Meme Coins Dominate Altcoin Market as PNUT, PEPE, and BONK Register Notable Gains

The second week of November 2024 was an eventful one for the crypto market, such that many altcoins in the top 100 registered notable gains.

The second week of November 2024 was an eventful one for the crypto market, with many altcoins in the top 100 registering notable gains. However, out of these lots, BeInCrypto observed that the top altcoin gainers all fell into the meme coin category.

For some market observers, that may not be surprising as meme coins seem to have led gains on a number of occasions this cycle. That said, the top three altcoin gainers include Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).

Here’s a closer look at the price action for these meme coins last week.

Peanut the Squirrel (PNUT) Surges 2,091%

PNUT, a token that recently gained attention, topped the list of the top altcoin gainers with an astonishing 2,091% surge over the past seven days. This dramatic rally was driven primarily by a surprise Binance listing, which sent shockwaves through the market.

While the development caused controversy, the meme coin’s market cap surged past the $1 billion mark and is now only inches away from reaching the $2 billion mark. On the 4-hour chart, PNUT’s price is $1.84, which is 25% down from its all-time high.

From the looks of things, PNUT’s price might face profit-taking. If that happens, the token’s value could drop to $1.33.

However, a shift toward bullish sentiment could invalidate this thesis. In that scenario, PNUT could hit $2.16 or rally toward a new all-time high of $2.50.

Pepe (PEPE) Price Surges 118%

PEPE’s price skyrocketed by 118% this week, reaching a new all-time high. This performance secures its spot among the top altcoin gainers of the week. According to BeInCrypto’s findings, the token rallied for two reasons.

First, US-based brokerage firm Robinhood announced that it had listed PEPE. Around the same period, Coinbase also confirmed doing the same on its spot market. As a result, PEPE’s price moved from $0.000013 to $0.000023 within a few days.

On the daily chart, PEPE has faced resistance at $0.000023, suggesting that bears are working toward pulling the price back. However, bulls also appear to be defending support at $0.000021.

Should bulls win the battle, then the meme coin could rally to a new all-time high of around $0.000026. On the other hand, a rise in selling pressure could render this thesis null and void, and PEPE could drop to $0.000016.

Solana Meme Coin Bonk (BONK) Surges Over 100%

Bonk surged over 100% this week, securing its position among the top altcoin gainers amid a broader rally in meme coin prices. As previously reported by BeInCrypto, a key driver behind this spike was its listing on Binance US.

The listing sparked a surge in demand for the Solana-based meme coin, fueling its impressive performance. Like Pepe, BONK’s price also surged to a new all-time high.

Currently trading at $0.000043, the daily chart shows that the token is well above the 20 and 50 Exponential Moving Averages (EMAs). The EMA measures trend direction over a period of time. When the price is below it, the trend is bearish.

However, since BONK is above both, it indicates that the trend is bullish. Should this remain the same, the altcoin’s price could rally toward $0.000049. On the flip side, a pushback by sellers might invalidate this bias, and this could draw the price back to $0.000037.