Over the weekend, the crypto market saw another correction, affecting meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF), all experiencing a 3-5% decline.
VanEck recently introduced a meme coin index tracking the performance of the top 6 meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI), with a 30% cap on each asset.
Insights from Top Analysts on VanEck’s Index
Renowned analyst Cold Blooded Shiller shared his meme coin price predictions, highlighting Pepe’s strong chart and reclaiming a major resistance level. In the current market, Pepe is priced around $0.0000083, slightly below its all-time high in March.
Sharing insights on the VanEck Memecoin Index.
Most markets are either recovering support/highs or on the verge of doing so.
Starting with the strongest chart, $PEPE.
Impressive reclaim with an early breakout of the first resistance. pic.twitter.com/7wbIzYdGRp
— Cold Blooded Shiller (@ColdBloodShill) May 10, 2024
Shiller also pointed out insights on Bonk, calling it the “second strongest” and identifying a similar reclaim as Pepe, emphasizing the need to break the next resistance. Bonk is currently priced at around $0.000023, experiencing an 8% decrease.
Regarding WIF, Shiller highlighted a potential head-and-shoulders pattern, emphasizing the importance of holding the $3.20 level and the downside risk if it fails to maintain the $2.20 support. WIF is currently trading at $3.04, down by 5% in the last 24 hours.
Another prominent analyst, CrediBULL, expressed optimism about dogwifhat (WIF) price, highlighting signs of spot absorption and hinting at a potential squeeze to the upside due to over-leveraged short sellers. He shared insights on Twitter about his bullish outlook and potential market dynamics.
Considering a $25k long position on $WIF here.
Observing evident spot absorption as seen in spot CVD making lower lows while price shows higher lows.
Additionally, a buildup of underwater shorts from the previous downturn.
If the market indicates… pic.twitter.com/6lgaLaoGNE
— CrediBULL Crypto (@CredibleCrypto) May 10, 2024
Furthermore, Shiller emphasized the need for Floki to break the $0.19 level for a potential strong rally, while also providing insights on Shiba Inu and Dogecoin, among other meme coins.
Answem, another prominent analyst, highlighted the impressive rise of WIF, underscoring the growth from a $100k market cap in December to securing a spot in VanEck’s official meme coin index.
Top Meme Coins to Consider
In a recent YouTube video, Jacob Bury recommended Dogeverse as a top meme coin to watch, given its multichain approach and infrastructure project offering access across six major blockchains: Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
Another upcoming meme coin in presale, WienerAI, combines AI technology with a playful narrative, aiming to provide seamless swaps and serve as an AI-powered trading partner. The current presale price for WienerAI is 1 $WAI = $0.000705.
Final Thoughts
Investors are advised to closely monitor the performance of top meme coins and consider opportunities presented by new meme coins like Dogeverse and WienerAI during their presale stages.
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