Solana meme tokens collapse, What is The Best Meme Coins To Buy In 2024 For 10x Gains (prediction)
The prices of most meme tokens in the Solana ecosystem – BONK, WIF, ANALOS, and others – have almost halved over the past month.
Reported from crypto.news - According to the CoinGecko service, the Dogwifhat (WIF) token, launched in November 2023, showed a significant drawdown – 76% from its maximum at $0.33. At the time of writing, the asset is trading at $0.08. The coin’s market capitalization also fell from $324 million to $78 million.
Another token that has received particular recognition from cryptocurrency enthusiasts, Bonk (BONK), has fallen 70% from its December highs. The asset is currently trading at $0.00001018. The fall was accompanied by a reduction in capitalization (from $1.5 billion to $620 million) and trading volumes.
Another new meme coin that has become a parody of Solana, AnaloS (ANALOS), recorded a drawdown of 92% from its December all-time high. Despite the quote decline, the asset demonstrates a high trading volume of $26 million.
At the same time, the new token PEPECOIN on SOL (PEPE), launched at the end of December, became the top gainer. Over the past 24 hours, the token has risen by 94%, reaching a price of $0.002414.
The crypto market is currently experiencing a significant milestone with the approval and launch of spot Bitcoin ETFs in the United States. After ten years of pushing boundaries, we're now seeing crypto blend into the big leagues of finance with this huge leap. These ETFs, unlike the Bitcoin futures ETFs approved in 2021, offer investors a more direct exposure to Bitcoin's price, allowing both retail customers and traditional financial institutions to invest through conventional brokerage apps and accounts without the need to navigate crypto exchanges. Big trading houses are jumping into the Bitcoin scene, set to stir up more buzz and cash flow in the market.
Amidst this development, meme coins such as ApeCoin (APE), Samoyedcoin (SAMO), Memecoin (MEME), Bonk (BONK) and Shiba Inu (SHIB) are gaining attention as promising cryptos for potentially significant returns in 2024.
ApeCoin (APE): Navigating The Crossroads Of Market Dynamics
Recently, ApeCoin (APE) has been trying to overcome the $1.73 hurdle, which is the midpoint of its current trading range and the price point that will show us where the meme coin is heading in the near future.
ApeCoin (APE) is trading between $1.480 and $1.823, with its key moving averages hovering around $1.445. The support levels are set at $0.998 and $1.341, while resistance levels are identified at $2.025 and $2.368.
ApeCoin’s (APE) success is riding on its ability to stay above the $1.73 threshold, much like how a movie adaptation needs to nail the original book's vision to win over audiences. A successful breach could lead to a 22% rally, potentially extending to a 65% gain. However, failure to maintain this level could see a decline to the $1.6 support, risking a further drop to $1.34, a 16% decrease.
Memecoin (MEME): A New Wave In The Meme Token Sector
Memecoin (MEME) has recently gained attention due to BNB Labs' investment – the subsequent price jump shows the token holders are increasingly confident about its long-term potential.
Memecoin (MEME) is moving between $0.0199 and $0.0409, with the 10-day and 50-day moving averages found at $0.0242 and $0.03, respectively. Support is looming at $0.0125 and resistance levels are noted at $0.0546 and $0.0757.
Memecoin’s (MEME) future is buoyed by the recent investment from BNB Labs, yet it still hinges on its knack for leveraging this backing to broaden its market appeal and secure a steady foothold.
Shiba Inu (SHIB): Growing Market Presence
After erasing a zero from its price, Shiba Inu (SHIB) keeps surging, indicating an ever-growing investor interest.
Shiba Inu (SHIB) is hanging between $0.0000084 and $0.0000121. The 10-day and 50-day moving averages are fixed at $0.0000097 and $0.0000087. Support levels lie at $0.0000028 and $0.0000065, while resistance is expected at $0.0000138 and $0.0000175.
In light of its latest rally, Shiba Inu’s (SHIB) future appears bright, but its long-term success depends on continued community support and the ability to adapt to market changes.
- Conclusion -
The year of 2024 proves to be a new era in the realm of cryptocurrencies as the introduction of spot Bitcoin ETFs in the United States will integrate them more firmly into the financial mainstream. Following the SEC’s approval, we're likely to see a surge in trading and a bigger crowd getting into the Bitcoin scene and probably even the meme coin sector: ApeCoin (APE), Samoyedcoin (SAMO), Memecoin (MEME), Bonk (BONK) and Shiba Inu (SHIB) are already gaining traction as 2024’s potential investment opportunities.
Boasting distinct quirks and market footholds, all the aforementioned tokens are forging ahead: ApeCoin (APE), at a critical price point, faces a make-or-break situation that could significantly impact its value; Samoyedcoin (SAMO), while benefiting from the efficiency of the Solana blockchain, struggles with limited utility beyond its meme status; Memecoin (MEME) has seen a surge in interest following investment from BNB Labs, but its future hinges on market stability and expanded utility; Bonk (BONK) is currently riding a bullish trend, yet it must navigate market volatility and sustain investor interest; Shiba Inu’s (SHIB) recent growth is impressive, but its future relies on the community's unwavering backing and the ability to stay flexible in a shifting market.
