Memecoins have had their day out in the sun this year, especially. Take the mania around PEPE in mid-2023 for example,
PEPE launched in mid-April and promptly exploded in price. PEPE's price explosion was so massive that one of the earliest investors was able to turn $250 into a whopping $1.4 million.
The months rolled by, and PEPE faded out of popularity. Then came BONK.
BONK was launched far earlier than PEPE but only became popular at the end of 2023.
At the time of writing, BONK has now "flipped" PEPE and has become the 3rd largest memecoin by market cap.
Let's go over these memecoins one by one in terms of price, and in terms of year-end predictions.
Dogecoin is by far the largest memecoin in by market cap. The cryptocurrency is currently up by about 20% over the last month and has been quite sluggish this year, compared to 2022.
CoinMarketCap data shows that Dogecoin is up by only 26% over the last year.
In terms of YTD price movement, Dogecoin hasn't been very impressive. However, here is an interesting bit of year-end prediction for Dogecoin:
Dogecoin broke out of the ascending triangle that had been keeping its price below $0.15 since October 2022 around the final quarter of this year.
This breakout was good enough for a time because Dogecoin rallied by around 57% to $0.1
However, we can see a glaring rejection from this level in the charts, leading us to believe that the bears are especially active around this point.
Dogecoin may continue downwards from this point as the year comes to an end, and may likely retest $0.06 before being fully primed to hit and break $0.15.
In terms of long-term price movement, Shiba Inu is almost no better than Dogecoin.
According to CoinMarketCap, Shiba Inu has only gone up by about 25% on a YTD basis.
In terms of price analysis, there is a massive falling wedge on Shiba Inu's chart.
This falling wedge was formed due to Shiba Inu's bearish price action throughout the year and indicates that the cryptocurrency may be about to enter an explosive uptrend from here.
Shiba Inu currently trades at around $0.00001035 at the time of writing, with a strong support around $0.00000969 as shown above.
Shiba Inu should be able to break out of this formation very soon if the bears don't force a breakdown below $0.00000969.
Overall in a Shiba Inu bull run, we expect a 186% rally from here, as SHIB attempts to hit $0.000002993.
Things start to get better from here when it comes to PEPE. PEPE is up by about 2000% on a YTD basis and is trading at around $0.000001277.
In terms of price action, there might even be some evidence to suggest that PEPE is about to become explosive once again.
According to the chart above, PEPE currently trades at the top of an ascending trendline. According to this narrative, PEPE was rejected from the $0.00000175 on 9 December and declined to retest this trendline.
This means that if a breakdown of this trendline occurs, we may see PEPE take another leg upwards from here and break through the $0.00000193 resistance before rallying by another 125% to $0.00000440.
BONK is the most bullish memecoin on this list and is up by 33% over the last week, 370% over the last month, and by 17,300 over the entire year.
This presents a strong case for BONK's returns on Investment, and easily makes it the best-performing memecoin so far.
In terms of price action, BONK has been bullish for far too long from a realistic standpoint. These are the times when FOMO is high, and the results of a price rejection would be devastating.
For example, BONK has formed a descending channel on its hourly chart and is already showing signs of a price rejection from $0.00002.
The bulls are expected to put up a fight around the $0.000001770 zone. However, if the bears win BONK could very easily decline for a retest of this channel's lower trendline around $0.0000016 or even lower.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.