If there’s one thing that crypto enthusiasts love more than the digital assets themselves, it’s memes. A frenzy of crypto-based memes has gained fresh momentum in the past few days as Bitcoin rallied.

Growing expectations that the U.S. Securities and Exchange Commission (SEC) will authorize Exchange-Traded Funds (ETFs) that invest directly in Bitcoin pushed the largest crypto by market value up by more than 25% over the past two weeks to around $35,000 – its highest level in about 18 months. Notably, memecoins also soared to new heights during this market upswing.

The breakout gives bulls some hope even as reminders of the industry’s recent woes linger. Just last week, Sam Bankman-Fried took the stand in his own defense of criminal charges stemming from the collapse of his crypto exchange FTX. He has pleaded not guilty.

Analysts have been predicting the memecoins will rally in the upcoming time. Let’s see which memecoins will thrive in the looming market upswing.

Before we move onto the top memecoins, let’s first understand why the memecoins surged dramatically with Bitcoin’s price rise.

3 Main reasons why memecoins rallied, along with Bitcoin

• Firstly, memecoins enjoy popularity among retail investors due to their fun and exciting nature. In times of overall market prosperity, retail investors tend to gravitate towards memecoins, driving their demand.

• Secondly, memecoins typically have modest market capitalizations. Consequently, even a relatively small influx of capital can exert a substantial impact on a memecoin’s price. A sudden surge in investment can trigger significant price surges.

• Thirdly, memecoins boast highly engaged and active communities. These communities play a crucial role in promoting and generating enthusiasm around memecoins, ultimately increasing demand. Elevated demand results in price appreciation for memecoins, further fueled by their dedicated following.

#1 Pepe (PEPE)

PEPE token is a crypto developed as a tribute to Pepe, the Frog internet craze. It is a decentralized crypto that may be used for transactions and as a governance token for the PEPE community built on the Ethereum network.

The PEPE token has garnered support from meme fans who view it as a humorous addition to the crypto space as a memecoin. Consequently, it also has the potential for practical usage, as it can be utilized as a medium of exchange for products and services within the decentralized ecosystem.

The PEPE token leverages smart contracts to facilitate safe and transparent transactions on the blockchain, with a total supply of 420 trillion.

Technical overview and the future impact

Pepe Coin (PEPE) has made an impressive impact on the crypto scene, witnessing a substantial surge in value within the last week. Trading within the range of $0.0000007977 to $0.0000014244, the coin has drawn considerable attention.

Notably, while many PEPE holders are still in the red, there’s a palpable sense of anticipation for a significant market shift that could help them recover losses. The surge in active addresses and the influx of new participants from October 19 to October 25 suggest growing interest. If this momentum continues and PEPE breaches $0.0000014244, aiming for the subsequent resistance at $0.0000017034 becomes a realistic prospect, potentially aided by the involvement of whales.

Investors are closely monitoring PEPE’s next moves, expecting further excitement in this dynamic crypto landscape.

Currently, PEPE is trading at Rs 0.0000996 in the INR Market on WazirX.

#2 Dogecoin (DOGE)

Dogecoin is a crypto similar to Bitcoin. In 2013, IBM software developer Billy Markus and Adobe programmer Jackson Palmer collaborated to create it. It’s an altcoin that began as a joke but has gathered a lot of traction over time.

Dogecoin (DOGE) originated as an open-source, P2P (peer-to-peer) crypto; it was essentially designed to be a faster, more cost-effective alternative to Bitcoin. A new block is generated on the Dogecoin blockchain in one minute only, unlike Bitcoin’s ten minutes.

Dogecoin’s code is based on Luckycoin, a fork of Litecoin. The Dogecoin developers also decided to use the same Proof-of-Work (PoW) consensus algorithm as Litecoin; it’s called Scrypt, an ASIC (Application-Specific Integrated Circuits) resistant PoW algorithm. Moreover, Dogecoin uses a merged mining model to allow Litecoin miners to earn Dogecoin, avoid competition, and lower any security threats to the Dogecoin network.

Technical overview and the future impact

Dogecoin (DOGE) navigates a volatile landscape with a range between $0.0676 and $0.0703, keeping an eye on $0.0731. The MACD oscillator hints at a potential momentum loss around $0.0734, and a recent 3% dip underscores the coin’s volatility, albeit with a 14% gain in two weeks. Yet, over the past year, DOGE suffered a substantial 40% loss, possibly rendering it oversold.

From a bullish perspective, DOGE could rebound if the broader market stays positive, potentially targeting $0.0717 and $0.0731 after breaking the $0.0703 resistance. DOGE shows signs of potential undervaluation, indicating a possible recovery if market conditions remain favorable.

Currently, DOGE is trading at Rs 5.8005 in the INR Market on WazirX.

#3 Shiba Inu (SHIB)

Shiba Inu was founded in August 2020 by Ryoshi and named after the adorable dog breed of the same name. It is important to note that Shiba Inu is not the same as Dogecoin, which also uses a canine theme with the same breed as its mascot. Shiba Inu positions itself as a “Dogecoin killer.”

Like other Cryptos, Shiba Inu operates on a decentralized network that utilizes blockchain technology to manage and track transactions. The blockchain serves as a continuously updated record of every transaction involving the crypto. Shiba Inu, specifically, runs on the Ethereum blockchain, providing the safety and functionality of the platform.

Technical overview and the future impact

Shiba Inu (SHIB) has recently surged, with a 10% increase in the past week, reaching its highest price since August. Trading between $0.0000078 and $0.0000082, SHIB faces a precarious situation, balancing between potential rallies and retreats. Breaking the initial resistance point could lead to further gains at $0.0000083, $0.0000086, and even revisiting the 13-week high at $0.0000113 in a bullish scenario.

However, selling pressure pushing it below $0.0000078 might test support at $0.0000075 and even $0.0000074. Technical indicators introduce uncertainty, highlighting the importance of SHIB’s fundamental strength and active community in preventing significant downturns.

Currently, SHIB is trading at Rs 0.000665 in the INR Market on WazirX.

Bottomline Thoughts

In the world of memecoins, Pepe Coin (PEPE) has taken the lead with a remarkable surge, while Dogecoin (DOGE) and Shiba Inu (SHIB) are also benefiting from Bitcoin’s bullish trend. Nonetheless, challenges exist: PEPE holders await market shifts for recovery, DOGE’s path is volatile, suggesting potential undervaluation, and SHIB, after a strong week, faces a pivotal moment influenced by market dynamics and its strong community.

While the memecoin spotlight shines brightly, market volatility necessitates cautious optimism. With the stage set and players in motion, the crypto community watches as these tokens teeter on the edge between prosperity and uncertainty.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.