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Meme coins had a rough day as the broader market cues plunged into the bearish territory. However, one exception Osaka Protocol (OSAK) emerged as the best performing meme coins, posting a 19% rise.
BeInCrypto has analysed two other meme coins for the investors to watch and where they are heading.
SPX6900 ($SPX)
- Launch Date – September 2023
- Total Circulating Supply – 930.99 Million $SPX
- Maximum Supply – 1 Billion $SPX
- Fully Diluted Valuation (FDV) – $1.08 Billion
- Contract Address – 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c
$SPX price is down 12% today, making it one of the worst-performing meme coins. Despite this, the altcoin managed to hold above the support level of $1.14. This resilience suggests a possible rebound if the support remains intact, although the current downward momentum is a concern for investors.
The Ichimoku Cloud indicator, which sits below the candlesticks, is signaling a potential bullish momentum for $SPX. This technical pattern indicates the possibility of a bounce-back, enabling the meme coin to secure $1.25 as support. If this happens, $SPX could rise to $1.42, marking a significant recovery from its recent lows.
However, if $SPX fails to maintain the $1.14 support, the meme coin could fall to $0.98. This would invalidate the bullish thesis and result in further declines for $SPX.
Peanut The Squirrel ($PNUT)
- Launch Date – November 2024
- Total Circulating Supply – 999.85 Million $PNUT
- Maximum Supply – 999.85 Million $PNUT
- Fully Diluted Valuation (FDV) – $217.1 Million
- Contract Address – 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump
$PNUT followed in $SPX’s footsteps, experiencing a 7% decline today but still holding around the support of $0.219. Despite the drop, the altcoin has managed to maintain this crucial level. The ongoing volatility suggests that a rebound is possible if it can maintain this support moving forward.
The Parabolic SAR sitting below the candlesticks signals that the bullish momentum for $PNUT is still intact. This technical pattern suggests a potential bounce-back, allowing the meme coin to rise back toward $0.260.
However, if the downward trend continues, $PNUT could slip further on the daily chart. A break below the current support of $0.219 would lead the altcoin toward $0.182. Such a drop would extend the losses and invalidate the bullish outlook, signaling further challenges for $PNUT’s price action.
Small Cap Corner – Osaka Protocol (OSAK)
- Launch Date – July 2023
- Total Circulating Supply – 761.45 Trillion OSAK
- Maximum Supply – 1 Quadrillion OSAK
- Fully Diluted Valuation (FDV) – $61.84 Million
- Contract Address – 0xa21af1050f7b26e0cff45ee51548254c41ed6b5c
OSAK has managed to defy bearish market cues, posting a 19% rise over the last 24 hours. As the top-performing meme coin today, it’s unexpected surge is drawing attention. The altcoin’s resilience amidst market uncertainty is already benefiting its 11,960 holders.
Currently trading at $0.0000000794, OSAK is holding above the crucial support of $0.0000000750. The meme coin is targeting $0.0000000965, which would mark a significant recovery of its June losses. If OSAK successfully crosses this barrier, it could see a sustained rally and attract further investments into the market.
However, should investors decide to cash in on OSAK’s recent rise, the coin could face selling pressure. A slip below the $0.0000000750 support would bring OSAK to the next level of support at $0.0000000600, potentially invalidating the bullish outlook. The price action will depend heavily on investor sentiment and broader market conditions.