The memecoins are back and trending more than ever. Unlike the past, the recent uptrend is triggered by a new factor- the Federal Reserve’s interest rate cut. These coins associated with memes have been far from a laughing stock; instead, they are witnessing a significant rise in price and circulation. Given the current market landscape, it’s quite clear that bullish sentiments are on the rise, and the memecoins are adapting to the new trend. Now, let’s look at some of the most significant memecoins and see how they are doing in the latest craze.
Dogecoin
As the most popular memecoin and one of the top cryptocurrencies in terms of market capitalization, Dogecoin has experienced a massive increase after the Fed cut announcement. At press time, DOGE is trading at $0.1045, with a 1-day jump of 4.89%. The token shows a rise in the 24-hour volume of 29.09% to $663,267,835. The coin has a market cap of $15,269,684,103 and a circulating supply of 146,019,236,384 DOGE.
DOGE has a Cumulative Short Liquidation Leverage of 11.94M at the price of $0.1155 and a Cumulative Long Liquidation Leverage of 24.82M at $0.0935. The coin’s Relative Strength Index is 52.88, which indicates a consolidation phase. The shrinking Moving Average Ribbon symbolizes a new trend about to begin. Based on the analysis, the probability of a bullish trend is 60%, and a bearish trend is about 40%.
Shiba Inu (SHIB) Eyes 470% Surge After Bullish BreakoutSHIB
Like DOGE, SHIB saw a notable surge in its price and is trading at $0.0000141 at the time of writing. The 24-hour volume has surged by 74.49% to $242,736,819 and has a market cap of $8,363,588,130. At $0.00001571, SHIB has a Cumulative Short Liquidation Leverage of 276.67K, and at $0.00001261, it has a Cumulative Long Liquidation Leverage of 1.24M.
The Chaikin Money Flow is at 0.16, symbolizing short-term bullish momentum. The current price is traveling above the Bollinger Band’s upper band, and the lower band acts as support, indicating bullish momentum. Furthermore, the Relative Strength Index is at 57.58, which also represents a bullish momentum.
PEPE
Unlike dog-based memecoins, PEPE is a popular frog-based coin trading for $0.0000007923 at press time. Pepe has a market cap of $3,327,596,896 and a volume (24h) of $784,898,266, an increase of 56.51%. Based on popular exchanges, PEPE has a Long/Short Ratio of 50.03% and 49.96%. The coin has a Cumulative Short Liquidation Leverage of 1.91M at 0.00000836 and a Cumulative Long Liquidation Leverage of 8.01M at 0.00000705.
The EMA Golden Crossover is going to happen, and the trendline was broken by the bullish momentum following the Fed Rate cuts. Currently, Pepe’s price stays in the monthly support of $0.00000837 which also indicates a buying pressure.
BabyDoge
At press time, Baby Doge Coin has a price of $0.082165 and a 7-day trading volume of 127.52%. BabyDoge has a market capitalization of $329.98M and a 24-hour volume of $87.1M. The coin has a circulating supply of 152.02P BabyDoge and a total supply of 203.65P BabyDoge. Its Long/Short Ratio is at 47.64% and 52.36%, with $209.10K (long) and $231.66K(short).
Following the listing on Binance, the coin experienced an EMA Golden Crossover and the price surged to $0.082889. Currently, BabyDoge opened with a bearish pinbar candle and is eyeing its support level at $0.082136 for another spike.
NEIRO
The First Neiro on Ethereum was trading at a price of $0.0008713 at the time. The coin had a massive bull run this year, surging 1968.04% in seven days, 1624.42% in a month, and 20115% in a year. NEIRO has a market cap of $361,660,678, a volume of $704,116,408, and a circulation supply of 419,672,274,254 NEIRO. At $0.000759, the coin has a Cumulative Long Liquidation Leverage of 4.63M, and at $0.000971, it has a 5.98M Cumulative Short Liquidation Leverage.
For Neiro, the price currently stands at the supporting Fib level of 0.618, which is also called the Golden Zone. We can also spot a bullish order block below the 0.618 Fib levels.
Investors Reap Huge Rewards as NEIRO Surges Post ListingConclusion
The market of cryptocurrencies, especially memecoins such as Dogecoin, Shiba Inu, and Pepe, has experienced significant increases in price and trading volumes after the announcement of the Fed rate cut. The technical indicators point towards a bullish price movement in the near term for Dogecoin and further upward movement for Shiba Inu. Currently, Pepe is under immense pressure from bulls, and it is possible to expect the price will climb up even more. BabyDoge has also been facing notable fluctuations in recent sessions, with demand levels under focus after a listing. Furthermore, Neiro has surged a lot since its listing on Binance, and the current support level for the coin looks quite powerful, pointing to further upward movement. These market shifts prove the volatility and the opportunity that is present in memecoins.
