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Meme coins are taking the lead despite a broader market uptick. Currently, Dogecoin is up 19% today, Pepe has added 16% and Bonk has surged 42%.
Traders are also eyeing multi-chain meme coin, Smog, that’s conducting its airdrop and offering staking rewards.
DOGE, PEPE, and Bonk soar as BTC steams past $60K
The latest meme coin sector pump follows a broader market uptick, with Bitcoin crossing $60K and flirting with its highest-ever monthly close.
But despite Bitcoin’s uptick, meme coins are stealing the limelight, with Dogecoin, Pepe, and Bonk all up significantly.
Currently, Dogecoin is trading at $0.11, up 19.74% today, 36% this week and 43% this month. It holds a $16 billion market cap and a $4 billion 24-hour trading volume, up 114% today.
Excitement has been brewing around the market’s leading meme coin as analyst Yomi recently highlighted that this is the “4th time in history that it is flashing a 2-week super trend buy signal.”
He then explained, “After each buy signal was confirmed, it immediately began parabolic price action for the months ahead.”
Moving to Pepe, its price is $0.000003093, up 16% today, 177% this week and 191% this month.
The increase has propelled Pepe’s market cap past $1 billion for the first time since May, with some analysts suggesting this marks the beginning of “meme coin season.”
Currently, Pepe holds a $1.3 billion market cap and $2 billion 24-hour trading volume, up 41% today.
Trader Plazma recently published an analysis on X, forecasting Pepe will “break upwards.”
In another tweet, Plazma speculated that Pepe could break its all-time high in the coming days. Currently, it stands 27% from its 5 May 2023 ATH of $0.000004354.
Meanwhile, Bonk has also started gathering pace recently, priced at $0.00002 and up 42% today, 80% this week, and 72% this month. It currently holds a $1.3 billion market cap and a $770 million 24-hour trading volume.
In a recent chart analysis, analyst Caleb Franzen speculated that Bonk could be gearing for a further breakout as its price advances on a crucial resistance level.
The analyst noted other promising factors like an RSI bullish divergence, holding its support “multiple times,” and the price starting to make higher lows.
Caleb posted the analysis when Bonk was trading at $0.000014, but it has broken the resistance since, bolstering the likelihood of an uptrend continuation.
These recent pumps, combined with ubiquitous bullish market sentiment, potentially signify the beginning of a longer-term uptrend for meme coins.
But as the rally advances, traders will seek alternative opportunities outside the market leaders for diversification and more potential upside.
So far, some investors are turning to Smog, a multi-chain staking project whose airdrop is ongoing.
Smog: The next meme coin to rally?
Smog is a new meme coin on Solana and Ethereum.
Its multi-chain approach provides widespread access across the two most prominent meme coin markets.
It is a dragon-themed project, and its website leads with “One meme coin to rule them all,” with the objective of “incinerating all its foes.”
Smog’s trend-savvy team has allocated 35% of the token’s total supply to be distributed in an airdrop campaign, following successful projects like Jupiter, Starknet, and Pyth Network.
Gaining airdrop eligibility entails buying and holding Smog, and participants can increase their chances of winning through tasks outlined on the project’s Zealy page.
These include promoting Smog on X, following its social media channels, and engaging with its posts across different websites.
This approach has helped Smog developed a community of over 31k on X and 16K members on Telegram.
Given the community-driven nature of meme coins, the Smog airdrop can be an opportunity.
In a bid for long-term community retention, Smog has a staking mechanism offering a 42% APY. So far, 14,105,150 SMOG have been staked.
Market participants can buy Smog on Solana using a DEX like Jupiter or Birdeye.
However, staking is only available on the Ethereum network.
Holders can bridge their tokens to Ethereum using Portalbridge.com and then stake them on the Smog website.
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