Crypto Price Prediction 10/5: Meme Coin Market Rallies as Bitcoin Holds $60K
Release: 2024/05/10 20:54 Reading: 845
Crypto Price Prediction
The crypto market experienced a respite from the early sell-off, allowing the Bitcoin price to reach $63,800 on Friday. Amidst the renewed recovery, meme cryptocurrencies were among the top gainers, highlighting the volatile nature of this asset class during market fluctuations.
Negative Sentiment and Market Cleansing
In a recent tweet, crypto analytics firm Santiment noted ongoing negative sentiment towards major cryptocurrencies since Bitcoin's halving on April 19th. Contrary to expectations, this event did not lead to an immediate increase in market capitalization. The tweet emphasized the heightened uncertainty in the market, with smaller wallet holders withdrawing from the cryptocurrency space.
Santiment suggests that the reduction in smaller, potentially more speculative investors could be a beneficial market cleansing, potentially paving the way for more stable recoveries for Bitcoin and other altcoins as summer approaches.
Top Meme Cryptocurrencies
1) Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that originated as a meme but quickly gained widespread popularity. Its vibrant community and lighthearted identity contribute to its accessibility and usage beyond traditional cryptocurrencies.
Amidst the recent market sell-off, DOGE's price fell from the combined resistance of $0.169 and a downsloping trendline. This bearish reversal resulted in a 10.8% decline within four days, with DOGE currently trading at $0.15 and a market cap of $21.75 billion. Buyers need to break through the overhead trendline to regain control of the asset, indicating the end of correction patterns and potentially pushing DOGE's price above $0.228.
2) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a memecoin inspired by the popular Pepe the Frog meme. It gained traction due to its community-centric approach, including no presale event, zero transaction taxes, and an initial liquidity pool that was burned to prevent large dumps.
The Pepe price has shown a steady recovery since last week, with higher highs and higher lows forming on daily charts. From a swing low of $0.00000393, the memecoin rallied 124% to reach its current trading price of $0.00000873. At press time, PEPE coin has a market cap of $3.65 billion and a 24-hour trading volume of $741.6 million. If buyers maintain support above the recently reclaimed $0.000008 level, they could drive a rally beyond $0.00001.
3) Book of Meme (BOME)
Book of Meme (BOME) is an innovative memecoin built on the Solana blockchain. It aims to preserve and immortalize meme culture in the digital realm by combining memes with decentralized storage solutions. The project intends to create a permanent digital repository of meme content on the blockchain, accessible through platforms like IPFS and Arweave.
Recent news
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