The Bitcoin price hitting the $100,000 landmark made the meme coin supercycle inevitable, and it now seems to be underway.
Whales are aggressively accumulating top meme coins, now joined by a surge of retail investors drawn back into the crypto market by Bitcoin’s rise to $100k.
The meme coin market capitalization is up by 6% on Sunday and several top tokens like Pepe (PEPE) have already reached a new all-time high. Solana meme coins Popcat, WIF, and PNUT have also formed a local bottom and are breaking out of key resistance levels.
New meme coins like Catslap are also in high demand. The SLAP price is already up by 6000% since its launch, with some prominent investors still eyeing major returns.
Pepe, Dogwifhat, PNUT Prices Explode – Time to Go All in on Meme Coins?
The top Ethereum meme coin Pepe (PEPE) is leading the current meme coin rally, reaching a new all-time high of $0.00002644 in early Sunday hours. The rally saw the top frog-themed meme coin surge past the $11 billion mark.
The token has since corrected to $0.00002477 but appears poised for a bullish continuation, considering it has breached its multi-week resistance trendline.
Pepe’s daily trading volume has also impressed experts. Being available for trading on Tier-1 exchanges like Binance, Coinbase and Dogwifhat, it is currently seeing a volume of over $7.6 billion, the 6th highest of any cryptocurrency on CoinMarketCap.
Some analysts like Crypto Bratan are extremely bullish on Pepe’s short-term upside, projecting it to hit the $20 billion mark before the year-end.
$PEPE CLOSED A CLEAR DAILY CANDLE ABOVE ALL RESISTANCE!!! $PEPE 20B MARKETCAP WITHIN 9 DAYS
AND WITH IT THE INEVITABLE FLIP OF $SHIB BY $PEPE pic.twitter.com/9RqOU4SLtg
— Crypto Bratan (@cryptobratan1) December 8, 2024
The top Solana meme coin Dogwifhat is also ready for a major upswing.
Bybit trader Bluntz points out that the WIF price has broken through the upper boundary of its accumulation range with high volume.
Using Elliot Wave Theory, Bluntz projects that the Dogwifhat price could hit the $10 mark by the first quarter of 2025.
Another prominent analyst CryptoJack also highlights that the WIF has formed a bullish cup-and-handle pattern in its 4-hour time frame, which has a price target of $6.50.
Dogwifhat is currently trading at $3.73 with a $3.7 billion valuation and an impressive $1.4 billion daily trading volume.
Some investors are eyeing another Solana meme coin, Peanut The Squirrel. Following its all-time high of $2.27, the meme coin sensation saw a steady decline. However, experts signal that it has formed a bullish rounding bottom pattern, suggesting that the PNUT coin could explode again.
A few analysts believe that new buyers can see significant returns from the meme coin before the year’s end.
Investors Eye Major Returns From Catslap
Some investors are on the lookout for low-cap memes that could offer outsized returns in the coming supercycle.
Catslap (SLAP) has emerged as one such microcap token that has caught their attention. The meme coin launched on Uniswap in late November with a listing price of $0.0001179. Within three weeks, it has already reached an all-time high of $0.01, representing a staggering 8400% growth.
SLAP is currently trading at $0.00738, set for a major breakout from a bullish pennant in its 4-hour chart. A daily close above the upper trendline could pave the way for a new all-time high.
Catslap is a meme coin with strong fundamentals, including a deflationary token supply, owing to its regular burn events and buyback program.
The popular Slap-To-Earn game, which allows players to slap public characters like Chris Brown, is also tied to its burn schedule. A portion of the token supply is burnt when the “slapometer” hits certain milestones.
Moreover, Catslap has strong community backing, as is typical of all tokens inspired by viral memes. Its token holder is nearing the 15k mark, while its social media accounts are also seeing impressive growth.
The meme coin has now started going live on Tier-1 CEXs, launching earlier this week on MEXC. The Catslap website has another countdown for a “major announcement”, which could mean another top-tier CEX listing is coming soon.
Unsurprisingly, some crypto experts are bullish on the meme coin’s upside potential, with few calling it the next meme coin to explode. Considering its small-cap valuation of just $33 million, the projection might not be a pipedream.
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