As the next crypto bull market sets in gradually, memecoins, born out of internet culture, fun and often characterized by zero use cases, have captured the attention of both experienced traders and newcomers.
In this article, we explore five promising memecoins that are poised to make waves as the crypto bull market gains momentum.
- Pepe (PEPE)
Pepe (PEPE) has emerged as the top-performing token in the memecoin category, posting some stunning price gains as Bitcoin (BTC) and the broader crypto market enter a bullish trend.
The memecoin, which has no intrinsic value, has jumped over 80% in the past seven days to reach an all-time high (ATH) of $0.00001717 on May 27. This price action translates to an increase of over 30,500% from PEPE’s all-time low (ATL) of $0.075514 recorded in April 2023, per Coingecko data.
With a valuation of over $7 billion at the time of writing, PEPE has risen to become the 21st-largest cryptocurrency by market capitalization, just beneath Uniswap’s native token, UNI. While PEPE may encounter some price retracement in the coming weeks, its week-long uptrend has significantly increased investor interest in memecoins as evident in the massive accumulation and social activities of these cryptocurrencies.
- Bonk (BONK)
Solana-based token BONK is among the memecoins to capture investors’ interest as the cryptocurrency market gains momentum following the approval of 8 spots Ether ETFs by the U.S. Securities and Exchange Commission (SEC).
Trading at $0.000039 at the time of writing, BONK is up over 12% and 50% in the past 24 hours and seven days, respectively. BONK is expected to hit new all-time highs in the coming months as bulls look determined to overcome the crucial resistance level at $0.00004547 attained earlier this month.
Citing the increasing accumulation of the Bonk token and other technical indicators, several crypto analysts predict the largest memecoin in the Solana ecosystem to hit $0.1 at the peak of the brewing bull market.
Read Also: BONK Surges Nearly 40,000% Within A Year Amid Solana Boom
- Floki (FLOKI)
With a market cap of over $2.7 billion and surging daily trading volumes across numerous exchanges, FLOKI looks prepared to enlist among the top-performing memecoins in the latest crypto bull market.
FLOKI has regained massive momentum after its price dropped below $0.00014 in April 2024 on the back of price rejection at the once-retested resistance level of $0.000297 in March 2024. Recording a price gain of over 55% and 35% in the past month and seven days, respectively, FLOKI still appears bullish in the long-term frame.
A breakout above its ATH of $0.0003365 attained in 2021 could set FLOKI on the path to higher highs in the coming months. On the other hand, a rejection at this longstanding resistance level could cause a significant decline in FLOKI’s price, underlining the need to trade crypto assets with caution. At the time of writing, FLOKI is changing hands at $0.0002737, up over 20% in the past 24 hours f.
The rising positive sentiment on the memecoin has been attributed to the 15,246,000,000 Floki tokens burn executed earlier in May following the passing of a new DAO (Decentralized Autonomous Organization) proposal. Moreover, Coinbase Derivatives announced that FLOKI perpetual futures trading will kickstart on May 30. The development comes shortly after Coinbase Derivatives launched Dogecoin (DOGE) futures trading.
Read Also: Why Crypto Asset Prices are Set To Skyrocket in 2024
4. Brett (BRETT)
Among the memecoins to watch in the booming cryptocurrency market is Brett represented by the ticker BRETT. The Brett token is the first and leading memecoin developed on the Coinbase layer 2 network, Base. According to Coingecko data, BRETT has a total supply of 9,999,998,909 tokens, with about 8.5 billion tokens in circulation at the time of writing.
Despite falling by 40% from its ATH of $0.086 to hit $0.025 in April due to suspicions that insiders held over 81% of the supply at launch, BRETT price has risen remarkably in the past weeks. Particularly, the Base-powered memecoin has surged over 140% in the past 14 days.
Trading for $0.072 at press time, crypto analysts expect BRETT to breakout above $0.086 in the coming days, putting it on course to reach new all-time highs as the bull market sets in.
5. Dogwifhat (WIF)
The fourth-largest memecoin by market cap WIF, which attained an ATH of $4.83 in March 2024, appears to be on track for another massive rally following its multi-month uptrend. Notably, Dogwofhat has surged over 30% in the past week and month.
A look at the WIF price chart shows that the memecoin has formed strong support around the $2.2 mark, trading above this level since late March 2024.
Accordingly, WIF recently smashed the crucial resistance level at $3.2, making $4.83 the next target. Trading at $3.69 at the time of writing, a breakout above its ATH would indicate more upside for the Solana-based token. Likewise, a price rejection at that level may lead to a significant retracement.
Read Also: IntoTheBlock reveals 4 must-watch Bitcoin on-chain metrics as crypto market enters mid-bull cycle
However, before jumping to invest in memecoins, it’s important to know that they are high-risk crypto assets given their lack of utility or tangible applications. While investing in them may yield profits, significant losses could be recorded when investing in meme-inspired cryptocurrencies.
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