Memecoin Season Back? DOGE, BONK, And Others Hit New Highs

29.02.2024

Memecoin market surges, DOGE leads with 34% increase.
Analysts predict bullish trends may continue, but caution overbought conditions.

The crypto community is jubilant as market bulls make a strong comeback, with the entire market capitalization up 8% in the past 24 hours, standing at $2.3 trillion. The total trading volume is at $194.22 billion, representing a surge of 103.91%, and importantly BTC nearing its ATH which was hit 3 years back. Amidst this, investors are keenly observing the trading actions of memecoins, which have hit monthly/ yearly highs and also seen a significant increase in trading volume.

Dogecoin (DOGE)

Dogecoin, affectionately called the head of memecoins, has reached a 15-month high of $0.1311. Currently, DOGE is trading at $0.1278, marking a 34% surge in the past twenty-four hours. During the same period, trading volume surged by 179% to $5 billion. Analysts suggest that if the bullish trend continues, DOGE might break the resistance level of $0.2193. However, if bears take control, it could drop to $0.07965.

Shiba Inu (SHIB)

Shiba Inu, another prominent memecoin, has attracted attention by surging 26% in the past 24 hours, currently standing at $0.00001353. The trading volume has reached $1 billion, reflecting an 80% surge. Analysts speculate that if the bullish momentum persists, SHIB might break the resistance level of $0.00002146. The daily Relative Strength Index (RSI) stands at 86, indicating an overbought condition.

SHIB Price Chart, Source: TradingView

Bonk (BONK)

Bonk, the Solana-based memecoin, is the standout performer, surging by 61% in the past 24 hours. Trading volume reached $910 million, up by 174%. The current price is $0.00002215, just 32% away from its all-time high of $0.00003419. If the bullish trend continues, it could surpass this level. The daily RSI is at 80, indicating an overbought condition.

Pepe (PEPE)

Pepe has been making waves in the past week, surging by 174% over the last seven days. Yesterday, it reached a 10-month high of $0.00000362. Currently, it is trading at $0.000003098 with a 20% surge. Analysts predict that if the bullish momentum persists, PEPE might break the resistance level of $0.00000378.

PEPE Price Chart, Source: TradingView

Floki (FLOKI)

Floki, another memecoin in the mix, has seen a 16% increase in the past 24 hours, with the current price at $0.00005739. However, trading volume has declined by 11% during the same period. If the bullish trend continues, it could reach $0.000063, but if bears take over, it might drop below $0.000041.