Analysis of Weekly Trending Crypto Track - MEME
TL；DR
Last week, the crypto market experienced a general upward trend across the board, with most tracks showing a significant upward trend. Among the top-ranked track projects, MEME is the track with relatively high heat this week, measured by two dimensions of overall increase and market ranking.
The overall rise and fall of the MEME track in a week was 22.5%, which is relatively large among mainstream tracks. The coins with high market value rankings are still the mainstream coins in the sector in the past, such as DOGE, SHIB, PEPE, and WIF, among which some coins have risen by more than 50% in a week. According to the overall cyclical pattern of the crypto market since the beginning of this year, the MEME track is generally regarded as a leading sector for market heat. This round of upward trend represents a high probability that the market will usher in further upward trends in the future. Therefore, this week we chose to provide a basic overview of the MEME track and briefly introduce popular projects, including popular dApps or coin issuance information, while also making some predictions about the market.
The current overall market cap of the MEME track is $56.3 billion, with a fluctuation of 3.4% within 24 hours, and a significant upward trend in the overall market over the week.
The article mainly focuses on the trend analysis of mainstream projects in the MEME track, and also provides some general explanations for the top growth projects.
Top Coins
DOGE
DOGE experienced a significant upward trend this week, with a seven day increase of 16.4%. The price has risen from around $0.11 to above $0.13, with a weekly high of $0.135. Overall, the price trend of DOGE in last week has mainly been fluctuating, with a short-term decline occurring near the weekend. For most of the rest of the time, it has mainly been fluctuating upwards.
Although DOGE’s weekly increase is not significant compared to other MEME coins, it is based on the fact that the coin has long been at the forefront of the crypto market value. With the impact of the US election news, Musk has made a series of related remarks, which have had a certain impact on the price trend of DOGE coin. However, the biggest impact is the bullish trend brought about by the cyclical changes in the crypto market, which has led to a significant increase in DOGE within a week. As the market continues to recover, the coin may see further upward momentum in the future.
DOGE Price Data (Source: coingecko)
SHIB
SHIB’s performance this week was relatively volatile, experiencing an initial rise followed by a decline. The overall increase for the week was relatively low, reaching 3.9%, and the high point for the week was around $0.042. Overall, the coin reached its weekly price peak at the beginning of the week, followed by mainly volatile fluctuations. There was a rapid decline in the mid week period, and as of now, the price of the coin has been in the same range as the opening price.
The weekly increase of SHIB is relatively small within the MEME track, but the total market value of this coin is among the top in the sector. Although it quickly rose during the opening period due to market cycle adjustments caused by news factors, the subsequent rise of this coin could not be sustained with the overall rise of the market. However, the probability of the coin experiencing another upward trend next week is relatively high, mainly due to the impact of market volatility (news factors will continue for a period of time).
SHIB Price Data (Source: coingecko)
PEPE
PEPE’s performance this week has been very impressive, with prices rapidly rising since the opening and maintaining a small fluctuation within a new price range. The overall increase for the week was significant, reaching 40%, and the high point for the week was around $0.0413. Overall, the coin showed a significant upward trend at the beginning of the week and reached a new price range, with minor fluctuations dominating thereafter.
The weekly increase of PEPE is relatively large among the mainstream coins in the MEME track, which is also the biggest wave of market trend for the coin in recent times. This is mainly due to the overall rise of the market, and PEPE, as a representative MEME project, has followed the rise. However, it seems that the probability of the coin experiencing a pullback next week is relatively high, mainly because as the market continues to recover, the rise of other sectors is bound to intensify, and the probability of MEME capital outflow is relatively high. Although the magnitude is limited, it still has a significant impact on PEPE.
PEPE Price Data (Source: coingecko)
Trending Projects
MAGA
The MAGA listed here does not specifically refer to any particular coin. Due to the chain reaction caused by Trump’s attempted assassination, MEME projects related to this topic continue to have high popularity, such as MAGAA, MAGA, TRUMP, and even the newly launched FIGHT. This type of coin is among the items with a significant increase in this week’s MEME section, as it closely follows current events and mainly focuses on the US election and adopts a pro-Trump stance.
