As markets brace for the release of FOMC minutes, meme coins are experiencing a surge in activity, with DogWifHat (WIF) and SPX6900 (SPX) leading the charge. Additionally, Sui is witnessing a significant influx of trading volume.
In this article, jump into the latest hot market trends as WIF continues to cement its status, SPX6900 returns from the grave, and SUI crypto pushes up.
Interest in meme coins is exploding as huge volumes surge back to the original degen chain Ethereum over the past week – with the strength of inflows demonstrated by the seismic 60,000+ holder increase in recent days.
DogWifHat (WIF) Returns To Strength: Last Chance to Buy?
Over the past week, one of 2024’s breakout meme coins, DogWifHat (WIF) has returned to strength, mounting an impressive +67% monthly gain.
Now standing as the 37th biggest cryptocurrency by market cap, WIF price is currently trading at a market price of $2.49 (representing a 24-hour change of -1.24%).
This comes as WIF continues to struggle against historical upside resistance at $2.6, despite the HTF bounce from 20DMA support (which is now standing at $2.165).
An upside move above this level is critical for further gains, however, as markets await key market data including tomorrow’s FOMC minutes and Thursday’s CPI figures – caution currently prevails – offering a last chance dip for late-stage FOMO investors.
SPX6900 Springs Back Into Life: But Will It Sustain Rally?
Over in the DEX markets, SPX6900 (SPX) has rebounded vigorously after a lackluster performance following its launch last year.
Running high on a tongue-in-cheek mockery of TradFi markets, SPX has so far mounted a 60x return this month to hit an all-time high in market cap at $480M.
Unbelievably, this rally has revved up without any major price correction – insane.
Yet, with emboldened holders targeting a $1Bn market cap, many are questioning the wisdom in this HODL, as analysts note the minuscule $3M liquidity pool underpinning the inflated market cap.
With trading thus facing a big game of musical chairs – this is certainly a high-risk, high-reward proposition.
Check out more SPX analysis from chief meme coin analyst Jacob Bury here:
SUI Crypto Price Analysis: Will SUI Replace Solana in Q4 2024?
Shifting attention to one of the most promising altcoin layer-1s in the space, SUI crypto is showing immense strength as it continues its quest to displace Solana (still a 15x move from here).
First on SUI’s hit list is a $1Bn growth in market cap, which would see the token top close rivals NEAR protocol and Polkadot – a huge upset.
So, how realistic is this prospect? Let’s take a look at the chart.
SUI crypto is currently battling against all-time high resistance at a present market price of $2.03 (representing a 24-hour change of +0.81%).
With such a critical position at play, SUI crypto is facing a clear cut move between retracement down to lower support at $1.65 (the convergence of the 20DMA and historical support) or a shift into price exploration.
The outcome of this, as with much of the market today, depends on Bitcoin, which itself is dependent on further bullish news from macroeconomic data in the US over the next two days.
Simply put, if FOMC minutes are good and CPI data is low, this is a huge vote of confidence for risk-on movements in the market, which will likely fuel Bitcoin back above $65,000 – and put SUI into price exploration.
Better Than DogWifHat and SPX6900? PEPU Presale Smashes $18M Raised in September’s Hottest Layer-2 ICO
DogWifHat and SPX6900 reveal that meme coins continue to show no signs of slowing, the Pepe Unchained presale has unlocked viral velocity, with funding raised rapidly approaching a jaw-dropping $18M in organic community support.
But what exactly is Pepe Unchained, and why does it matter?
Far from just another meme coin launch – which has become something of an epidemic following the introduction of pump.fun – Pepe Unchained is a genuine project working on real tangible utility.
At the heart of this is the fact that Pepe is an ERC-20 token, a token standard and chain that is not only increasingly unpopular but also slow and expensive.
Other top-shelf meme coins, such as Shiba Inu, have had a dynamic response to these scalability challenges surrounding Ethereum, with Shiba Inu developer Shytoshi deploying a layer-2 scaling solution named Shibarium last year.
Yet, the same cannot be said of Pepe, which has been slow to respond to challenges, which has led to Pepe Unchained’s creation.
Positioned as a community-fuelled Layer-2 solution, PEPU is positioned as Pepe 2.0.
Better yet? To ensure that the PEPU network has a thriving ecosystem from day one, the team has announced a grant initiative named ‘Frens With Benefits.’
Teams will soon be able to apply for funding to build on the network, which the PEPU Council will vote on.
Developers can use the grants to help fund the development of DeFi protocols, NFTs, GameFi products, etc., on the PEPU chain – ensuring high-octane growth alongside a new platform for meme coin deployment.
And amid fever for high-speed, low-cost meme coin trading on the latest and greatest Layer-2 blockchains like BASE and BLAST, there is clear unhinged growth potential for this over $18M market cap project.
So don’t miss out – engage with the Pepe Unchained community on X and Telegram.
The post Dogwifhat, SPX6900, and Sui Are Taking Over the Internet – Should You Jump In? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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