Meme Coin Price Explosion: DOGE, SHIB, BONK, and PEPE Surge to New Highs, But Don’t Overlook These New Low-Cap Cryptos
This week has definitely been a “meme coin” week in the crypto markets. The four biggest meme coins by market capitalization – DOGE, SHIB, PEPE, and BONK – have seen their prices surge significantly over the past few days, with gains ranging from 60% to 220%. Meanwhile, new meme coins like SMOG, Frog Wif Hat ($FWIF), and Scotty the AI (SCOTTY) have also risen in price as traders look for the next hot meme coin that could skyrocket.
In this article, we’ll analyze the recent price movements of the major meme coins before exploring these three emerging meme coin projects that traders have their eyes on in the current bullish environment.
What you'll learn 👉
Major Meme Coins – Price Explosions
DOGE, the largest meme coin and currently 9th overall cryptocurrency by market cap, is up a an incredible 62% just this week. It’s currently trading around $0.14, reaching price levels not seen since late 2021 during the peak of the last crypto bull run. At its all-time high of $0.63 also set in 2021, DOGE is not too far away from making a push towards its historic peak.
With a daily RSI around 44 right now, there is still room for this meme coin to growth before hitting overbought territory.
According to prominent crypto analyst Rekt Capital, DOGE is making an attempt to break its long-term macro downtrend (depicted by the blue line on the chart below). As he explains:
“Months ago, DOGE broke out from its blue Channel. And only late this past February did DOGE enjoy a strong breakout continuation to the point where it revisited its multi-year Macro Downtrend (blue).”
Rekt Capital believes this macro downtrend will “inevitably lapse” over time which would be a positive sign for long-term DOGE holders. It’s just a matter of having patience as this unfolds.
In the short-term, Rekt Capital notes we could see some fluctuations in price as DOGE tests resistance. As he comments:
“However, the short-term has a life of its own so to speak so any fluctuations that occur to the downside must be capitalised one. For example, if DOGE isn’t able to Macro Downtrend on the first attempt, there would be scope for a pullback to as low as the black Range Low of $0.096.”
This means we could see DOGE dip back into the $0.096-$0.12 trading range if it faces rejection at current levels. But Rekt Capital seems to view any such dips as potential buying opportunities for traders looking to capitalize on an eventual break of the downtrend.
As he concludes: “Generally, any dips from here are going to enable to Macro Downtrend break.”
So based on this analysis, DOGE may be on the verge of a significant technical breakout if it can close above its multi-year macro downtrend line which would turn sentiment decisively bullish. Crypto traders will be closely watching if DOGE can achieve this in the near-future.
SHIB, PEPE and BONK Prices Pumping
SHIB, the self-labeled “DOGE killer”, has soared 116% this week to trade around $0.00002. While still far from its all-time high around $0.00007 set in October 2021, SHIB seems to be regaining its momentum from its consolidation phase over the last few months. With a daily RSI at 55, SHIB still has some ways to go before becoming technically overextended.
PEPE may have been the hottest meme coin over the past week, exploding 220% higher to around $0.000004. This represents a new all-time high for the coin, surpassing its previous high of $0.000003 from early 2023. After months of range-bound trading, PEPE has awoken with a vengeance this past week as traders pile into meme coins. With a relatively low RSI of 45 on the daily chart, PEPE could continue running higher before hitting overbought levels.
Rounding out the top meme coins, BONK rallied 100% to hit highs of $0.000028 before pulling back 8% to trade around $0.0000238 at press time. These levels still represent a new record high for BONK. However, with its RSI around 44 on the daily timeframe, BONK seems to have cooled off a bit but still retains the potential for additional upside.
For readers unaware, the Relative Strength Index (RSI) is a technical indicator that measures the speed and rate of price movements. An RSI above 70 generally signals an asset is overbought, while a reading below 30 indicates an asset is oversold. For the major meme coins above, their RSI’s in the 40s and 50s suggest they likely have more room to run higher before hitting extreme overbought conditions.
