Forecast for Memecoin Bull Run: Dogecoin, Dogwifhat, and Pepe Price Predictions for the Week
The world of cryptocurrencies has been buzzing with the rise of memecoins, some of which have delivered impressive returns. This surge in popularity indicates that 2024 could be the year of the memcoin. One of the main advantages of memecoins is the strong support from their dedicated community, which generates interest and engagement. However, they are also known for their high volatility and speculative nature. To gain insight into the future of memecoins, it is crucial to analyze current trends and historical price patterns. Let’s dive into a quick analysis!
1. The Top Memecoins based on Market Cap
The top seven memecoins by market capitalization are Dogecoin, Shiba Inu, Pepe, Dogwifhat, FLOKI, Bonk, and BOOK OF MEME.
Memecoins
Market Cap
24 Hour Volume
Dogecoin
$22,381,955,751
$1,766,495,970
Shiba Inu
$13,929,310,798
$613,538,036
Pepe
$3,447,697,985
$987,574,974
Dogwifhat
$3,299,740,378
$867,821,575
FLOKI
$1,725,588,848
$208,392,422
Bonk
$1,636,512,521
$280,697,213
Book OF MEME
$811,859,858
$369,462,889
Let’s analyze these top seven memecoins.
1.1. Analysis of the 30-Day Change in Top Memecoins
Among the top memecoins by market cap, only two coins show a positive change in the past 30 days: Pepe (+15.8%) and Bonk (+6.5%). The rest of the coins have experienced negative changes: Dogecoin (-20.9%), BOOK OF MEME (-17.9%), Shiba Inu (-17.2%), FLOKI (-12.7%), and Dogwifhat (-9.5%).
1.2. Analysis of the 7-Day Change in Top Memecoins
In the past 7 days, at least five of the top memecoins have displayed positive changes: Dogwifhat (+23.8%), BOOK OF MEME (+19.8%), Pepe (+10.7%), Dogecoin (+8.4%), and FLOKI (+6.1%). However, Shiba Inu recorded a negative change of -1.6%, and Bonk had a change of -1.1%.
2. The Three Memecoins to Watch in May
In the month of May, the three most important memecoins to keep an eye on are Dogecoin, Dogwifhat, and Pepe. Dogecoin is significant due to its top market capitalization. Although its 30-day change index is not impressive (-20.9%), its 7-day change index is +8.4%. Dogecoin stands out in this list because it has a powerful seven-day change of +23.8%, the highest among the top seven memecoins. Pepe is also included as it has shown consistent performance, with a positive 30-day change of +15.8% and a positive 7-day change of +10.7%.
2.1. Historical Price Analysis of the Three Memecoins
Let’s delve into the price history of these three memecoins.
2.1.1. Dogecoin Historical Price Analysis
The current price of Dogecoin is $0.15561. At the beginning of 2024, it was around $0.09166. Between February 26 and March 4, 2024, it experienced a sharp uptrend, with its price surging from $0.08961 to $0.18290. On March 28, it reached a peak of $0.22030.
2.1.2. Dogwifhat Historical Price Analysis
The current price of Dogwifhat is $3.23. At the start of 2024, it was around $0.17. Between February 24 and March 14, it underwent a significant uptrend, with its price rising from $0.34 to $3.15. The price reached its peak of $4.57 on March 31.
2.1.3. Pepe Historical Price Analysis
The current price of Pepe is $0.00000811. In mid-February 2024, the price of Pepe was as low as $0.00000122. Between February 24 and March 8, it experienced an upward trend, with its price climbing from $0.00000130 to $0.00000900. Its peak price of $0.00001005 was reached on March 14.
3. Overall Price Prediction for Memecoins
When analyzing the price history, it is evident that these three memecoins experienced a sharp uptrend between late February and early March. Since then, none of these coins have experienced any significant decline. This indicates that the bullish trend from late February remains intact. Although these three coins currently show negative 24-hour changes (Dogecoin -4.8%, Pepe -5.2%, and Dogwifhat 4.2%), the price analysis reassures that the underlying sentiment is favorable towards these coins.
Endnote
While some analysts are optimistic about the recent progress in the memecoin market, others point out the high volatility and lack of solid fundamentals as potential obstacles to long-term growth. These critics argue that without a clear purpose or underlying value, memecoins may struggle to maintain their momentum over time, suggesting that their popularity might be more speculative than sustainable.
Tags
Dogecoin (DOGE)
Meme Coins
Shiba Inu SHIB