Meme coins are gaining traction as the market turns bullish. Bonk saw a boost from a proposed token burn, while Pepe is recovering due to whale activity. Shiba Shootout, with play-to-earn features, might achieve significant gains, driven by high p...
By Spotlight Wire |
Spotlight Wire
Popular meme coins are set to explode as the broader market moves to a bullish zone.
High-cap meme coins have begun showing signs of a rally. Low-cap meme coins like Shiba Shootout, on the other hand, are preparing for turbocharged debuts if the presale FOMO is any sign.
Bonk price prediction: Token burn sparks interest
Bonk currently ranks fifth on the meme coin chart.
In early July, the meme coin outstripped Dogwifhat to claim the fourth position for a brief time. Bonk was unable to maintain the momentum, despite recording a 2% surge on the weekly chart.
The proposal to burn 84 billion from the BONK DAO treasury has reignited the coin. It was announced on July 8, via Twitter.
Token burns have historically helped established cryptocurrencies win back attention. The event removes a predetermined number of cryptocurrencies from circulation. They are sent to wallets where they cannot be spent or recovered.
The scarcity supports the long-term price action. Theoretically, the price of Bonk should rise on the approval of the proposal.
Judging by the token’s price performance over the last few days, the strategic move has sparked interest. However, whether that will convert to optimism remains to be seen.
If the social momentum gains, the event could pull Bonk further up the charts as the market gets back on its feet. Bonk 1-month price action, source: CoinMarketCapThe one-month analysis of the meme coin paints a bleak picture. Bonk has gained 5% value over the last 30 days, but this is less than other top meme coins.
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New meme coins with integrated utilities are posing fierce competition to purely speculative tokens like Bonk. They struggle to justify their relevance after a few weeks of limelight. The price analysis of Bonk makes it evident.
A large market cap of $1.8B also makes Bonk less appealing to new investors. The larger the market cap, the lower the potential returns.
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An optimistic, yet conservative forecast for Bonk in the next bull cycle is an 18% gain from the current price.
Pepe price prediction: Whale activity hints at a rally
While Dogecoin and Shiba Inu have been firmly holding on to the top meme coin ranks, Pepe is the hottest meme coin of 2024.
Sure, Pepe’s $4B market cap pales in comparison to Dogecoin’s $17B and Shiba Inu’s $10.5B.
That hasn’t stopped Pepe from taking the market spotlight.
Pepe set an all-time high of $0.00001718 on May 27, 2024. At its peak, Pepe boasted a market cap of $7 billion. The rapid surge raised hopes that Pepe could outstrip Shiba Inu to secure the second position on the meme coin chart.
However, dashing such hopes Pepe has plunged 50% from its ATH as of July 2024. The crypto crash that pulled Bitcoin below $55K has taken a toll on Pepe as well.Pepe 1-month price action, source: CoinMarketCapThe rapid volatility of the meme coin market hasn’t been working out for Pepe for some time now. However, in the last few days, the PEPE price has pumped 30% signalling a recovery.
Moreover, whales are using the downtrend to buy the dip. Pepe whale holdings are climbing to an all-time high. Whales are filling their bags before the next bull cycle begins.
Pepe is only behind DOGE and SHIB in popularity. Taking inspiration from the popular ‘Pepe the Frog’ meme, the token has stirred up a meme coin revolution in the market.
For a better perspective, Pepe has climbed 31554.31% since April 17, 2023 Pepe is unlikely to explode with multifold vigour again. Blame its market cap in billions.
That doesn’t rule out a turbocharged price action, however.
Home to one of the most active meme coin communities, Pepe is expected to make headlines soon. As the bull cycle reaches its height, Pepe could record a 35% surge from the current price.
Shiba Shootout price prediction: The next 10X meme coin?
If meme coin heavyweights like Bonk and Pepe can’t record multifold surges, who can?
That turns the spotlight to newcomers like Shiba Shootout (SHIBASHOOT). Top crypto influencers and analysts have been featuring the project on their social media channels over the last few days.
Jacob Crypto Bury introduced Shiba Shootout as a potential 10X meme coin to his 41,000 followers.
Shiba Shootout is an upcoming meme coin that comes with integrated play-to-earn utility. Set in the crypto Wild West, the ecosystem opens multiple sources of active and passive rewards for the meme coin community.
The first is Shiba Showdown, a high-stakes battle with attractive tokens up for grabs. It’s described as “a duel of creativity, wit, and a touch of cowboy charm”. The P2E game has completed development. It is set to go live on Google Play and Apple Store in a few days.
In other words, SHIBASHOOT is not another meme coin that is starting from scratch. It is much ahead in its roadmap. Passive investors can join Cactus Staking to grow their holdings over time. Staking is live from the presale stage. The annual percentage yield (APY) above 1000% has been fuelling massive traffic to the presale.
Early presale investors are eligible for higher APY and price discounts. Twenty per cent of the token supply is set aside for staking rewards. Lucky Lasso Lottery, Campfire Stories, and Posse Rewards further fuel engagement in the community.
The Token Governance Roundups underscore the community-centric principle of the project. Token holders can influence big decisions regarding the project by exercising their voting rights.
The Shiba Shootout community on Twitter and Telegramis growing at a rapid pace. In a sea of speculative meme coins, Shiba Shootout stands out with its utility core. It is hailed as the next Floki Inu. Like Shiba Shootout, Floki Inu brought play-to-earn to the meme coin equation.
The hollow nature of meme coins renders them prone to pump-and-dump schemes. Projects like Shiba Shootout are largely immune to them.
The presale FOMO is setting the stage for a wild meme coin pump for $SHIBASHOOT. The debut run could take it as high as 1000% from the presale price.
Shiba Shootout has the potential to sustain the momentum and claim a place among the top five meme coins towards the end of the year.
Investors should act early to grab $SHIBASHOOT before the presale sell-out.
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