The memecoin market is creating a buzz with its remarkable performance, in contrast to the struggles faced by major cryptocurrencies.
All prominent memecoins, including Dogecoin [DOGE] and Peanut the Squirrel [PNUT], have witnessed substantial upward movement.
Reasons Behind the Memecoin Rally
The surge in memecoins can potentially be attributed to a shift in focus by investors and institutions from leading assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] towards memecoins.
This growing interest is fueling the current upward trend in memecoins once again.
Furthermore, many memecoins saw a minor breakout over the weekend, which attracted heightened investor attention. Memecoins such as DOGE, Pepe [PEPE], dogwifhat [WIF], and Bonk [BONK] experienced a bullish breakout.
Rising Interest from Whales
Recently, Santiment, an on-chain analytics firm, shared on X (formerly Twitter) that whales have displayed significant interest and confidence in these emerging memecoins, resulting in price increases.
However, the post also suggested that these memecoins might continue their rally until they catch the eye of retail investors, prompting buying activities.
During this phase, prices could start to dip as whales and institutions typically offload their tokens.
DOGE Price Forecast for December 2024
As per CryptoCrypto’s technical analysis, DOGE is currently testing the neckline of the ascending triangle pattern in its price action.
If DOGE successfully retests the $0.45 level and closes a daily candle above $0.48, there is a high likelihood that it could surge by 18% to reach $0.58 in the upcoming days.
PEPE Price Forecast for December 2024
According to CryptoCrypto’s analysis, PEPE is presently testing the breakout level of the bullish flag and pole pattern in its price action.
If PEPE manages to sustain above the $0.0000238 mark, there is a strong chance that it could climb by 45% and hit $0.0000352 soon.
WIF Price Forecast for December 2024
Aside from DOGE and PEPE, WIF has recently broken out of a consolidation range and was in the process of retesting the breakout level at the time of writing.
If WIF maintains its position above $3.40, there is a good possibility that it could rise by 25% and reach $4.60 in the upcoming days.
These memecoins are showing bullish signs as they retest their breakout levels. Positive market sentiment indicates the potential for significant surges ahead, as whales and institutions continue to exhibit strong interest in these memecoins.