Meme coins are breathing life into the extremely mundane cryptocurrency market. PEPE, a leading token in this category of cryptos, is steering the rocket ship to the moon, exploding to a new all-time high earlier on Tuesday.

The Pepe Coin price analysis reveals that the token has the potential to sustain the uptrend at least to $0.000013, although it achieved a new all-time high of $0.00001146 before retracing to change at $0.00001050.

Why Are Meme Coins Rallying

A peculiar bullish wave is driving prices in the meme coin segment. Select meme coins are in the green, boasting double-digit gains including, Pepe Coin with its 11.6% increase in 24 hours.

The upswing in the value of Pepe has cumulatively increased the 30-day surge to 106%, on top of a 31% increase in a week and a 60% uptick in a fortnight.

Other meme coins shining bright on Tuesday are Floki , BOOK OF MEME, Popcat, Abu Apustaja, Mog Coin, and more.

The sluggish price movement among major cryptocurrencies including Bitcoin and Ethereum has likely brought about the surge in the meme coin frenzy. With Bitcoin trading within a narrow range of between $60,000 and $64,000, highly volatile digital assets attract investors seeking short-term gains.

Pepe Coin Price Analysis: How High Can PEPE Reach In May

Pepe Coin is riding on the momentum that followed a breakout from an inverse head and shoulders pattern. As discussed on Monday, this pattern introduced a 50% target close to $0.000013.

Backing the uptrend is a buy signal from the Moving Average Convergence Divergence (MACD) indicator. As long as the blue line holds above the signal line, the path of least resistance will remain upwards as the growing green histograms atop the neutral area signal a continued uptrend.

Pepe coin price chart | Tradingview

Pepe Coin sits above all three key bull market indicators starting with the 200-day Exponential Moving Average (EMA), the 50-day EMA, and the 20-day EMA (the purple, red, and blue lines overlaying the chart).

A daily close above $0.00001 support might affirm the uptrend, allowing traders to look toward the move to $0.000013 and $0.0001 in the long term.

2 Meme Coins To Buy As Pepe Coin Rallies

Investors sitting back, wondering if the Pepe gravy train has left the station may want to consider other potential meme coins likely to offer better returns in the year.

Solana meme coins like dogwifhat and Bonk are the most potential candidates for a meme coin portfolio. After rallying extensively in Q1, these two coins are trading at a 10%, and 5.8% discount respectively — representing the amount of weekly correction.

Dogwifhat also lost 5.4% of its value in 24 hours to $2.92. However, its potential is reflected by an 18% increase in two weeks backed by another 8% in 30 days.

WIF stands out with almost $3 billion in market cap and a trading volume of $880 million, suggesting that the token is highly liquid. It also achieved a record high of $4.83 on March 31 and therefore, trading, 39% below this milestone.

Bonk, on the other hand, changes at $0.00002351 at the time of writing, down 48% from its ATH of $0.00004547, on March 4. It has a market value of $1.56 billion and ranks #61 among other cryptos and 6th among all other meme coins.

Bottom Line

Meme coins offer an affordable entry into the crypto market. Investors can hold hundreds if not millions of tokens with the potential to return 100x gains in the 2024 bull run.

The post 2 Meme Coins To Buy As PEPE Ignites 100X Surge In 2024 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am