Pepe (PEPE), Dog Wif Hat (WIF), and now MAGA (TRUMP) lead the memecoin surge
The memecoin niche has been pretty crazy over these last few months. With market capitalizations in the billions, memecoins continue to be one of the main front-running niches for the crypto sector. $PEPE, $WIF, and $TRUMP are among the leading gainers.
An evolving memecoin market
The memecoin niche is evolving over this crypto bull market. The leading memecoins from the 2021 bull market are still the leaders now. Dogecoin (DOGE) and Shiba Inu (SHIB) are still heading the pack, and by quite some distance. But the 2023/4 newcomers are catching up fast.
In first and second place in the market cap rankings, $DOGE and $SHIB have market caps of $23 billion and $15 billion respectively. Some might say that they are perhaps no longer memecoins, given that $DOGE could have fundamental value if used by Elon Musk, perhaps as a payment medium on X (Twitter), and $SHIB now has utility built into the token.
Nevertheless, both $PEPE and $WIF, in third and fourth positions in the rankings, are pure speculative memecoins, with nothing but fresh air backing them up. However, $PEPE has managed to reach a market cap of $6.45 billion, and $WIF has achieved $3.4 billion. Not bad for what are in effect casino chips.
More recently, these memecoins have been joined at number 10 in the market cap rankings by $TRUMP. Whether it’s the popularity or infamy of its namesake, $TRUMP has certainly exploded onto the memecoin scene, and with the US presidential elections coming up in November, this memecoin could have a lot of juice left in it.
Potential for a great $PEPE trade
Source: TradingView
With a 332% gain since 1 April, $PEPE has been a great trade for those who picked it up at $0.00000400. Looking at the weekly chart above, and the big Fibonacci level of the 0.618, if the price wicked down here it would be an almost 48% retrace. However, buying in at $0.00000900 could be a risky but potentially great trade.
$WIF sideways consolidation
Source: TradingView
$WIF is making higher highs and higher lows on the daily chart. The latest minor correction will perhaps come down to the 0.618 Fibonacci at $3.0500 or the 0.786 at $2.7775. This is still pretty much sideways consolidation for $WIF, and if this thing takes off, stand by for much higher prices.
Could $TRUMP go down to $9?
Source: TradingView
$TRUMP is in a great uptrend. After a 13-day consolidation period, the price put on a 108% surge, which topped at $17. It doesn’t look like this might be the end of this surge either, as the wick down to nearly $10 testifies. That said, if $BTC does take a bit of a deeper correction, $TRUMP could be bought at the 0.618 Fibonacci, located at the stair step at $9. With an eye on the US elections, there is perhaps a lot more to come from this particular memecoin, and getting in at a good lower price could lead to some great future gains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
