Navigating the Meme Coin Market

23 March 2024

in DOGE

Reading Time: 3 mins read

Navigating the Meme Coin Market

The meme coin market is filled with various types of coins. From OG Dogecoin to struggling Shiba Inu, the entry of the all-new SLERF, and the ever-steady BEFE, the meme market is in chaos, with investors betting on different coins to understand their potential. Who will rise above?

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Dogecoin

When BTC recently shifted the entire market, everyone expected Dogecoin to at least break its ATH value of $0.7376, as recorded on May 8, 2021, the last bull period. However, the meme coin failed to meet investors’ expectations and is still below the $1 mark. Though it has a total supply of 143.58 Billion tokens, the possibility of Dogecoin achieving the said mark seems difficult in the current scenario.

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SLERF

SLERF is the newest meme coin in the town. Though SLERF saw massive growth within hours of its debut, certain activities led experts to doubt SLERF. During its presale, SLERF raised around $10 million, which was accidentally burned down. Though the SLERF team stated that it was a pure mistake, some are still speculating whether the burning of funds was accidental or not.

Moreover, SLERF saw immediate growth due to the hype, helping it reach an ATH of $1.37 on March 19, 2024. However, as of March 23, 2024, SLERF has been seeing a downfall of 15.64%, with immediate SLERF price being $0.6017. SLERF is gaining popularity due to whales investing in it and HTX listing SLERF on their platform.

Shiba Inu

Shiba Inu rose and fell with Bticoin. Recently, major Shiba Inu investors decided to sell Shiba Inu tokens when the market was high. As a result, around 4 Trillion Shiba Inu tokens were sold in a day, leading to Shiba Inu’s downfall. Currently, Shiba Inu is facing a decline of 1.50% in the past 24 hours, as recorded on March 23, 2024. Looking into Shiba Inu’s weekly performance, there has been a decrease of 12.41%, leading analysts to speculate whether Shiba Inu will rise again or not. Since the entire chart of Shiba Inu has been in red, there are doubts regarding its recovery.

BEFE Coin

While Dogecoin, SLERF, and Shiba Inu are experiencing fluctuating performances, BEFE is continuously showing symptoms of bullish performance. The coin has shown a regular cup and handle pattern, a clear bullish indicator. Though BEFE has experienced a slight decline of 6.20% in the past 24 hours, it still has enough support to bounce back into the market. With its highly active community and high potential, the coin might recover within some days.