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Thursday, June 20, 2024

Here’s Why Meme Coin Prices Are Pumping: PEPE, WIF, FLOKI



Meme coins are finishing this week on a high note on the day known as “Pepe Friday”. The Pepe price itself is performing well, but there are a few other meme coins to watch as we close out this week. Let’s find out.

Meme Coin Price Predictions and Analysis

When we look at meme coin price performance this week, the top 6 coins by market cap show that 5 coins have had a “green” week, while only DOGE is slightly in the red with a 1.5% decrease. Memes have been a hot topic this cycle, and today’s good performance is most likely related to the “PEPE Friday” phenomenon.

Dogwifhat (WIF) has actually performed the best in this group, with a 25% pump, closely followed by FLOKI with a 20% pump. PEPE gained 12%, with most of that (10%) occurring today on PEPE Friday.

Jelle, a prominent crypto analyst with a following of 84,000 people on X, provided his analysis on the FLOKI token. For context, the FLOKI price is currently trading around $0.00026, while its all-time high (ATH) is in the $0.0003 area. He believes that FLOKI’s price action has unfolded precisely as anticipated, with the token reclaiming its previous all-time highs and now consolidating just below that level.

Jelle expects some additional consolidation to occur underneath the resistance level before FLOKI eventually breaks out to establish new all-time highs.

An analyst known as “Free” on X, with a following of 21,000 users, shared an insightful perspective regarding the meme coin space. Free acknowledged that identifying the next breakout success akin to WIF or PEPE will become increasingly challenging due to the influx of new meme coins launching daily and the saturation starting to occur within the mid-cap category.

However, Free expressed a sentiment that despite these challenges, there is a strong likelihood of another meme coin project achieving a similar level of success as WIF or PEPE before the end of the current market cycle.

Technically, the indicators are bullish for PEPE, as the MACD line is now above the MACD signal line, and the RSI is around 60, indicating potentially more upside momentum.

As for meme coin price predictions, PEPE, FLOKI, and WIF (currently at $3.5) could continue their upward trajectories in the short term, especially with the meme coin hype surrounding “PEPE Friday”.

Next Meme Coin to Watch in June?

Jacob Bury, a YouTuber with a community of 40,000 subscribers, highlighted in today’s video a new meme coin project called PlayDoge. This project aims to combine the play-to-earn and meme coin markets, drawing inspiration from the nostalgic Tamagotchi virtual pet concept. PlayDoge has definitely attracted some investors, successfully raising $600,000 in just a few days making in one of the hot crypto presales right now.

According to Bury, as more liquidity is injected into the project, the rewards for early investors will gradually decrease. However, PlayDoge boasts a well-structured tokenomics model, with a carefully planned allocation of tokens for the presale, community rewards, and marketing initiatives. The project’s roadmap includes preparations for future listings on both decentralized and centralized cryptocurrency exchanges.

Conclusion

As the PEPE price, WIF price, and other meme coin prices surge, driven by events like “PEPE Friday” and overall market hype, it’s clear that the meme coin craze is far from over. While price predictions are always speculative, the community’s excitement and the potential for another breakout meme coin like PlayDoge suggest that this sector will remain one to watch, particularly as we approach the next leg up in this bull cycle.

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