Although there are multiple categories of projects, they can be considered as the same type of crypto token. Among them, MAGAA’s weekly increase reached around 160%, leading all MEME projects. After the attempted assassination of Trump, the related theme tokens have seen significant gains, and there has been a strong call for Biden to withdraw from the election for a week. The latest news is that Biden has officially announced his withdrawal, which is another great boost for MAGA related coins.
The weekly gains of other MAGA-related coins varied, but overall they were mainly influenced by the public opinion of the US election. There is almost no doubt that Trump will be elected, and this type of coin will likely experience a rapid correction trend in the future.
MAGAA Price Data (Source: coingecko)
TURBO
TURBO is a MEME token created under the guidance of GPT-4. The founder of Turbo promises to follow GPT-4’s instructions and document the process, demonstrating the potential of AI in guiding projects in the crypto world.
TURBO will be launched mid-2023. Apart from an initial upward trend, it will remain in a low price fluctuation state for a long time until May 2024, when it will experience a significant and rapid upward trend. This is because it adopts a similar image design to PEPE. Against the backdrop of the massive expansion of the MEME track in May, TURBO was sought after and its price rose. However, after reaching a historic high of $0.009, it showed a continuous fluctuating downward trend.
However, TURBO has experienced a new round of price increases in the past week, with a weekly increase of over 115% and a high point of around $0.0077. The current price remains around $0.0072, and the weekly price increase of the coin has performed well in the MEME track, with a market ranking of 147th, making it one of the potential MEME projects.
The main reason for the short-term rapid rise of this project is the recovery of the market, with multiple coins in the MEME sector making efforts. TURBO is one of the popular coins with a weekly increase of over 100%, but there is a high probability of a certain price correction in the future.
TURBO Price Data (Source: coingecko)
MEW
MEW is one of the MEME projects that benchmark DOGE, with the theme of challenging DOGE and emphasizing the independence of its own image.
Since its launch in March this year, the short-term price fluctuations of the coin have always been quite intense. However, the MEME boom brought about by subsequent market cycle changes has not had a significant impact on its price, but this cycle has had a clear push on the price of MEW.
The price of MEW has increased by about 112% in a week, reaching $0.00681, and is still in a relatively clear upward trend. The main reason for this market trend is actually due to the strong promotion of Solana eco, and other mainstream MEME projects have launched corresponding linkage and cooperation with it.
The coin will likely continue its upward trend for a period of time in the future, but the duration will be affected by the overall cyclical changes in the MEME track.
MEW Price Data (Source: coingecko)
Post Market Forecast
Compared to other fields, the MEME track has shown a significant increase in performance this week, making it one of the sectors with a general rise and leading position. It has a clear market forecast for the overall market. The upward signal in the market is very clear, and with many favorable news factors, there is a high probability that the track will continue to rise for a period of time.
This upward cycle will likely slow down as the market recovers, due to the reasonable impact of capital flows. It is expected that the upward trend of this track will show a gradually decreasing trend in the coming months.
Hot News
In recent months, event based MEMEs, celebrity coins, and PolitiFi have been the main categories of popular MEMEs. Although the chain reaction caused by Trump’s attempted assassination not only affects the MEME track, dozens of related projects have emerged in the MEME section in a short period of time. Among them, FIGHT is a new MEME launched during a long period of market downturn and is still in the period of public opinion speculation.
Although FIGHT was first launched on Solana with a maximum increase of over 600 times, currently, liquidity is gradually concentrating on Ethereum, which has a liquidity of about twice that of Solana at $1.4 million. But the market cap of FIGHT on Solana is relatively low, with more buy than sell orders, while buy and sell orders on Ethereum are almost flat.
The coin can represent one of the most eye-catching hotspots in the MEME track. It has triggered a chain reaction in various sectors of society due to news factors, and the overall crypto market has been affected by it. FIGHT is one of the representative MEME projects.
However, there are many competitors for the coin itself, and the recent hype has been slightly weaker, resulting in a sustained fluctuation in price.
The overall performance of the crypto market this week has been affected by the market cycle and news factors, resulting in a general upward trend across the board. MEME, as one of the trending tracks in the current market, has seen a significant weekly increase, and it seems that it will further rise in the short term with the bullish trend of the market.
