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Can meme coins keep this momentum going after doubling their market cap in 30 days? Or is this just hype tied to Trump’s return?
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Meme coins explode
Since Donald Trump, known for his favorable stance on crypto, got elected as the 47th President of the U.S., the crypto market has seen a fresh wave of bullish momentum. Bitcoin (BTC) hit an all-time high of $93,400 on Nov. 13, continuing its upward journey in the price-discovery phase.
This rally has extended to the meme coin market, where the total market cap has more than doubled in under a month. On Oct. 18, it stood at $55 billion; now, it has surpassed $124 billion—an increase of over 100%.
Familiar names like Dogecoin (DOGE), Bonk (BONK), and Pepe (PEPE) have been at the forefront of this surge, recording key gains.
In the last 30 days, DOGE has skyrocketed by 166%, trading at $0.375. PEPE has gained over 100%, reaching $0.000021, while BONK has climbed by 116% to trade at $0.000048.
Meanwhile, Solana-based meme coins like Peanut the Squirrel (PNUT) and Moo Deng (MOODENG) have also captured the spotlight with their viral appeal.
PNUT, a tribute to Peanut — a squirrel controversially euthanized by the New York State Department of Environmental Conservation — has soared by 336%, trading at $1.60.
Similarly, MOODENG, inspired by a Thai pygmy hippo that became an internet sensation, has surged an astonishing 555%, trading at $0.55.
What’s next for the meme coin market? Can this momentum last, or will the meme coin hype eventually run its course? Let’s find out.
Understanding the meme coin surge
The recent surge in the meme coin market can be attributed to several interconnected factors. Let’s break them down one by one.
BONK’s token burn plan
BONK DAO’s announcement on Nov. 15 regarding its plan to burn 1 trillion BONK tokens by Dec. 25 has been a major driver behind the token’s growth.
Token burning, a common strategy in crypto markets, involves sending tokens to an inaccessible address, effectively removing them from circulation. Token burns reduce the available supply, creating scarcity and driving up prices if demand remains constant or increases.
The market reacted swiftly to this announcement, pushing BONK to surpass Dogwifhat (WIF) as the most valuable Solana-based meme coin by market cap on Nov. 17.
Solana’s growing role
Solana (SOL) has seen record activity driven by meme coins. Data shared by analyst Patrick Scott revealed that five of the top ten protocols by fees over the past 24 hours as of Nov. 18 were hosted on Solana, hinting that meme coins are boosting Solana’s adoption by increasing user engagement.
Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 17, 2024
This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j
Dogecoin and market sentiment
On Nov. 12, President-elect Trump announced the creation of the Department of Government Efficiency, or “DOGE.” While this department has no direct ties to DOGE, the crypto, the acronym’s coincidence reignited interest in Dogecoin, a token already bolstered by a history of public support from figures like Elon Musk.
Following this announcement, Dogecoin reached a multi-year high of $0.4359, climbing 336% from $0.10 within a month, trading at $0.375 as of this writing.
The price movement was further amplified by Musk’s tweet, “Threat to bureaucracy, not democracy,” which was widely interpreted as a nod to Dogecoin’s community-driven ethos.
Further gains incoming?
As the meme coin market continues to attract attention, analysts have decoded patterns, forecasting the next moves. But what exactly does the data suggest?
Dogecoin: eyeing $1?
Recent analysis reveals that DOGE is forming a Descending Triangle pattern. While this might initially suggest consolidation, a historical review shows that this setup has often been the precursor to major bullish moves.
A trader recently noted, “$DOGE is now breaking down and may rise to another high.” The potential upside? A target of $0.80, which would surpass its all-time high of $0.73 set in 2021.
One factor driving this belief is its newfound political relevance. The creation of the Department of Government Efficiency has drawn public attention, even if the connection is purely coincidental.
As Miles Deutscher, a crypto analyst, put it, “The mindshare for the D.O.G.E acronym will only increase once Trump’s in office.”
Controversial opinion:
— Miles Deutscher (@milesdeutscher) November 16, 2024
I think $DOGE flips $SOL this cycle and becomes the 3rd biggest token after $BTC and $ETH.
The mindshare for the D.O.G.E acronym will only increase once Trump's in office and changes start being made.
Easy buy for normies.
$1 seems obvious. pic.twitter.com/SYOHbiStBU
The sentiment is that DOGE could become an easy entry point for new investors (“normies”), and a $1 target no longer feels far-fetched. However, this will depend on sustained market interest and broader adoption.
Bonk: the Solana meme star
While Bonk has solidified its position as the most valuable Solana-based meme coin, traders are warning of short-term risks. As one analyst put it, “Price is currently very overbought, so I don’t consider this a good level for long trades.”
$BONK Price is finishing blue wave 3 of an upside movement.
— Stoic Crypto Trader (@stoic_traders) November 14, 2024
Price is currently very overbought, so I don't consider this a good level for long trades. I'll wait for wave 4 correction. A test of green support would be ideal to look for long trade opportunities.
(intraday… pic.twitter.com/vp7CpVp6QZ
Traders are anticipating a wave four correction, which is a temporary dip in price that often signals healthier long-term growth. If BONK follows historical patterns, this pullback could pave the way for new highs once the market digests the current gains.
Pepe eyeing further gains
Pepe’s price action has been highly technical, with its movements aligning perfectly with Fibonacci retracement and extension levels.
One analyst recently tweeted, “$PEPE following the fractal impeccably, having reached the expected 1.618 extension at $0.00002484.” These extensions are crucial markers in technical analysis, often signalling where prices might go next.
$PEPE following the fractal impeccably, having reached the expected 1.618 extension at $0.00002484.
— Lourenço VS (@lourenco_vs) November 18, 2024
I´m still long from the bottom range as I expect that this will continue to playing out. Main targets above remain $0.00003655-0.00005997. pic.twitter.com/1TOOWSqIwU
Their targets for PEPE are set at $0.00003655 and $0.00005997, representing potential gains of 68% and 144%, respectively, from current levels. However, overbought conditions could lead to short-term corrections before these targets are realized.
The road ahead
The meme coin market’s future is inseparably tied to Bitcoin’s performance, especially as BTC continues its price discovery phase.
But there are risks. While Bitcoin’s price discovery provides the foundation for meme coin rallies, its volatility remains a constant threat.
Meme coins, by their very nature, rely heavily on sentiment and speculative trading rather than fundamental value.
If Bitcoin were to dip sharply or enter a prolonged consolidation, meme coins — especially newer ones without established communities — could see dramatic corrections.
At the same time, the rise of Solana-based meme coins adds a fresh dimension to the market, but it’s a story that will need sustained hype and market conditions to remain compelling.
Hence, staying alert to Bitcoin’s movements and preparing for sudden market shifts will be crucial. For those considering meme coin investments, caution is critical. Only invest money that you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.