesting a bearish trend. However, in the previous 30 days, the token has made strides, rising 21.36%.
PEPE- The open interest in PEPE has plunged to 72%, coming to around $84.12M from $127.81M. Currently, the frog-themed token is trading at $0.000007566 and has been showing a downward trend in the last seven days. Further, while open interest has swelled down, this indicates a bearish outlook of investors for PEPE. However, not all is in vain! While a bearish trend may be ongoing, a price rally or a trend reversal can be anticipated soon. This is because investors can buy the dip.
WIF- Dogwifahat, trading at $1.60, has an open interest of $203.7M. This is a testament to the ongoing bullish market sentiment for the dog-themed token. While the memecoin market has suffered due to the bullish sentiment in the entire crypto market, WIF has come out as a winner. Not only did the token survive the winter, but it also saw a hike of 9.13%, weathering all storms.
POPCAT- While WIF had its share of victory, POPCAT has reached the moon. The token is currently priced at $0.612, a +8.37% in a month. While prices have stumbled, this token is the winner in the memecoin market recovery contest, with its open interest rising from $29M to $47M in two weeks.
While the numbers might not look impressive right in the go, the rise of these memecoins is gradual yet steady. As the market course-corrects itself and Bitcoin’s price nears its current resistance level of $61K, the memecoin market is in for a bull run soon.
