3, 2, 1, BOOM! The meme coin race is off to a start. If you’ve been keeping an eye on the crypto world lately, you’ve probably noticed the astonishing rise of meme coins like Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), and dogwifhat (WIF). Inspired by internet memes, these digital tokens have been making waves with skyrocketing values.
Let’s take a quick dive into their recent performance:
SHIB vs. PEPE: Battle of the Memes
In the past week, SHIB saw an impressive 126.12% surge, while PEPE outdid itself with a whopping 204.18% increase. Both coins shared a similar uptrend, breaking out of consolidation around the same time. However, SHIB took a slight delay before its surge, three days after PEPE’s rise.
Despite SHIB flashing a buy signal on the Supertrend indicator, suggesting further bullish potential, its price action hinted at a possible retracement. Overbought signals from the Relative Strength Index (RSI) indicate a slowdown in SHIB’s rally. The same fate seems to await PEPE, with signs pointing towards a potential drop below $0.0000040.
DOGE vs. WIF: The Tale of Two Coins
DOGE and WIF took a slightly different route. While DOGE experienced a slight slip in price from $0.15 to $0.13, WIF’s value soared to new heights, jumping by a staggering 422.67%.
However, DOGE bulls might have to brace themselves for a potential pullback. Analysis using the Fibonacci retracement indicator suggests a 7.69% drawdown, with a possible decline to around $0.12. The Awesome Oscillator (AO) also hints at a looming downward momentum for DOGE.
But fear not, WIF enthusiasts! Despite DOGE’s potential dip, it’s unlikely for WIF to drop below the $1 mark in the short term.
On another note, WIF has just overtaken BONK by Marketcap, making it the #1 meme coin on Solana. Congrats to all the holders and believers of WIF.
My Trades in the Meme Coin Race
We all want to get rich on meme coins. I am no different. I’ve held a bag of PEPE spot for about 9 months, forgot about it and it finally is running. When meme coins break out of consolidation, and make new highs the sky is literally the limit. So I’m not selling the PEPE bag just yet.
While I caught the PEPE upswing, I started looking at other meme coins to long. I got in at DOGE as I felt it was lagging in the upswing. However, when it reached the top and didn’t go higher, I closed the position. I could have made more by simply adding a take profit. But when meme coins break out I try to catch a big move. Which didn’t work on this trade.
However, outside of the 4 meme coins mentioned in this blog, There are a ton of other options, coins like BONK, TURBO, MEME and more.
Using the same strategy as my DOGE trade, I longed BONK and did catch a good move up. Once the momentum stopped I took my profits.
By trading meme coins you can buy spot, forget about them, and pray for a good bull run. Or, whenever you see that meme coin season is starting, try to catch a few waves. In this case, I did both.
All of the meme coins mentioned in this blog are tradable on Bybit with leverage (link below). I advise you not to use high leveraged on these trades, as the candles can be volatile! Always keep a save strategy and use a stop loss.
What’s Next for Meme Coins?
As with any investment, the meme coin market is not without its risks. While the recent surges have been exhilarating for investors, it’s essential to tread carefully and stay informed.
Whether you’re rooting for SHIB, PEPE, DOGE, or WIF, buckle up for the rollercoaster ride of meme coin madness. With their unpredictable yet thrilling journey, one thing’s certain – the meme coin frenzy is far from over! ??
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You might also like our recent trading blogs about $BTC and $UNI.
