Why are memecoins rising today? DOGE, PEPE, WIF see surges
Data shows that whales have shown strong interest in memecoins, leading to a rise in their prices.
- Memecoins could continue to rally until they are noticed by retail investors.
- Currently, memecoins appear bullish and are currently retesting their breakout levels.
The crypto memecoin sector is making waves with its impressive performance, even as major cryptocurrencies struggle.
All major memecoins, from Dogecoin [DOGE] to Peanut the Squirrel [PNUT], have experienced notable upward momentum.
The potential reason for a memecoin rally
The potential reason for this major upside momentum is the shift in investors’ and institutions’ interest from top assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] to memecoins.
This rising interest is the reason behind memecoins pumping once again.
Additionally, many memecoins have experienced a mini breakout this weekend, attracting increased investor interest. Memecoins like DOGE, Pepe [PEPE], dogwifhat [WIF], and Bonk [BONK] saw a bullish breakout.
Whales’s rising interest
Recently, on-chain analytics firm Santiment posted on X (formerly Twitter), noting that whales have shown strong interest and confidence in these breakout memecoins, leading to a rise in their prices.
However, the post also mentioned that these memecoins could continue to rally until they catch the attention of retail investors and trigger buying.
When this happens, prices may begin to decline as whales and institutions typically sell their tokens during that period.
DOGE price prediction for December 2024
According to AMBCrypto’s technical analysis, DOGE appears to be retesting the neckline of the ascending triangle price action pattern.
Based on historical momentum, if the price successfully retests the $0.45 level and closes a daily candle above the $0.48 level, there is a strong possibility that DOGE could soar by 18%, reaching $0.58 in the coming days.
PEPE price prediction for December 2024
AMBCrypto’s technical analysis suggests that currently, PEPE’s price is retesting the breakout of the bullish flag and pole price action pattern.
If the memecoin sustains itself above the $0.0000238 level, there is a strong possibility it could soar by 45% to reach the $0.0000352 level in the coming days.
WIF price prediction for December 2024
In addition to DOGE and PEPE, WIF has recently broken out of a consolidation zone and was retesting the breakout level at press time.
If WIF sustains itself above the $3.40 level, there is a strong possibility it could rise by 25% to reach the $4.60 level in the coming days.
These memecoins appear bullish and are currently retesting their breakout levels.
Market sentiment also seems optimistic, suggesting they could soar significantly in the coming days as whales and institutions continue to show strong interest in these memecoins.
