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Tuesday, May 28, 2024

Top 5 Meme Coins to Watch in April

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TL;DR

  • Dogecoin (DOGE) experienced a notable price increase of about 40% over two weeks, briefly exceeding $0.22, with predictions suggesting a potential rally towards $0.30 or even $1.
  • Other meme coins that have performed quite well as of late include Shiba Inu (SHIB), dogwifhat (WIF), and more.

Dogecoin (DOGE)

The cryptocurrency market has been booming since the start of the year, with the meme coin sector stealing the show (at least as of the moment). One asset that has performed quite well as of late is the biggest by market capitalization in this sector – Dogecoin (DOGE).

Its price is up approximately 40% on a two-week scale, briefly surpassing $0.22 for the first time since November 2021. Currently, it hovers at the $0.20 mark, but numerous analysts believe the surge is far from over.

The X user Rekt Capital argued that Dogecoin ended its “macro downtrend” and begun a new “macro uptrend:” a move that might fuel a rally towards $0.30. Additionally, ChatGPT estimated that the price of the meme coin could skyrocket to $1, depending on multiple crucial factors.

DOGE is the favorite cryptocurrency of Tesla’s CEO Elon Musk. Endorsements from him have influenced price spikes for the asset in the past, while he recently hinted that the EV giant might accept the token as a payment method “at some point.”

It will be interesting to follow up on whether Musk’s support will continue throughout April and whether this could positively impact DOGE.

Shiba Inu (SHIB)

The second-biggest meme coin by market cap – SHIB – experienced a highly successful month, too. Its price rallied substantially at the start of March before slightly retracing its pace in the following weeks.

The increase coincided with the development of the layer-2 blockchain solution Shibarium. The network exceeded the 400 million mark in terms of total transactions on March 7.

The burning program was a huge success, too. As CryptoPotato reported, the team behind the meme coin destroyed over 15.5 billion tokens throughout March – a 2,300% increase compared to the figures observed in February.

We are yet to witness whether the positive performance from last month will be continued in April.

Dogwifhat (WIF)

The leading meme coin built on the Solana blockchain has undoubtedly been crypto’s rock star in the past few months. It saw the light of day at the end of 2023, with its price exploding by 3,000% since the beginning of 2024.

Last week, WIF hit an all-time high of $4.80, while its market capitalization neared the $5 billion mark. Thus, it surpassed PEPE to become the third-largest meme coin.

WIF’s impressive pump was probably fueled by listings on cryptocurrency exchanges like Binance and Coinbase and support from industry participants like Arthur Hayes.

Currently, the dog-themed asset is the 31st biggest cryptocurrency, and another potential rally throughout April could place it in the top 30 club.

BOOK OF MEME (BOME)

This Solana-based meme coin is also worth finding a spot in your watch list. Launched in mid-March, BOME’s market cap briefly spiked to almost $1.5 billion before dipping to its current level of $850 million.

It caught the eye of some exchanges, including Binance, which listed the following trading pairs: BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY.

Its advancement partially depends on further support from trading venues, so let’s see whether others will hop on the bandwagon in April.

Slerf (SLERF)

Last but not least we will touch upon SLERF whose price peaked in mid-March but ever since it has been on a downfall. The sloth-themed meme coin was involved in suspicious activity, with the developer behind it accidentally burning $10 million worth of funds raised from investors during the presale.

This should serve as a reminder that despite the chance of bringing substantial profits, assets of that type can lead to devastating losses.

If you’re about to join the ecosystem, please take a look at our dedicated video below to avoid some common mistakes related to the matter:

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