2021 was supposed to be the year when memecoins took the cryptocurrency market by storm. During that period, Shiba Inu recorded the highest profits, resulting in huge profits for investors in a short period of time.
Over the past few months, investor attention has shifted to mid-cap and low-cap memecoins, highlighting the growing inflow of digital assets in this category. Last year, as the market showed a huge rise, meme coins recorded a tremendous rise, and Bonk tokens recorded the highest surge of over 100 times (YoY) compared to the previous year.
Although the market value of memecoins may be subject to constant fluctuations, the popularity of these cryptocurrency tokens is increasing every day, highlighting the fact that numerous investors are constantly seeking out these coins.
Dogecoin and Shiba Inu Price Sentiment:
DOGE price began trading in a closed range between $0.08931 and $0.09366 for some time in 2024. As market volatility increased, Stamimecoin recorded a valuation loss of approximately 15% in one day.
Mimcoin has since been trading in a consolidated range between $0.07597 and $0.08416 for about a week. The bulls tried to break out, but the bears overwhelmed the bulls and the price fell within the range. Afterwards, the price continued to trend sideways for a while.
After several attempts, the bulls successfully broke the resistance level of $0.08416, but the rally was short-lived and the price experienced another decline on the charts. Since then, the price has been trading between $0.07597 and $0.08416, indicating weak price movement for the coin.
Technical indicators show a neutral trend, highlighting the uncertainty about the future price movement of the coin. Moreover, the 50-day EMA acts as resistance on the price chart, indicating a downtrend in the market.
Shiba Inu price sentiment:
Shiba Inu prices have started the year trading sideways, following the category leaders. As the market lost momentum, the SHIB coin price recorded a valuation correction of more than 12%. The price has since traded between $0.00000926 and $0.00001006 for over a week.
The bulls attempted a breakout, but the rally was short-lived and the price fell back within the range. The bulls tried tirelessly to keep the price above the support level, but after several attempts, the bulls lost momentum and the price broke the $0.00000926 support level.
Since then, the price has been trading in a closed range between $0.00000860 and $0.00000926, highlighting the weak buying and selling pressure on the coin in the market.
Price sentiment suggests mixed sentiment as MACD (Moving Average Convergence Divergence) shows a sustained rise on the charts, showing increasing buying pressure. Conversely, the Cross EMA 50/200 day records a neutral trend with the 50-day average resisting the price.
Solana Ecosystem:
The Solana ecosystem has recorded a massive growth of over 800% over the past year, resulting in it becoming the 5th largest cryptocurrency on the list by market capitalization.
SOL prices started 2023 with a neutral trend and continued to fluctuate slightly through the third quarter. However, the price has recorded a significant recovery, increasing more than five-fold in value over the past trading months.
Solana based memecoins:
BONK Memecoin recorded its highest return in 2023, rising by over $1 million. 10,000% (100X). During the last trading month of the year, Bonk tokens traded between $0.000005568 and $0.000009635 during the first week. As market volatility increased, Meme Coin soared more than 129% in a matter of days.
Afterwards, the price trended sideways for a while before regaining its upward trend, and the price surged by about 230% in just a few days. After receiving a rejection at $0.000031786, the bulls lost momentum and recorded a 46.907% loss in value. Bonk tokens have been trading in a closed range between $0.000016876 and $0.000021792 for over a week.
As market volatility increased, prices began trading bearishly, resulting in a downward channel pattern. After trading close to the important support level of $0.000009635 for some time, the bulls regained momentum and successfully broke out of a brief period of sideways price movement.
Afterwards, Cross EMA introduced a dead cross, lost momentum, and collapsed. Since then the price has been moving sideways in the closed range.
On the technical front, there is mixed sentiment as the MACD registers a bullish convergence, suggesting that the price will experience a significant upward trend in the coming days. Conversely, the Cross EMA 50/200 days acts as resistance on the price chart and highlights the bearish influence in the cryptocurrency space.
conclusion:
Overall, the Meme coin category has seen tremendous price fluctuations recently, with some gaining significant valuation and some losing it. However, this category is highly volatile and price movements are highly influenced by many factors.
This category tends to be the one where pump and dump situations are most likely to occur. It is best to do DYOR (Do-Your-Own-Research) and most importantly, maintain a stop loss before investing in this particular category which is known to show huge price fluctuations within a short period of time.