Looking for the best meme coins to invest in this June? Here are the top three picks: Pepe Coin, Dogecoin, and Shiba Inu. These coins are popular in the crypto community and have interesting developments that could make them worth considering for your portfolio.
Pepe Coin ($PEPE )
Pepe Coin (PEPE), inspired by the popular Pepe the Frog meme, is making waves in the crypto world. Recently, PEPE reached a high of $0.00001725 before dropping 28% to $0.0000123. It has a market cap of $5.2 billion, though its trading volume fell by 34% to $1.31 billion
Analysis 📊
Price Movement: PEPE saw a significant rise to $0.00001725 before correcting to $0.0000123. This 28% drop indicates volatility, common in meme coins.
Market Cap and Volume: A market cap of $5.2 billion with a substantial trading volume drop suggests decreased short-term interest but significant overall value.
Whale Activity: A whale purchased 231.6 billion PEPE tokens worth $2.9 million, indicating confidence from large investors. This could help stabilize and potentially increase the price.
If the current trend continues, PEPE might see further price adjustments. However, significant whale activity suggests potential for future gains.
Dogecoin (DOGE), the original meme coin featuring the famous Shiba Inu dog, has seen its price drop from $0.228 to $0.1449 over the past ten weeks, a 36% decline. Its market cap is $21.08 billion, with a 24-hour trading volume of $799 million.
Analysis 📊
Price Movement: DOGE’s steady decline from $0.228 to $0.1449 shows a correction phase, but the current price may present a buying opportunity.
Market Cap and Volume: With a market cap of $21.08 billion and substantial daily trading volume, DOGE remains a significant player in the crypto market.
Support Levels: If DOGE falls further, it may hit the $0.122 support level. Breaking this level could lead to a further decline, while holding it might set up for a rebound.
DOGE needs to break through current resistance levels to see significant gains, relying heavily on market sentiment and community support.
Shiba Inu (SHIB), launched in August 2020, is another meme coin with a massive following. Created on the Ethereum blockchain, SHIB has a huge token supply, which keeps its price per token very low. Half of this supply was given to Ethereum's creator, Vitalik Buterin, who burned most of it to reduce the supply.
Analysis 📊
Price and Supply: SHIB’s low price of $0.00002337 is due to its large supply. The burn mechanism helps reduce supply over time, potentially increasing value.
Market Cap and Volume: SHIB has a market cap of $13.77 billion and a 24-hour trading volume of $472.94 million, indicating strong market interest.
Innovations: Shibarium, a layer 2 solution for Ethereum, could drive adoption and increase SHIB’s utility and demand.
SHIB’s innovations and token burn mechanism position it well for long-term growth, despite its low nominal price.
Conclusion
For June 2024, Pepe Coin, Dogecoin, and Shiba Inu are strong contenders in the meme coin market. Pepe Coin shows potential due to significant whale purchases. Dogecoin’s price may rebound if it breaks through current resistance levels. Shiba Inu’s innovations and token burn mechanism make it a unique and promising option.