Beyond Bitcoin bouncing over20% this past week to $64k before settling around $61-62k, meme coins are clearly the story in the crypto sector right now. With the highly anticipated Bitcoin halving now less than two months away in April, the overall crypto market sentiment appears very bullish at the moment. Traders seem to be rotating out of Bitcoin and into altcoins and speculative assets like meme coins as they search for outsized returns.
Emerging Projects – SMOG, Frog Wif Hat, and Scotty the AI
So, as traders seek smaller cap cryptocurrencies that could deliver exponential returns during this apparent bull market, eyes have fallen on a few emerging meme coin projects that have already begun their ascent. These include SMOG, Frog Wif Hat ($FWIF), and Scotty the AI (SCOTTY) – three relative newcomers riding the wave of meme mania.
SMOG
The SMOG token has performed well this past week, rising approximately 90% to break above the $0.10 level to set a new all-time high in terms of price. With a still relatively modest market cap around $80 million, SMOG offers traders a fresh meme coin with room to grow.
As background, SMOG is a meme token focused on airdrops – free distributions of crypto tokens to users. The concept aims to reward buyers and holders who complete various “quests” on the Zealy platform.
The meme coin seems to have struck a chord since its fair launch on the Solana blockchain in early February, evidenced by the 1,400% spike within the first hour of trading. Now available on both Solana and Ethereum, SMOG leverages a tokenomics structure with 35% allocated towards airdrops to bring that unique utility element.
Frog Wif Hat ($FWIF)
Another meme coin drawing attention is the humorously named Frog Wif Hat ($FWIF) project. It debuted on Uniswap amidst the latest bout of Bitcoin and meme coin hype, riding that momentum to an impressive start.
Currently valued at a micro-cap level around $4.7 million, Frog Wif Hat has already gained 130% today to trade around $0.005 at press time. As a meme coin, it predictably features some silly components – in this case a French-inspired frog wearing a hat and holding a baguette. This type of quirkiness has quickly garnered interest thus far.
With a maximum supply of 1 billion $FWIF and no locked tokens, the valuation is completely at the whim of the markets. And despite its meme status, Frog Wif Hat does have a loose 3-stage roadmap including initial launch, bridging to Solana, and potential influencer/NFT partnerships. With availability on DEX’s like Uniswap, $FWIF offers traders ample liquidity to jump in on the latest crypto meme frenzy.
Scotty the AI (SCOTTY)
Billed as the “Guardian Of The Crypto Universe”, Scotty the AI (SCOTTY) weaves an engaging backstory in its project. As a Scottish terrier, Scotty uses its “jet-black fur reminiscent of the night sky” and advanced AI capabilities to protect the secrets of the digital world.
Thus far, the narrative seems to be working – the SCOTTY presale has already raised over $1.4 million from contributors. The public sale is currently ongoing with SCOTTY priced at $0.0063. Out of a circulating supply of 3 billion, about 1.7 billion SCOTTY has been reserved for presale participants. The remaining allocation will go towards staking rewards, development, marketing, etc.
💥Presale Update!💥
— Scotty The Ai (@ScottyThe_Ai) March 2, 2024
ScottyTheAi #1 #memecoin (W/utilities) of 2024$SCOTTY has raised $1.4M
Well on our way to closing out presale and heading for that $100M marketcap.
Congratulation to all the early #Scottydogs in presale 👏
Buy Now: https://t.co/zRmy4g8hfW#BITCOIN… pic.twitter.com/dXAziu7HKm
The SCOTTY roadmap details plans to build out the Scotty community, conduct smart contract audits, distribute tokens, ramp up marketing efforts and ultimately protect the cryptocurrency landscape from threats as its lore envisions. With unique branding and utilization of AI, Scotty the AI presents an intriguing new meme coin option.
Conclusion
In an environment of speculative fervor and ‘risk-on’ mentality, meme coins have predictably rallied as traders embrace potential upstart meme coins like SMOG, Frog Wif Hat, and Scotty the AI have also surged as investors attempt to find “the next SHIB” before it potentially explodes in value.
With Bitcoin and the broader crypto market rallying, we could see additional upside for both major meme coins and emerging crypto projects in this emboldened bull market. But as always, chasing fads remains risky and measured decisions are still warranted.
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
