- PEPE, FLOKI, and WIF have emerged as two of the most favorite memecoins in this bull run, outperforming SHIB and DOGE.
- Investor activity signals a slowdown as investors deposit massive tokens to exchanges, but whale activity still shows bullish promise.
Bitcoin (BTC) and some top coins are not the only ones impressing in this bullish wave, some of the most notable performers are memecoins. Although SHIB and DOGE, two of the most popular memecoins have impressed, they have fallen short of the less popular PEPE, FLOKI, and WIF. PEPE and WIF in particular have established new all-time highs in recent days.
Solana’s Dogwifhat (WIF) successfully breached the $3 mark this week. PEPE, on the other hand, erased a zero to trade above $0.00001 for the first time. These impressive performances have coincided with the Bitcoin (BTC) rally that saw the token reach $73,600, an all-time high for the world’s largest cryptocurrency.
Since impressing earlier in the week, PEPE has suffered a massive correction, losing nearly 15% in the last 24 hours. Solana’s WIF has suffered a similar fate, losing a little over 15% in the last 24 hours. Similarly, FLOKI has lost around 13% during the weekend. This performance comes from massive deposits of these tokens on crypto exchanges. This is a sell-off signal that could have caused a massive downturn in prices.
However, investors and experts expect the memecoins to continue on an upward trajectory in the long term. For starters, compared to DOGE and SHIB, these tokens are not listed on as many crypto exchanges as their superiors.
Crypto analyst Mathew Hyland has highlighted the potential of PEPE if it were exposed to Coinbase, which is largely made up of Americans.
#PEPE wants to push higher; consolidating in an uptrend
Despite us catching the 10x, it still needs to 5x-6x to reach SHIB or DOGE market cap
IMO I’ve seen more of PEPE than doge or shib on X and PEPE still is not on Coinbase
I think at some point this cycle it catches up to… pic.twitter.com/SRqgj8Gb8D
— Matthew Hyland (@MatthewHyland_) March 14, 2024
The analyst has further pointed out that the token is witnessing massive consolidation on its way up. The analyst further makes a bold prediction that PEPE will eventually flip SHIB, DOGE, or both.
For FLOKI, there have been some notable developments, beginning with the team working to break out from the memecoin status, similar to Shiba Inu. The team has recently revealed that it will be releasing a roadmap next week. This could offer insights into the specific plans and steps for the future of the project.
— FLOKI (@RealFlokiInu) March 15, 2024
WIF, on the other hand, has celebrated a major milestone that could usher in a new wave of investors. The Solana blockchain’s meme coin, dogwifhat (WIF), is set to feature its Shiba Inu mascot wearing a pink beanie at Las Vegas’s Sphere venue. Community donations surpassed the $650,000 target, raising over $690,000 in USDC stablecoin within four days. Ansem, a campaign leader, announced the achievement on an X post, confirming full funding for the project.
iight bros, it’s time, we’re putting dogwifhat on the vegas sphere 🫨 https://t.co/lVm0Hjog8o pic.twitter.com/vK4LlXYs8G
— Ansem 🐂🀄️ (@blknoiz06) March 10, 2024
Memecoins have emerged as critical assets for driving adoption and ushering new investors into the cryptocurrency market. Furthermore, some can build and bring real-world applications.
This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
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