The second week of November 2024 was a special one for the cryptocurrency market. Many of the top 100 altcoins recorded impressive gains. However, coins in the meme coin category stood out with the highest returns.
This phenomenon may not have surprised some market observers. Meme coins have led the charge in multiple rallies this cycle. The top three altcoin gainers are Peanut the Squirrel (PNUT), the frog-themed Pepe (PEPE), and the Solana-based Bonk (BONK).
Peanut (PNUT)
The recently highlighted token PNUT topped the list of top altcoin gainers, surging an astonishing 2,091% over the past week. This surge was primarily driven by an
unexpected Binance listing, which sent shockwaves through the market.
This development has been controversial, but the meme coin's market capitalization has surpassed $1 billion and is nearing $2 billion. On the 4-hour chart, PNUT's price is at $1.84, down 25% from its all-time high.
PNUT's price may face profit-taking, which could push the token's value down to $1.33. However, a reversal of the uptrend could invalidate this hypothesis, allowing PNUT to reach $2.16 or even a
new all-time high of $2.50.
Pepe (PEPE)
PEPE's price surged 118% this week, setting a new all-time high. This performance earned it a spot on the weekly top altcoin gainers list. According to BeInCrypto's research, the token rallied for two reasons.
First, the US-based brokerage
Robinhood announced its listing. Around the same time,
Coinbase confirmed its spot market listing. As a result, PEPE's price rose from $0.000013 to $0.000023 within a few days.
On the daily chart, PEPE is facing resistance at $0.000023, suggesting that bears are trying to pull the price back down. However, the bulls appear to be defending support at $0.000021.
If the bulls prevail, the meme coin could surge to a new all-time high of around $0.000026. Conversely, if selling pressure increases, this hypothesis could be invalidated, and PEPE could fall to $0.000016.
Bonk (BONK)
Bonk surged over 100% this week, earning a spot on the top altcoin gainers list amid the broad-based rally in meme coin prices. As BeInCrypto previously reported, the primary driver of this surge was the
Binance US listing.
The listing has sparked increased demand for the Solana-based meme coin, leading to its impressive performance. Like Pepe, BONK has also reached a new all-time high.
Currently trading at $0.000043, BONK is well above the 20-day and 50-day exponential moving averages (EMAs) on the daily chart. EMAs measure the trend direction over a given period. Prices below these indicators suggest a downtrend.
However, with BONK above both indicators, the trend is showing an upward trajectory. If this continues, the
altcoin's price could surge to $0.000049. Conversely,
selling pressure could invalidate this trend, pushing the price down to $0.000037.
