We clearly feel a very special phenomenon in this round of the encryption market bull market - the bull market of on-chain meme coins. You can compare the ICO boom in 2017, the DeFi explosion in 2020, and this year's bull market, which has almost all been centered around meme coins. Especially on the Solana chain, the flow of funds is unusually active, and there are almost a few "Dogecoin" type meme coins that have increased dozens or even hundreds of times every day. Therefore, on-chain meme coins have become the focus of our attention.
Bitcoin: Oscillating consolidation, target $100,000
Currently, the trend of Bitcoin is still relatively volatile, mainly preparing to break through $100,000. The current price of Bitcoin is around $85,000, and as long as the price does not fall below $85,000, there will not be a significant correction in the short term. If Bitcoin falls below $85,000, it may face the risk of falling to $80,000. However, the buying pressure of ETF is very strong, and the probability of falling below $85,000 is actually not high, so we still need to be patient and wait for the adjustment of Bitcoin to end. Once the adjustment is completed, the breakthrough of $100,000 will be imminent.
Ethereum: Weak performance, long-term holding as the main strategy
As for Ethereum, its performance is indeed a bit weak at the moment. The main reason is that there is no new gameplay and innovation, the progress of the second-layer expansion is not ideal, and the POS mechanism of Ethereum has not achieved the expected deflationary effect. Therefore, compared to Bitcoin and some altcoins, the increase of Ethereum is not significant. However, in the long run, holding Ethereum is still not a big problem, and it is recommended that everyone hold it patiently.
Potential altcoins worth watching in the near future
DOG
The performance of DOG coin has also been quite worth watching recently. Its price is around $0.0070, and it has experienced a significant drop recently, with a correction of 11.22%. The current support level is at $0.0054, but the price has broken through this point many times, forming a solid support. A few days ago, DOG coin experienced a parabolic rise, reaching a high of $0.008691. Although the price has since retreated, it is currently stabilizing around $0.006, supported by the 50-day simple moving average.
The 50-day moving average at $0.0045 serves as a dynamic support, helping to maintain the upward trend of the price. If the price can stay above this support level, it may welcome a new round of upward movement in the future, with a target price range of $0.0078 to $0.0086. The support level below is at $0.0054, and if it breaks through this support, it may face greater risks.
SUI
Sui has performed very strongly recently, with a gain of over 46% in the past week and nearly 50% in the past month. The current price is fluctuating between $2.17 and $3.83, showing a strong upward momentum. In the short term, the 10-day and 100-day simple moving averages are at $3.38 and $3.14 respectively, indicating that the price is still in an upward trend in the short term. The Relative Strength Index (RSI) is 57.42, and the market has not yet entered the overbought zone.
If SUI breaks through the current resistance level of $4.02, the next target will be $5.38, with huge potential.
TON
Toncoin has also performed very well recently, with a 13.38% increase in the past week. The current price is fluctuating between $4.69 and $5.72, hovering around the 10-day and 100-day simple moving average of $5.45. The Relative Strength Index is 58.06, indicating that the market is in a neutral state, but still tends to be overbought. The Stochastic Oscillator is 85.69, indicating that the current price is in the overbought zone.
If the upward momentum of Toncoin can be sustained, the price may break through the resistance level of $6.17. However, if a correction occurs, the recent support level is at $5.10. Overall, Toncoin still has the potential for further upside.
BONK
BONK is a meme coin on the Solana blockchain, with a Shiba Inu as its mascot, inspired by the popular "Dogecoin" culture. BONK has soared by more than 100% since its listing on Coinbase, becoming a star in the Solana ecosystem. Particularly, it has airdropped 50% of its supply to Solana's Non-Fungible Token and DeFi users, attracting a lot of attention.
Although BONK faces challenges such as a large total supply and the volatility of meme coins, it is still actively developing in the Solana ecosystem, launching new projects such as the decentralized exchange BonkSwap. These measures indicate that BONK is still a meme coin that is attracting attention in the current market cycle.
PEPE
PEPE is also a meme coin that has attracted a lot of attention, initially launched on the Ethereum network. It is inspired by the early "Pepe the Frog" meme, and has followed the successful path of Doge and SHIB. Although PEPE has no transaction tax and no actual application, it once reached a market capitalization of $1.6 billion in 2023, triggering a meme coin frenzy.
The unique feature of PEPE is its deflationary mechanism, which increases scarcity by burning tokens and rewarding long-term holders. It is also trying to increase its visibility through social media and major exchange listings. Although it is a meme coin without practical use, PEPE still maintains a high level of attention in the current market cycle due to its scarcity and popularity in the crypto community.
