Anticipated Surges in PEPE and FLOKI Prices as Memecoin Mania Persists
The cryptocurrency market celebrated in 2024 as the industry made a remarkable comeback. Despite a recent decline, this year has been a game-changer for cryptocurrencies. The approval of ETH ETFs by the SEC has sparked a surge in the prices of Ethereum and memecoins, with memecoins experiencing a strong rally in the past week.
The rally in memecoins can be attributed to the SEC’s approval of eight spot Ether exchange-traded funds, which included filings from prominent firms like BlackRock, Grayscale, and Fidelity. Interestingly, while buyers of Ethereum struggle to push its price beyond $3,950, the meme coin market is flourishing. Leading meme coins such as Pepe (PEPE), Floki Inu (FLOKI), and Turbo (TURBO) have driven the meme coin market up by over 4% in the last 24 hours, reaching a market capitalization of around $66 billion, with a daily trading volume close to $9 billion.
One analyst, known as Bluntz, has identified the top two meme coins to invest in for 2024. Bluntz shared his picks on X and highlighted Pepe (PEPE), stating that it still has room for growth despite already surging by 140% this month. PEPE, a promising meme cryptocurrency built on the Ethereum network, has seen a 221.45% increase in value over the past year. It ranks 12th in terms of trading volume and 30th in market capitalization, which currently stands at $3.59 billion. Bluntz predicts that PEPE could reach $0.000028, representing a 75% increase from its current value of $0.000016.
Bluntz is also optimistic about the meme token Floki (FLOKI). Although FLOKI is not performing as well as PEPE, it holds the 42nd position among the top cryptocurrencies in terms of trading volume. With a market capitalization of $1.7 billion, FLOKI occupies the 56th spot in the market. Bluntz compares FLOKI’s current state to the pre-PEPE all-time high, expecting a new high of $0.00044. Currently, FLOKI is trading at $0.000294, indicating strong potential for growth.
Aside from memecoins, Bluntz is also interested in Ethereum’s performance, particularly its trading pair with Bitcoin (ETH/BTC). The analyst predicts a short-term dip below 0.052 BTC ($3,553) before a breakout and rally to 0.06 BTC ($4,100). This prediction aligns with the Elliott Wave theory, which suggests a correction following a five-wave surge. Currently, ETH/BTC is trading at 0.05625 BTC ($3,842). Bluntz identifies a bearish divergence, indicating a loss of momentum before the expected dip and subsequent recovery.
In conclusion, the cryptocurrency market is witnessing significant movements, particularly in Ethereum and memecoins like PEPE and FLOKI. Analysts anticipate these trends to continue, with new all-time highs on the horizon for the highlighted memecoins. What is your favorite meme coin? Let us know.
Tags: Altcoins, Price Analysis