In recent weeks, Bitcoin and many altcoins have attracted attention by reaching historic highs. Bitcoin (BTC) broke a new record by reaching $ 107,487. However, Dogecoin, Shiba Inu and Pepe, which are popular among meme coins, have had a hard time following Bitcoin's rise. Investors are curious about how they will react to this situation and the future performance of meme coins. Although meme coins usually lag behind during Bitcoin's rise, this situation can reverse as market conditions change. The performance of these coins is largely shaped by investors' risk perception and market expectations.
Despite being the largest meme coin by market cap, Dogecoin has lost 4.1% in the last 24 hours. Currently trading at $0.3869, DOGE has gained only 3.1% in the last month. Analyst Diana Fuman noted that Dogecoin’s current price level is a poor fit, saying:
“The current price of Dogecoin does not signal a strong recovery. In the short term, if the price can stay above $0.38, there may be a chance for a recovery. However, the overall trend is still weak and uncertain.”
Shiba Inu also experienced a similar decline, losing 5% to $0.00002592. Analyst Natalie Dormer highlighted the possibility of a long-term recovery for SHIB, highlighting the resistance levels at $0.00004 and $0.0000665. She also said the following about SHIB:
“If SHIB’s trend line breaks, the price could drop to $0.000022.”
Pepe has lost 7.7% in the last 24 hours and 7.8% in the last week. Analyst Rose states that the price could be pulled back to the $0.00002009 support level on daily charts and that a recovery from this level could create a buying opportunity. FLOKI also fell 4.9% to $0.0002185 and has lost 16% in the last 30 days. This situation once again reveals how volatile meme coins are.
In the Solana ecosystem, meme coins such as PENGU, PNUT, and POPCAT have begun to attract attention as of 2024. Although these coins have attracted large investments in the Solana ecosystem, they are generally considered speculative assets. For example, the PENGU token experienced a rapid increase in value but then saw a 54% decrease. Similarly, PNUT has also been quite volatile. This situation makes investors rethink the sustainability of meme coins.
Analysts say that meme coins usually perform best during the altcoin season. When Bitcoin’s rise slows down, investors may shift their capital to altcoins, creating an opportunity for meme coins. However, considering the volatile nature of meme coins, investors should be careful. Whether meme coins will shine again with the change in market conditions will largely depend on investors’ willingness to take risks and general market trends.
