Memecoins’ Recent Performance Hogs the Limelight; Can they Trump the Giants

Several meme-based coins have shown outstanding market growth over the last few months. The rise of meme coins has been a different chapter in the crypto market. The struggle of major cryptocurrencies after the market crash earlier this year has brought meme coins the ability to outperform the old currencies such as Bitcoin and Ethereum. Dogecoin has been the frontrunner among the meme coins during its short market career. Fxstreet reports that Dogecoin’s price slipped 0.24% today, its current resistance is at $0.07118, and the support level sits at the $0.06702 mark. A return to the $0.07 mark will lead to an ascent in Dogecoin’s price in the future.

SHIB and other meme coins

SHIB has witnessed various ups and downs recently, similar to its counterparts. Fxstreet reports that SHIB was trading at $0.00001326 on Thursday, a 0.24% increase in the last u24 hours. Investors are uncertain about the SHIB’s future market pattern due to the high volatility of the crypto market. Reports suggest that the meme coins have failed to grab significant market control; their comparisons with the major cryptocurrencies seem unfair. Several analysts predict meme coins as the crypto market’s future, but the current market scenario is not conducive.

The present market tale

The present crypto market is not fit for cryptocurrency price analysis. Several cryptocurrencies have severely suffered due to the market crash earlier this year. The Fed monetary policy and high inflation caused turmoil among the investors and short-term traders. The new and old cryptocurrencies have struggled to recover; the crypto giants like Bitcoin and Ethereum have failed to extend their bullish run, while the meme coins have been unable to accumulate the trade volume required for a rise. Overall the entire market is tottering, and the future is highly unpredictable.