When crypto markets turn bullish again, many people have high expectations for altcoins. Primarily meme coins need a substantial push, yet investors and speculators have seemingly cooled off on these assets. As a result, making up the weekly loss of between 13% and 23% will be a steep challenge.
Can Meme Coins Mount Momentum?
It is good to see the crypto markets again go in the green. The bearish conditions of the past week made no sense whatsoever, hinting at mass-market manipulation by several whales and big traders. The prices are going up once again, which has many people hopeful. A bullish BTC and ETH spell often trickle down to alternative currencies, although that outcome is not a given.
Meme coins could, in theory, see a tremendous push in the coming days. However, they are also the assets that lost the most value this past week. Dogecoin, for instance, lost over 18%. Baby Doge Coin, Catechin, and The Doge MFT lost over 20% in seven days. Overcoming those discrepancies needs to happen soon, yet the daily price momentum isn’t bullish enough.
The one meme coin performing somewhat decently is Shiba Inu, even if that currency is down by over 15% from its value two dips ago. Its weekly performance is a break-even, yet the daily momentum is exceptionally bearish for SHIB. That may signal people got fed up with meme coins for the time being. However, individuals will always look to accumulate when prices remain low.
Interestingly, the overall market cap of all meme tokens is up by 7.6% today. Momentum does not come from the top markets by market cap. Today’s biggest Gaines are 1-UP, DogeGF, Catbonk, Boss, and DogeFi. Neither of these projects has a market cap of over $11 million, making it relatively easy to manipulate the price. Something will need to change for fans of meme coins, but that change will not materialize overnight.
Future Outlook Remains Indecisive
Even at the current deficits and lack of bullish momentum, many remain hopeful for meme coins like DOGE, SHIB, ELON, etc. One thing to consider is how Robinhood listed Shiba Inu – after months of community members trying to make this happen – confirming hard work does pay off. However, the news has not resulted in a SHIB pump like most had hoped for, although that momentum may still occur in the coming weeks.
Moreover, it seems unlikely that meme coins will remain at these values for long. Many of them are in the consolidation and accumulation range, which is positive. Unlike traditional crypto assets, currencies like DOGE and SHIB do not stick to conventional patterns. They follow their own path, which may lead to surprising developments, for better or worse. The coming weeks will prove interesting for these joke currencies, as anything can happen.
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