The market is showing signs of a recovery – but Shiba Inu is spearheading the charge – up 22% in the last 24 hours.
At the same time, market-leading meme coin Dogecoin has jumped by 6% today.
Traders Flock to Meme Coins On Market Rally
A new meme coin rush is emerging as traders seek beta exposure to the crypto market’s strong performance.
Meme coins offer a lot of volatility, which is good in bullish periods but very bad in bearish periods.
However, right now, the market consensus is that crypto’s next bull rally is coming.
This is why capital is flooding into meme coins, with Shiba Inu heading the way among the top 100 cryptos. The second and third-highest gainers are also meme coins (Bonk and Brett).
But is this sustainable?
From a high-level overview, the answer might be a strong yes. September is historically a bearish month for crypto, while the following three months of the year are usually bullish.
However historical data shows that when September is green, Q4 delivers huge gains.
But traders aren’t just looking at the past. They’re also pointing to an uptick in global liquidity caused by loosening monetary policies in nations like the United States and China.
This is bullish for risk-on assets, with increased liquidity causing greater demand and, therefore, pushing up prices.
Should this play out as expected, there’s a strong tailwind for meme coin growth.
What does this mean for SHIB? Analyst Crypto Dream points to its previous all-time high (ATH) as a key target, noting that it recently bounced from macro support, which could provide a springboard for gains.
Analysts are also looking for high targets for Dogecoin. Zer0 tells people they’re in for a “brutal awakening” if they don’t think Dogecoin will make a new ATH.
The analyst notes it is currently forming a similar pattern to just before its parabolic 2021 explosion.
There’s a sweeping optimism in the cryptocurrency market. The industry’s total valuation has jumped 2.7% today, reaching its highest point in over one month.
It remains to be seen if this translates into an all-out meme coin season like that we saw in Q1 of 2024, but one thing is for certain – it’s the most bullish crypto has looked in a while.
Should the meme coin season play out as traders hope, one project to watch is Pepe Unchained.
It’s the largest meme coin presale taking place right now, raising over $15 million. But it comes with a twist – it’s also an innovative utility token.
Is $PEPU the Next 100X Crypto? New Meme Coin Raises Over $15M Through Presale
The market has shown a huge appetite for Pepe Unchained, investing over $15 million to purchase tokens before it lists on exchanges.
But it’s not surprising. Pepe Unchained is building the world’s first Pepe-themed Ethereum layer 2 blockchain.
It’s all based around meme coins. Developers can launch meme coins or meme coin-related apps on a layer 2 which is expected to be 100x faster and much cheaper than Ethereum.
The ‘Pepe Chain’ could well become a gateway into Ethereum’s new memetic domain.
Should a meme coin season occur, activity on the Pepe Chain will soar. It’s set to go live in Q4 and the team will also launch developer grants to help stimulate ecosystem growth.
The Pepe Chain will come with a dedicated Ethereum bridge, a block explorer, a staking mechanism, and a decentralized exchange. It has all the features you’d expect from a leading blockchain, except with an innate focus on viral joke tokens.
Leading industry analysts are rallying behind this concept. Umar Khan from 99Bitcoins says that Pepe Unchained “will 100x.”
Meanwhile, Austin Hilton calls it the “biggest meme coin launch of all time.”
Those wanting to buy $PEPU should act fast. The price will rise throughout the presale, with the next increase in one day.
