The second week of November 2024 was an eventful one for the crypto market, such that many altcoins within the high 100 registered notable positive aspects. Nevertheless, out of those tons, BeInCrypto noticed that the highest altcoin gainers all fell into the meme coin class.
For some market observers, that will not be shocking as meme cash appear to have led positive aspects on various events this cycle. That mentioned, the highest three altcoin gainers embrace Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).
Peanut the Squirrel (PNUT)
PNUT, a token that just lately gained consideration, tops the record of the highest altcoin gainers with an astonishing 2,091% surge over the previous seven days. This dramatic rally was pushed primarily by a shock Binance itemizing, which despatched shockwaves by means of the market.
Whereas the event triggered controversy, the meme coin’s market cap surpassed the $1 billion mark and is barely inches away from reaching the $2 billion mark. On the 4-hour chart, PNUT’s value is $1.84, 25% down from its all-time excessive.
From the seems to be of issues, PNUT’s value may face profit-taking. If that occurs, the token’s worth may drop to $1.33.
Nevertheless, a shift towards bullish sentiment may invalidate this thesis. In that state of affairs, PNUT may hit $2.16 or rally towards a brand new all-time excessive of $2.50.
Pepe (PEPE)
PEPE’s value skyrocketed by 118% this week, reaching a brand new all-time excessive. This efficiency secures its spot among the many high altcoin gainers of the week. In keeping with BeInCrypto’s findings, the token rallied for 2 causes.
First, US-based brokerage agency Robinhood introduced that it had listed it. Across the similar interval, Coinbase additionally confirmed doing the identical on its spot market. Consequently, PEPE’s value moved from $0.000013 to $0.000023 inside a couple of days.
On the every day chart, PEPE has confronted resistance at $0.000023, suggesting that bears are working towards pulling the value again. Nevertheless, bulls additionally look like defending help at $0.000021.
Ought to bulls win the battle, then the meme coin may rally to a brand new all-time excessive of round $0.000026. Alternatively, an increase in promoting stress may render this thesis null and void, and PEPE may drop to $0.000016.
Bonk (BONK)
Bonk surged over 100% this week, securing its place among the many high altcoin gainers amid a broader rally in meme coin costs. As beforehand reported by BeInCrypto, a key driver behind this spike was its itemizing on Binance US.
The itemizing sparked a surge in demand for the Solana-based meme coin, fueling its spectacular efficiency. Like Pepe, BONK’s value additionally surged to a brand new all-time excessive.
At the moment buying and selling at $0.000043, the every day chart reveals that the token is properly above the 20 and 50 Exponential Shifting Averages (EMAs). The EMA measures development course over a time period. When the value is under it, the development is bearish.
Nevertheless, since BONK is above each, it signifies that the development is bullish. Ought to this stay the identical, the altcoin’s value may rally towards $0.000049. On the flip facet, a pushback by sellers may invalidate this bias, and this might draw the value again to $0.000037.
Disclaimer
According to the Belief Mission pointers, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. All the time conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
