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A strong surge in Dogwifhat (WIF) price depicts that meme coins are dominating the crypto markets. Concurrently, other memes like Shiba Inu (SHIB), Book of Meme (BOM), BONK, and FLOKI are also performing extremely well, bolstering investor sentiment around these high-risk assets.
On Wednesday, WIF crypto led the gains among the top 100 coins by market capitalization. With a unit price of $3.96, the famous dogcoin has attained a $3.95 billion valuation. After the latest surge, Dogwifhat remains only 18% below the all-time high. A similar price action was observed from the SHIB, which was up 7.7% today. A similar price action was observed in the other meme-inspired cryptocurrencies, including frog-themed coins like BOM and PEPE.
The ongoing rally in meme coins comes amid a sideways Bitcoin and Ethereum price action as both assets entered a consolidation after the recent approval of Ethereum ETF.
With a constant influx of fresh capital, WIF, the dog-themed token, is inching closer to record highs. A 24-hour surge of 21.7% has made it the 32nd most valuable digital asset on the planet. The technical analysis further suggests that an extended rally toward the $4.86 all-time high is quite likely if it gains strength above $4.
As predicted in my previous analysis, the FLOKI price refreshed its all-time high (ATH) on Tuesday but failed to close above it. On 29th May, the popular dogcoin showed a minor correction of 0.44% after a rejection from its ATH. A daily closure above $0.00307 is needed to aim for more upside.
Another meme coin that is attempting to break out is the 2nd most valuable meme coin, Shiba Inu. In the last 24 hours, SHIB has gained 14.8%, attaining a market cap of $17.1 billion. Technical analysis shows that the coins are attempting to break out above $0.000028 resistance. A clear breakout from this resistance is needed for Shiba Inu price prediction to turn bullish.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
