The second week of November was a remarkable one, with many cryptocurrencies in the top 100 posting significant gains. In this regard, memecoins were the best performers.
To some market observers, this may not be surprising, as meme coins appear to have led the gains on several occasions this cycle. That said, the three cryptocurrencies that have risen the most over the past seven days are:
Peanut the Squirrel (PNUT)
PNUT, a token that has recently gained attention, topped the list of cryptocurrencies that have gained the most in the past week, with a staggering 2,091% jump. This impressive rally was mainly driven by a surprise listing on Binance, which caused a major impact on the market.
While the development has sparked controversy, the memecoin’s market cap has crossed the $1 billion mark and is just a few steps away from reaching $2 billion. On the 4-hour chart, the current price is $1.84, down 25% from its all-time high.
From the looks of it, PNUT may face profit-taking. If this happens, the token’s value could drop to $1.33.
Peanut the Squirrel 4-hour analysis. Source: TradingView
However, a shift to a more bullish sentiment could invalidate this thesis. In this scenario, it could reach $2.16 or even climb towards a new all-time high of $2.50.
Baby (BABY)
PEPE’s price has surged 118% in the past week, reaching a new all-time high. According to BeInCrypto’s findings, the token has appreciated for two reasons.
First, American broker Robinhood announced that it had listed the asset on its platform. In the same period, Coinbase also confirmed the same on its spot market. As a result, the price went from $0.000013 to $0.000023 in a few days.
On the daily chart, the memecoin faced resistance at $0.000023, suggesting that bears are working to bring the price down. However, the bulls also appear to be defending the support at $0.000021.
Pepe's daily analysis. Source: TradingView
If the bulls win the battle, then the asset could surge to a new all-time high of around $0.000026. On the other hand, an increase in selling pressure could invalidate this thesis, with PEPE potentially falling to $0.000016.
Read more: The Rise and Fall of Memecoins: How Will They Impact the Crypto Market in 2024?
Bonk (BONK)
Bonk has surged over 100% this week, securing its position among the top cryptocurrencies amid a broader rally in memecoins. One of the main drivers behind this spike was its listing on Binance US.
The listing sparked a surge in demand for the Solana-based asset, fueling its impressive performance. Like Pepe, BONK also soared to a new all-time high.
Currently trading at $0.000043, the daily chart shows that the token is well above the 20 and 50 Exponential Moving Averages (EMAs). The EMA measures the direction of the trend over time. When the price is below it, the trend is bearish.
Bonk Daily Analysis. Source: TradingView
However, since BONK is above both, it indicates that the trend is bullish. If this continues, the altcoin’s price could rise towards $0.000049. On the other hand, a counterattack from the sellers could invalidate this trend, and this could send the price back to $0.000037.
The article The cryptocurrencies that rose the most in the last week was first seen on BeInCrypto Brasil.
