Memecoin Market Makes a Comeback: What to Expect From Dogecoin, Shiba Inu, and Others

The memecoin market has made a remarkable comeback, especially considering last week's slump. Data from Coingecko shows that the capitalization of this sector has bounced back by around 3% over the last 24 hours before writing.

The memecoin market has seen a surprising comeback, especially after last week’s slump.

Data from Coingecko shows that the capitalization of this sector has bounced back by around 3% over the last 24 hours at the time of writing.

This shows a great deal of investor interest in this sector, as we will soon.

Per the current trends, some of the biggest performers include heavyweights like Dogecoin and Shiba Inu, which is a breath of fresh air after several months of underperformance compared to the newcomers.

 Here’s what’s been up with five of the biggest memecoins, and what to expect from them going forward.

1. Dogecoin (DOGE)

Dogecoin has emerged as the undisputed leader of the memecoin revolution, and is boasting a 10% price increase over the last 24 hours.

Moreover, it is currently holding a 22% price increase on the weekly timeframe with a current price of $0.41.

According to the charts though, Dogecoin is currently trading within a symmetrical triangle—which is historically a neutral pattern.

The relative strength index on the daily chart shows that the bulls are in control though, indicating that the breakout from this pattern is expected to happen from the upside.

If Dogecoin breaks out of the formation as illustrated above, it may rally straight up to the psychological $0.5 milestone, especially if a spike in volumes accompanies this break.

2. Shiba Inu (SHIB)

Shiba Inu is mirroring Dogecoin’s impressive price action with a 9% daily increase and an 11% jump on the weekly timeframe.

The memecoin is also trading atop an ascending trendline, which shows that its momentum is currently bullish.

The cryptocurrency has a current price of $0.00002493, and is battling its 50-day SMA for a breakout.

If the memecoin is successful at this, this moving average could set the stage for a push towards the $0.00004567 zone.

Interestingly, this high is also the one from Shiba Inu’s initial pump in March 2024.

Shiba Inu might need a bit more help from the rest of the market to accomplish this, but should continue upwards if Bitcoin keeps its bullish standing.

3. Dogelon Mars (ELON)

Dogelon Mars has yet to match the explosive performance of Dogecoin or Shiba Inu.

However, it is a major performer in its own right, with a 2% daily gain and a less-than-optimal 1% price increase on its weekly timeframe.

The cryptocurrency now trades within a symmetric triangle and appears to be consolidating—likely in preparation for a bullish (or bearish) explosion.

The symmetry of this triangle shows that the breakout can either be towards the upside or downside.

Therefore, Dogelon Mars’ future depends heavily on the direction of the broader crypto market as a whole.

4. Baby Doge Coin

According to the charts, Baby Doge Coin has performed better than Dogelon Mars on most timeframes, but is still underperforming compared to Dogecoin or SHIB.

Data from Coingecko shows that it gained 7% over the last 24 hours at the time of writing, and 5.3% over the last week.

In the charts, the memecoin appears to have found support on an ascending trendline as illustrated, after a recent pullback from its $0.00000007102 high in December of last year.

This said, if the memecoin holds above this critical trendline, it has a fair chance of a recovery towards its December peak.

However, a break below this trendline could trigger further declines that take it towards new lows.

Investors looking to enter the Baby Doge Coin market should closely monitor its price movement around this trendline to gauge its next move.

5. Pudgy Penguins (PENGU)

Among the aforementioned cryptocurrencies on the lost, Pudgy Penguins has emerged as the weakest performer.

Data from Coingecko shows that the cryptocurrency has shed 2% of its value over the past 24 hours and 5% over the past week.

The memecoin also recently broke below the ascending channel illustrated below, during last week’s market crash.

This event hindered PENGU from partaking in the bullish recovery this week.

With this in mind, Pudgy Penguins needs to regain investor confidence by breaking and closing above its 50-day SMA, which currently sits around $0.035.

Until this happens, investors are advised to approach with caution.