The cryptocurrency market is witnessing a notable shift from altcoins to meme coins, with some prominent meme coins surging up to 1000% this month. This raises curiosity about what to expect in this sector in the second-to-last month of the year.
Some argue that meme coin prices will follow a cyclical pattern. CEO of CryptoQuant, Ki Young Ju, recently directly refuted this claim.
"I agree with everything said about meme coins, but I don't agree with the meme coin cycle. Social media has evolved from being centered around relationships with friends and family to being centered around shared interests. The next stage is social media driven by economic interests, and that was the vision of Web3. Meme coins are just a temporary harmony of economic and shared interests in the transition stage of social media," he said.
However, BeInCrypto has analyzed five meme coin tokens that appear to validate the meme coin cycle theory. Even if the 'meme coin cycle' theory is wrong, these five meme coins seem to have a high probability of performing well going forward.
GOAT
GOAT's price surprised the cryptocurrency market by surging an astonishing 1012% in less than a month to reach a new all-time high of $0.902. This rapid rise has drawn attention to meme coins and stood out in the altcoin sector.
GOAT's recent price movements have caught the eye of meme coin enthusiasts, who are optimistic about its potential. Riding on strong momentum, it could set another new high in November.
Read more: 7 Hot Meme Coins and Altcoins to Watch in 2024
However, GOAT's uptrend may face challenges if holders start selling to realize profits. Selling pressure could push the price down to the crucial support at $0.466. A breach of this level could invalidate the bullish outlook and signal potential instability, prompting cautious attitudes from investors.
POPCAT
POPCAT has set a new all-time high of $1.67 this month, rising 60% over four weeks. While not as dramatic as some other meme tokens, POPCAT has stood out among Solana-based meme coins. Investors remain optimistic about its continued price potential.
The November outlook for POPCAT is generally positive, and it could push the altcoin close to $2.00. Increasing interest among meme coin enthusiasts is fueling this momentum, making POPCAT a noteworthy item.
However, if POPCAT holders decide to sell to secure profits, the price could drop towards $1.00, negating the current positive outlook. Such a decline would emphasize the need for sustained holding.
CAT
CAT's price has shown volatility since the beginning of the month but continues to push towards new highs. This persistent effort reflects investors' optimistic sentiment, and CAT is a popular choice within the meme coin market. Traders are closely monitoring the uptrend.
Currently, CAT is trading 33.5% below its all-time high of $0.00004650. Reaching this level will require strong upward momentum. If it can secure this upward drive, the meme coin could set new records, potentially increasing interest and potential investment across the market.
However, if CAT fails to maintain its upward momentum, it risks losing the $0.00003410 support. A breach of this crucial level could see CAT fall to $0.00002807, threatening the bullish outlook. Such a support loss would signal potential downside.
SPX6900 (SPX)
SPX has emerged as one of the best-performing meme coins this month, recording an impressive 475% gain over the past four weeks. This rapid rise has seen SPX reach a new all-time high of $1.198, garnering significant attention from investors and meme coin enthusiasts.
Over the past 24 hours, SPX has risen 12%, demonstrating strong upward momentum. This recent surge has placed SPX on a promising trajectory, with the potential to set another new high next month. The market sentiment is optimistic, buoyed by SPX's impressive performance and continued growth.
However, if the broader market conditions turn bearish, SPX could face downward pressure. A breach of the $0.704 support level could see it drop further to $0.568. A fall below this threshold would significantly undermine the bullish outlook.
GIGA
GIGA's price has surged 129% over the past month, currently trading at $0.055. It has set two new all-time highs in the past 10 days, the most recent being $0.069. This upward trend has made GIGA a popular topic within the meme coin community.
The outlook for GIGA in November is likely to maintain its upward trend and set another new high. This token has become one of the most discussed assets among meme coin enthusiasts, generating anticipation and trading interest. Market observers expect the sustained demand to maintain this positive trajectory until next month. Read more: 7 Meme Coin-Based Chains to Watch in October 2024
