Why are memecoins rising today? DOGE, PEPE, WIF see surges

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  • Memecoins could continue to rally until they are noticed by retail investors.
  • Currently, memecoins appear bullish and are currently retesting their breakout levels. 

As a seasoned crypto investor who’s been through the Doge-Days of 2013 and the Bitcoin Boom of 2017, I must admit, the current memecoin surge is nothing short of intriguing. The rise of these digital jests from DOGE to PNUT has been a rollercoaster ride, reminiscent of my early days in the crypto world.

The crypto memecoin sector is making waves with its impressive performance, even as major cryptocurrencies struggle.

A variety of popular internet-based currencies, such as Dogecoin (DOGE) and Peanut the Squirrel (PNUT), are currently witnessing significant growth trends.

The potential reason for a memecoin rally

A likely cause for this significant positive trend is the growing attention among investors and institutions towards memecoins, rather than established assets such as Bitcoin, Ethereum, and Solana.

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This rising interest is the reason behind memecoins pumping once again.

Moreover, there has been a surge of interest in meme-based cryptocurrencies over the weekend, with digital tokens such as Dogecoin (DOGE), Pepe (PEPE), Dogwithhat (WIF), and Bonk (BONK) experiencing a positive upward trend. This bullish movement has drawn the attention of investors.

Whales’s rising interest

Lately, the data analysis company Santiment shared on platform X (previously known as Twitter), highlighting that large investors, or ‘whales,’ are exhibiting significant interest and faith in these surging meme tokens. Consequently, this has contributed to an uptick in their market values.

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Yet, the article further noted that these meme-based cryptocurrencies might persistently surge as they gain traction among retail investors, potentially leading to increased purchases.

In such circumstances, it’s common for token prices to start dropping because large investors like whales and institutions often choose to offload their tokens at that time.

DOGE price prediction for December 2024

As a crypto investor, I’ve noticed that Dogecoin (DOGE) seems to be testing the support level, which is essentially the horizontal line at the top of an ascending triangle price action pattern, as per my observations based on AMBCrypto’s technical analysis.

Given its past trends, if Dogecoin manages to retest the $0.45 mark and ends the day’s trading above $0.48, it might experience a significant rise of approximately 18%. This could potentially push the price up to around $0.58 in the near future.

PEPE price prediction for December 2024

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According to AMBCrypto’s technical analysis, the current price of PEPE appears to be testing a breakout from a bullish flag and pole price action pattern.

If the memecoin maintains its value above 0.0000238 dollars, it’s quite likely that it will surge by approximately 45%, potentially reaching around 0.0000352 dollars within the near future.

WIF price prediction for December 2024

Beyond Doge (Doge) and Pepe, the cryptocurrency known as WIF has burst free from a congested area and is currently testing the level of its breakout in the present moment.

Should WIF maintain its position above $3.40, there’s a high likelihood it might increase by approximately 25%, potentially reaching the $4.60 mark within the upcoming period.

These memecoins appear bullish and are currently retesting their breakout levels.

It appears that the general feeling towards these memecoins is positive, indicating they might experience substantial growth in the upcoming days since large investors (whales) and institutions remain actively engaged.

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2024-12-09 08:07