This month, high volatility in the crypto markets induced a mix of ups and downs. Major cryptocurrencies, like Bitcoin, Ethereum, Solana, etc., suffered huge losses at the very beginning of August. Meanwhile, top meme coins still made a run for gains.
However, the recent sessions saw a recovery in the market leaders, dragging the altcoins on the higher side. Meme coins also followed the major market trend and indicated mixed performance.
However, a few meme coins altered the market trends, and significant gains were witnessed this month. Neiro Ethereum(NEIRO), YOUNES (YOUNES), and SUNDOG (SUNDOG) emerged as the top three meme coin gainers in August.
Let’s analyze each and examine whether they would continue to outperform the markets in the same way.
Top meme coin Race: Neiro Ethereum (NEIRO) Leading
Neiro Ethereum emerged as the top meme coin performer in August, adding an impressive 771% to the portfolio of its investors. As per the CoinMarketCap, NEIRO was down nearly 10.1% a day and was exchanging hands close to $0.120.
Neiro Ethereum offers zero buy/sell tax and no team tokens, indicating a community-driven approach. It aims to present itself as one of the top meme coins, just like Dogecoin. Its live market capitalization was $120.55 Million, and it ranked 300th in the crypto-verse.
Moreover, the daily transaction volume dropped by 6% to $21.77 Million a day. The price action analysis highlighted a long-term bullish trend with a short pullback. The NEIRO price hovered near the support of the $0.116 level.
If the bulls make a comeback and the price takes a rebound, it may indicate a trend continuation, and the price may show gains. However, if NEIRO breaks below the support, it may indicate weakness in the short term, and the price may incur losses.
YOUNES (YOUNES)
YOUNES outperformed hundreds of meme coins to become one of August’s top three best-performing meme coins. It secured the 2nd highest gainer spot in the meme coin sector, adding nearly 370% in August.
At the time of writing, YOUNES crypto was exchanging hands close to 0.00631, recording a nearly 7% loss in intraday. It is a community meme token embodiment of YOUNES. Its market capitalization at press time was $6.31 Million, and it ranked 1153rd in the crypto space.
The volume-to-market cap ratio of 9.29% suggested high volatility in the crypto. Its circulating supply and total supply were 999.99 Million tokens.
SUNDOG (SUNDOG)
Following the Neiro Ethereum and YOUNES meme coins, SUNDOG emerged as the third top meme coin gainer of the month. It rose nearly 343.1% in August. When writing, It ranked 214th with a market capitalization of $292.8 Million.
Source: TradingView
From a technical standpoint, SUNDOG crypto hovered above the key Exponential moving average of 20, 50, and 200 days. It suggested a long-term as well as short-term bullish structure. The key EMAs might become dynamic support if the price pulls back.
Moreover, the daily transaction volume surged by 23% in a day to $74.94 Million. The volume to market cap ratio at 25.3% suggested high volatility.
The trend outlook was bullish, and the SUNDOG price hovered near an ATH, indicating more potential on the higher side.
Note: No chart Available For Younes
