The second week of November 2024 was an eventful one for the crypto market, such that many altcoins within the high 100 registered notable beneficial properties. Nonetheless, out of those heaps, BeInCrypto noticed that the highest altcoin gainers all fell into the meme coin class.
For some market observers, that might not be shocking as meme cash appear to have led beneficial properties on a variety of events this cycle. That mentioned, the highest three altcoin gainers embody Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).
Peanut the Squirrel (PNUT)
PNUT, a token that lately gained consideration, tops the checklist 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 the market.
Whereas the event triggered controversy, the meme coin’s market cap surpassed the $1 billion mark and is simply inches away from reaching the $2 billion mark. On the 4-hour chart, PNUT’s worth is $1.84, 25% down from its all-time excessive.
From the appears to be like of issues, PNUT’s worth may face profit-taking. If that occurs, the token’s worth might drop to $1.33.
Nonetheless, a shift towards bullish sentiment might invalidate this thesis. In that situation, PNUT might hit $2.16 or rally towards a brand new all-time excessive of $2.50.
Pepe (PEPE)
PEPE’s worth 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. Based on BeInCrypto’s findings, the token rallied for 2 causes.
First, US-based brokerage agency Robinhood introduced that it had listed it. Across the identical interval, Coinbase additionally confirmed doing the identical on its spot market. Consequently, PEPE’s worth moved from $0.000013 to $0.000023 inside just a few days.
On the every day chart, PEPE has confronted resistance at $0.000023, suggesting that bears are working towards pulling the value again. Nonetheless, bulls additionally look like defending help at $0.000021.
Ought to bulls win the battle, then the meme coin might rally to a brand new all-time excessive of round $0.000026. Alternatively, an increase in promoting stress might render this thesis null and void, and PEPE might 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 worth additionally surged to a brand new all-time excessive.
At the moment buying and selling at $0.000043, the every day chart exhibits that the token is effectively above the 20 and 50 Exponential Shifting Averages (EMAs). The EMA measures development path over a time frame. When the value is beneath it, the development is bearish.
Nonetheless, since BONK is above each, it signifies that the development is bullish. Ought to this stay the identical, the altcoin’s worth might 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
In keeping with the Belief Undertaking tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary selections. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.