The ever-evolving meme coin sector has been a highly interesting niche for investors and traders in the past several months. It is full of assets based on recent trends, with many witnessing substantial price increases in a short period of time.
In the following lines we will touch upon some of the most popular ones and evaluate their chances for further progress throughout the ongoing month.
Shiba Inu (SHIB)
The second-biggest meme coin by market capitalization is quite intriguing due to the huge number of people having exposure to it. Data shows that over 1.3 million individuals are invested in SHIB, with approximately 51% currently sitting on paper profits.
The asset made serious waves earlier this year when its price skyrocketed to multi-year peaks while its market cap exceeded $20 billion.
Shiba Inu’s Relative Strength Index (RSI) has been at relatively low levels in the past few months, indicating that a fresh uptick might be in the cards for July. The technical analysis tool varies from 0 to 100, with a ratio above 70 signaling a possible correction. The last time RSI crossed that mark was at the end of May.
Dogecoin (DOGE)
The leader in the meme coin realm has seen a 6% increase on a weekly scale, whereas important factors may propel an additional spike this month. One element could be support from prominent figures.
Recall that DOGE is the favorite cryptocurrency of Tesla’s CEO – Elon Musk. The billionaire often praises its merits, and many times, this has been followed by a price resurgence for the token.
Not long ago, the EV giant officially integrated the meme coin as a payment option on its website. Somewhat expectedly, DOGE surged by over 20% shortly after the announcement.
Dogwifhat (WIF)
The biggest meme coin built on the Solana ecosystem has been one of the market’s best performers lately. As CryptoPotato reported earlier today, it outperformed DOGE and SHIB in terms of daily trading volume.
Its success in July depends on endorsement from well-known industry participants, favorable market conditions, Solana’s performance, and other factors.
Pepe (PEPE)
Last but not least, we will focus on the leading frog-themed meme coin – PEPE. It made the headlines at the end of May when reaching a new all-time high, while its market cap briefly exceeded $7 billion. Since then, PEPE has been experiencing a downfall, with its price declining by 25% monthly.
Some analysts, though, believe the asset is ready for another bull run. The X user Mags envisioned a new ATH to be tapped in the following months, whereas Elja thinks July will be much more successful for PEPE than the previous month.
$PEPE is ready for the next leg up 🚀
Do you hold any PEPE? pic.twitter.com/A0jeNuhlPB
— Elja (@Eljaboom) June 30, 2024
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