3, 2, 1, boom! The meme coin race has begun. If you’ve been keeping an eye on the cryptocurrency world lately, you’ve probably noticed the incredible rise of meme coins like Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), and dogwifhat (WIF). Inspired by an internet meme, this digital token is making waves with its soaring value.
Let’s take a quick look at recent performance.
SHIB vs. PEPE: Battle of the Memes
Last week, SHIB posted an impressive gain of 126.12%, while PEPE posted a whopping 204.18% gain. Both coins share a similar upward trend and exited the consolidation around a similar time. However, SHIB was slightly delayed before rising sharply three days after the PEPE rise.
Even though SHIB indicated a buy signal on its Supertrend indicator, suggesting the possibility of further strength, the price action hinted at a possible retracement. An overbought signal in the Relative Strength Index (RSI) indicates a slowdown in SHIB’s rally. The same fate appears to await PEPE and there are signs pointing to a possible fall below $0.0000040.
DOGE vs. WIF: A Tale of Two Coins
DOGE and WIF took slightly different paths. While DOGE saw its price drop slightly from $0.15 to $0.13, WIF’s value soared to a new high, jumping a whopping 422.67%.
However, DOGE bulls may need to brace for a potential pullback. Analysis using the Fibonacci retracement indicator predicts a 7.69% decline, with a potential drop to around $0.12. The Awesome Oscillator (AO) also suggests downward momentum is coming for DOGE.
But fear not, WIF enthusiasts! Despite a potential decline in DOGE, it is unlikely that WIF will fall below $1 in the near term.
On another note, WIF has surpassed Marketcap’s BONK to become Solana’s #1 meme coin. Congratulations to all WIF holders and believers.
Meme My Transactions in Coin Race
We all want to get rich with meme coins. I am no different. I had a bag of PEPE spots on hand for about 9 months and forgot about them, but I finally got around to doing them. If meme coins break consolidation and hit new highs, the sky is literally the limit. So we don’t sell PEPE bags yet.
While I was catching up on the PEPE rally, I started taking a long look at other meme coins. I entered DOGE because I felt like I was falling behind in the upward trend. However, when it reached its highest point and did not go any further, I liquidated my position. Simply adding Take Profit could have resulted in more profits. But when meme coins come out, I try to catch the big moves. It didn’t work out for this deal.
But apart from the four meme coins mentioned in this blog, there are numerous other options such as coins like BONK, TURBO, MEME, etc.
Using the same strategy as the DOGE trade, I longed for BONK and had a nice uptrend. I took profits after the momentum stopped.
Trading meme coins allows you to buy spot, forget about it, and hope for a good uptrend. Or try to catch a few waves whenever you see meme coin season starting. In this case I did both.
All meme coins mentioned in this blog can be traded with leverage on Bybit (link below). We recommend not to use high leverage in these trades as the candles can fluctuate! Always maintain a saving strategy and use stop loss.
What’s next for Meme Coin?
As with all investments, the meme coin market is not without risk. While the recent surge is exciting for investors, it’s important to pay attention and stay informed.
Whether you root for SHIB, PEPE, DOGE or WIF, buckle up for a roller coaster ride of meme coin madness. Throughout this unpredictable yet thrilling journey, one thing is certain: the meme coin frenzy is far from over! 🚀🌕
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You might also like our recent trading blogs for $BTC and $UNI.
