Memecoins Ready to Go Viral in 2024
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XRP: Potential Bullish Momentum and Symmetrical Triangle Formation
After an astronomical 60,000% increase within 315 days, XRPâs value has notably declined since 2018. However, a rising symmetrical triangle formation has now appeared, tracking XRPâs price trends over the past six years. This pattern, characterized by higher lows and lower highs converging at an apex, is often a bullish indicator.
The formation suggests a potential breakout as the price nears the apex and market volatility decreases. The prevailing upward trend could mean positive news for XRP, pointing towards continued bullish momentum post-breakout.
DOGE: Recent Surge Amid Market Volatility
The price of Dogecoin has surged by nearly 3.29% over the last week amid a broader dip in the crypto market. The meme-inspired coin was one of several so-called âdog coinsâ that significantly decreased over the last seven days, with Shiba Inu not spared as well.
However, much like the 2021 bull run, the current surge in altcoins was followed by major market downturns, raising concerns among some investors that another collapse could be looming. Conversely, several analyst believes the next bull run is around the corner.
PEPE: Whale Accumulation and Deflationary Trends
Significant holdersâ ongoing accumulation of PEPE highlights a fascinating trend in the crypto market. These whales seem undeterred by their current unrealized losses, continuing to purchase more tokens. As reported by Spot On Chain, two prominent whales recently withdrew a substantial 828.6 billion PEPE, valued at $6.2 million, from the Kraken exchange. This move coincides with PEPEâs aim to create a vibrant community while leveraging its deflationary nature to attract investors.
