As the cryptocurrency industry experiences a rebound in its value, meme coins have begun to see significant price action in their value. Memecoin has always attracted industry attention as its nature and price volatility attract many investors.
Despite November ending with positive results, major memecoins struggled to gain market momentum. Bears and bulls fought constantly for power throughout November. This resulted in significant price fluctuations for the parent tokens.
The parent memecoin recorded persistent price fluctuations, witnessing several pump-and-dump situations during November. Category leader Dogecoin price had the highest gain, adding about 20% in value, followed by Shiba Inu price, which struggled to break above 5% for the month.
Meanwhile, the price of Pepe Coin, the most hyped memecoin of the year, has fallen over 3% over the past month, indicating a decline in investor interest in the coin.
The technical indicator MACD displays a rising red histogram, which indicates that the top coins are currently witnessing higher selling pressure in the market. The averages also show bearish convergence (taking the average of each token), suggesting that the memecoin category is likely to face a correction in the coming days.
conclusion:
The increase in whale activity and the influx of new investors into the market indicate the growing adoption of this payment system globally. Additionally, the meme category has seen significant price volatility over the past month.
Overall, the Memecoin category recorded quite a bit of bullish sentiment in the market as the major coins gained significant value from their respective prices. The category is expected to experience huge price fluctuations in the coming year as coins hitting new ATHs are inevitable.