- Memecoins have once again outperformed top altcoins, with some even posting three-digit weekly gains.
- Now, the battle begins to determine who will lead the ‘supercycle’.
As a seasoned crypto investor with a knack for spotting trends and reading market signals, I find myself intrigued by the current state of affairs. The memecoin ‘supercycle’ is indeed an interesting development, particularly when altcoins seem to be lagging behind. The recent surge in PEPE following its listing on Coinbase was a fascinating sight, albeit short-lived. However, the resilience shown by DOGE during market dips has caught my attention, and I can’t help but wonder if it will lead the ‘supercycle’.
Normally, getting listed on significant exchanges like Coinbase can spark growth for a coin by boosting liquidity and attracting more interest in the token. This was observed with Pepe [PEPE], which experienced a 50% price jump following its listing, peaking at $0.00002524 – a new record high. It’s possible that the surge was fueled by Bitcoin‘s upward trend towards $90K.
Initially, there was a spike, but this increase proved temporary as PEPE declined by 10% the following day, almost wiping out half of its previous growth. Nevertheless, there was a promising aspect to this situation!
Similar to the last round, meme-inspired cryptocurrencies are leading the pack, as seven out of the top ten coins showing the highest weekly gains are meme-themed tokens.
Currently, the broader market is experiencing a slump due to Bitcoin’s recent adjustment. It will soon become clear if PEPE can rebuild its pace in this scenario. However, the token confronts several hurdles, one of them being competition from DOGE, which demonstrated greater resilience during previous market downturns.
Memecoin ‘supercyle’ emerges as altcoins lag behind
It’s intriguing that even though they are known for their volatility, memecoins have managed to gather enough investment to surpass some top altcoins, following trends similar to those seen during the previous bull market. This trend was reinforced when DOGE overtook XRP in terms of market cap, moving into the 6th position.
These occurrences have ignited a significant change in the market dynamics, leading investors to gravitate towards meme-based cryptocurrencies during turbulent times or when Bitcoin reaches its peak.
Over the past month, the number of wallets containing between 10 million and 100 million Dogecoin (DOGE) tokens increased from 18.3 billion to 18.7 billion. In just the last day, these coins were bought for around $56 million.
Source : Santiment
Dogecoin, the leading meme-based cryptocurrency in terms of market capitalization, experienced a series of green candlesticks for seven consecutive days, reaching daily highs of up to 20%. But on November 14th, it unexpectedly plummeted by 9%, erasing the gains made over the past two days.
Even though there were signs of a downturn, the whale behavior indicated that Dogecoin (DOGE) might be preparing for a comeback. This scenario was reminiscent of past patterns, where investors, known as bulls, saw dips as chances to stockpile, setting up DOGE for a possible steep rise.
Now, the critical question is:
Who will lead the next supercycle?
Over the past week, PEPE surged nearly 100%, outpacing its competitors and placing everyone associated with it in advantageous positions. Yet, the gap is slim, as DOGE follows closely, recording a more than 80% price hike within just six trading sessions.
From one perspective, Dogecoin (DOGE) appears poised for fresh record levels, as some predict a surge to $1 due to influential endorsements and government support. Conversely, Pepecoin (PEPE) has seen significant growth since being listed on Coinbase.
In summary, these two meme-based cryptocurrencies show robust performance in multiple areas, suggesting they could spearhead the upcoming ‘supercycle’. Yet, it’s clear that only one will emerge victorious.
Source : Glassnode
Ever since PEPE’s anticipated debut, there’s been a tremendous surge in its accumulation. Traders have swapped an astounding six trillion tokens in just one day alone. Like DOGE, PEPE has attracted considerable attention not only from individual investors but also from institutions.
As I scrutinize past trends and current market sentiments, I find myself optimistic about DOGE’s potential to take the lead over PEPE. Its recent strong performance suggests that it could be the one to watch in the near future.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
The influence of DOGE within the political sphere is anticipated to be crucial for its supremacy. As meme coins are undergoing transformation, becoming a stable investment option during tumultuous market conditions, the endorsement and backing by notable personalities such as Elon Musk could significantly boost DOGE’s standing.
Looking ahead, it’s expected that investors may prioritize Dogecoin (DOGE), given its consistent media presence and broad appeal, setting it up potentially for a significant price surge towards $1.
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2024-11-16 00:08