It’s been a wild week in the crypto market, with Bitcoin grabbing headlines as it soared to a new all-time high of $108,268 before crashing back under $100k. Meanwhile, meme coins have followed suit, with majors like Dogecoin climbing over $0.41 before falling to $0.325 today.
Behind the volatility in these headline-grabbing tokens, meme coins have been on a tear. The most explosive gains have come from newer tokens like $PENGU and Solana meme coins like Bonk, both of which have been working their way up the meme coin charts.
Meanwhile, meme coin ICOs like Flockerz and Solaxy are seeing increasing momentum.
Let’s take a closer look at all the action in the meme coin market as we head into the final stretch of 2024.
Meme Coin Sector Marches Upward, Led by $PENGU and $BONK
The meme coin sector spent much of early December extending its winning streak, adding more than $17 billion to its total market cap between December 1 and December 8. The sector’s valuation has fallen to $96 billion in recent days, mostly driven by Dogecoin’s losses.
But look beyond Dogecoin, and the meme coin market offers a very different picture. In the past 24 hours alone, Pepe is up 11.7%, Shiba Inu is up 8.4%, and Dogwifhat is up 5.3%.
The biggest winners of this upward trend have been tokens like Pudgy Penguins ($PENGU) and Bonk, which are up 11.2% and 12.3%, respectively, since yesterday.
Bonk’s gains helped it overtake $WIF to become the top Solana meme coin by market cap—a cat-and-mouse game the two tokens have played for months, and which Bonk looks increasingly likely to win.
Plus, technical analysis indicates there could be more gains for $BONK just around the corner. Using Elliott Wave analysis, @ManofBitcoin on X stated a potential pump to $0.000118 might come when Bonk breaks out of its current trend.
$BONK: The price has formed a wick to the downside but the daily candle closed above the trend line. So wave-4 is still valid. pic.twitter.com/3bz8iZ7EFX
— Man of Bitcoin (@Manofbitcoin) December 20, 2024
The gains in $PENGU are especially noteworthy because they represent continued momentum since the token listed on Binance on December 17. $PENGU is up nearly 500% since the listing and has a market cap of $1.8 billion, making it the 6th-largest meme coin overall within just days of its launch.
Meme coin traders and analysts have taken note of an emerging trend for which $PENGU is just the latest data point: Binance has the power to create winners out of emerging tokens in the meme coin market simply by listing them.
Figuring out which tokens the exchange will list next is now one of the best ways to find profits in the meme coin market.
Some Analysts Eye Emerging Meme Coins $SOLX and $FLOCK for Massive Gains
While it’s impossible to know which coins Binance’s listing teams have their eyes on next, a number of analysts are watching two emerging meme coins that they think could be destined for the exchange.
The first is Solaxy ($SOLX), a new project that plans to build the first Layer-2 scaling solution for Solana. While the $SOLX token is primarily a utility token, it makes a nod to the meme coin market by using a surfing, mustachioed Pepe as its mascot.
The $SOLX token presale is on now and has raised more than $4 million in less than a week, raising expectations that this project could be huge. A couple of analysts are certainly excited about Solaxy because of its potential to benefit from the meme coin supercycle.
The Solana blockchain already struggles from congestion issues, and a surge in meme coin trading could make these problems worse. Solaxy provides a solution for meme coin traders by offering a faster and cheaper Solana-based network for executions.
Another project on crypto some analysts’ radar is Flockerz ($FLOCK), a viral new meme coin that’s pioneering a vote-to-earn mechanism to engage and reward its community.
Under the vote-to-earn scheme, traditional staking rewards are thrown out the window. Instead, proposals for new development, partnerships, and how to use the $FLOCK treasury are voted on by the Flockerz community. Every time investors vote, they receive $FLOCK tokens as a reward.
This approach has the benefit of bringing the community together to build a more vibrant project while ensuring that investors get a real say in the project’s future through their $FLOCK tokens. Analysts like ClayBro are bullish on this approach, declaring Flockerz a ‘top meme coin to buy now.’
$FLOCK is also a hit with investors, who have poured more than $7 million into the Flockerz token presale so far. With that kind of backing, it’s likely that Binance might closely be watching this presale and could put its weight on the scales with a listing after the $FLOCK token launches.
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