From DOGE to SHIB, memecoins have had quite the journey. Memecoins provide huge returns and are often celebrated for their low entry barrier for investors. The total market capitalization of memecoins currently is $60.32 billion, with over 6 billion in trading volume reported in the last 24 hours.
As the crypto market rallies in October as Bitcoin tests the $70K mark, the memecoin market has huge potential. If you want to dip your feet in the memecoin ocean this Uptober, here are four major memecoin hits that can outperform major memecoins in the market soon.
POPCAT Trading Volume Up By 58.50%
POPCAT is notably one of the most famous cats memecoins out there. Debuted in October 2020, the token’s trading volume reached $132,208,048 at press time, a magnificent +58.50% change within just a day. Currently priced at $ 1.394482, the token can rise as high as $4.48, over 225% this month alone. Altcoins that are priced above their 50-day SMA often do 100x better in the long run.
The current price is quite above its 50-day SMA at $0.933372. According to POPCAT’s MACD technical analysis, the recent price rise is unrelated to the bullish move ahead. The MACD and Signal line are attempting a bullish crossover. Once the crossover is confirmed, further bullish momentum will set course, potentially driving the price 100x. Crypto traders can keep an eye out for this breakout for huge gains.
MOG Market Cap Eyes $1B
With a market cap of $881M, Mog Coin (MOG) has shown steady and stable growth in the last 24 hours. The market cap of MOG shot up by 9.69%, while the trading volume changed by +58.11%. Uniswap is the most traded platform for MOG, with users favoring the MOG and wrapped Ether (wETH) the most as transactions crossed $5,236,114 on the platform.
The price of MOG is $0.000002227 at press time, which happens to be an over 8% uptick in its value over the last 24 hours. The token, originally launched in July 2023, is poised for a bigger and better increase in value, as some analysts are hopeful that the coin can return 1000x on investment. ‘
According to MOG’s MACD analysis, a trend reversal is starting to take shape. The MACD line and the Signal line have crossed into a bearish crossover. This is a sign of a trend reversal, especially considering the histograms continue turning red. The red bars signal that bearish momentum is gaining strength.
Such a crossover could be due to market interest changing guards. However, the graph shows October’s price swings for MOG have been pretty volatile. Investors should be on the lookout for any head fakes, i.e., might signal a trend reversal, which is usually short-lived, before making decisions. These could be brief retracements of the ongoing trend.
WIF Volume Spikes by 79%
Dogwifahat (WIF) is one of the potential gems of the Uptober bull run, with its trading volume jumping by 79.67% in just 24 hours. The 4th token on the memecoin watchlist, WIF, has seen a minor price correction in the last 24 hours but still holds the potential of a solid return with YTD growth of 1426%.
The token’s price increased by 51.39% despite a recent dip of 6.91%. It was launched in December 2023 and has had relatively steady growth ever since, especially on platforms such as Uniswap, where its trading activity remains high.
However, in the short term, the token may not reflect the massive 1000x returns many analysts hope for. According to the MACD analysis, signs of a potential cooling period exist. The MACD line crossed below the signal line, which indicates a beer divergence with a consolidation on the horizon. The histograms have also shifted to red, further proving that the upward momentum of a token is slowly losing its steam. While the token holds promise in the short term, charts predict that a 1000 X return isn’t on the cards anytime soon. Traders should remain cautious and consider the larger macroeconomic factors before trading.
PEPE Open Interest at 77.85M
At press time, PEPE is priced at $0.00001037, with a minor price uptick of 0.42% in a day. The cryptocurrency is ranked 24 on CoinMarketCap and has peaked in value by 30% in the last 30 days, with a +638% change in YTD. It makes PEPE one of the sought-after memecoins that investors and traders are watching closely this Uptober.
With a solid market capitalization of $4.36 billion, PEPE remains a major contender in the memecoin market. Open Interest for PEPE stands at 77.85 million, upholding the token’s strong investor sentiment in the crypto market.
The MACD analysis for PEPE is interesting! The MACD and signal lines converge, and no crossover is seen. The histograms also indicate a flat momentum, with prices remaining stable. In terms of 1000x, there is no hope for it in the short term. However, if PEPE continues to grow annually at its current 638% rate, the token could help investors make a profit in about three and a half years.
One of the misconceptions in the crypto market is that most meme coins provide insane returns in the short term. This is not ideal as, like any speculative market, coins that provide explosive gains in the short term are often associated with larger risks; this is why investors should approach meme tokens that offer long-term gains, have a solid community, and are less volatile. By doing so, investors can steer clear of highly risky assets, scams, and potential rug pulls. Above all, researching independently can help investors make better investment decisions.