The crypto market entered the weekend facing another correction, and meme coins felt the impact, with top names like Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) all down 3-5%.
On Wednesday, VanEck launched a meme coin index tracking the performance of the top 6 meme coins: Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI), with a 30% cap on each asset.
Meme Coin Price Predictions – Top Analysts Weigh in on VanEck’s Index
Cold Blooded Shiller, a popular analyst with over 274k followers, shared his meme coin price predictions yesterday. He viewed Pepe as the “strongest chart”, saying it reclaimed a major resistance level. Pepe price is around $0.0000083 at press time, slightly below its March all-time high of $0.00001.
A little VanEck Memecoin Index thread.
Most markets have either already reclaimed support/highs or they’re in a position to do so.
We’ll start with the strongest chart imo, $PEPE.
Huge reclaim and one of the first markets to break the first resistance overhead. pic.twitter.com/7wbIzYdGRp
— Cold Blooded Shiller (@ColdBloodShill) May 10, 2024
For Bonk, Shiller called it the “second strongest”, noting a similar reclaim as Pepe but not yet breaking the next resistance. Bonk price is trading around $0.000023, down 8% today.
On WIF, he pointed to a potential head-and-shoulders pattern, saying the $3.20 level is important to hold, with real downside risk if it loses $2.20 support. WIF price is around $3.04 currently, down 5% in the last 24 hours.
CrediBULL, another popular analyst with a following of nearly 400k on X, also shared his bullish outlook on dogwifhat (WIF) price today. He revealed risking $25,000 on a long position, citing clear signs of spot absorption as evidenced by the on-chain Cumulative Volume Delta (CVD) making lower lows while WIF’s price has been making higher lows.
Risking 25k on a $WIF long here.
We have clear spot absorption here as can be seen with spot CVD making lower lows while price is making higher lows.
Meanwhile we have what seems to be a lot of underwater shorts that piled in on the previous move down.
If the market is going… pic.twitter.com/6lgaLaoGNE
— CrediBULL Crypto (@CredibleCrypto) May 10, 2024
Additionally, CrediBULL pointed to what appears to be a significant number of underwater short positions that accumulated during the previous downward move.
He believes that if the broader market is positioned for a bounce, WIF could experience a sharp squeeze to the upside, driven by these over-leveraged short sellers being forced to cover their positions.
Moreover, Shiller said Floki “needs to break 0.19” for it to likely rally hard. Floki price is trading around $0.00016, down 4%.
For Shiba Inu, he mentioned using the “well-respected diagonal pattern” and waiting for an impulse before getting bullish. SHIB price is around $0.000022, off 3.35%.
$SHIB is the same.
Very simple execution for this one, going to use the very well respected diagonal, wait for the impulse and then believe it. pic.twitter.com/bEfZ6I1dMB
— Cold Blooded Shiller (@ColdBloodShill) May 10, 2024
Lastly on Dogecoin, Shiller noted the “trouble around $0.165” resistance but said it stabilized after sweeping March lows, suggesting waiting for that push higher. DOGE price is around $0.14 at press time, down 4.5% after failing to break $0.20 twice this year.
Answem, an analyst boasting nearly 400k followers on X, highlighted a huge rise of WIF, tweeting “never underestimate the power of crypto degenerates & the distribution of the internet.”
never underestimate the power of CT degenerates & the distribution of the internet, $WIF in an official Vaneck index when it was only $100k market cap in December https://t.co/hGbw2hOErq
— Ansem 🐂🀄️ (@blknoiz06) May 8, 2024
He noted that WIF, which had a mere $100k market cap in December, has now secured a spot in VanEck’s official meme coin index.
Best Meme Coins to Buy Now
Jacob Bury, a popular YouTuber with 38k subscribers, posted a video today about the top cryptocurrencies to buy now, highlighting Dogeverse as the top meme coin to buy now.
Dogeverse is a multichain infrastructure project that allows users to access the token on six major blockchains: Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
This multichain approach offers flexibility in choosing the blockchain based on individual needs in terms of cost and speed. Over $15 million has been raised so far in the presale, and this meme coin is preparing for its launch on exchanges soon.
Another new and popular meme coin in presale is WienerAI, which has raised almost $1.5 million. WienerAI combines elements of artificial intelligence (AI) and a playful narrative, featuring a dog-sausage hybrid mascot.
It is designed as a utility project that utilizes AI technology to enable seamless swaps and serve as an AI-powered trading partner. Once the presale is over, it will launch on exchanges, but you can currently buy it at a discounted price of 1 $WAI = $0.000705.
Conclusion
All in all, investors might potentially keep a close eye on the performance of top meme coins like DOGE, SHIB, PEPE, WIF, BONK, and FLOKI.
And last, but not least, new meme coins to watch like Dogeverse and WienerAI could potentially present an investment opportunity during their presale stages.
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