Memecoins
3 Meme Coins to Sell in May Before They Crash and Burn
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The long awaited Bitcoin (BTC-USD) the halving did not meet the expectations of many memecoin holders. Instead of a multiple increase, the cryptocurrency market witnessed a decline of varying depth. The market capitalization of tokens from the “Meme” category has decreased and is now around 56 billion dollars sign. Given that the total market capitalization remains relatively unchanged, this indicates an outflow of funds. The loss of support levels leads to the fact that investors are already making a list of meme coins to sell. They realize that it is not worth staying in a losing asset just because they previously made money using this token.
In the context of a market-wide correction and growing FUD, the balance between risks and possible rewards is changing. During the bull market, meme coins managed to grow in value and become bigger players. If the flow of capital from a certain group of meme coins towards projects with a more developed technological base were confirmed, these coins would find themselves in crisis.
Meme Coins for Sale: ApeCoin (APE-USD)
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The NFT project Bored Ape Yacht Club (BAYC) took advantage of the general excitement around meme culture and introduced its ApeCoin token (BEE-USD). He has been helpful in the development of the ecosystem and given a voice in the decision-making process on controversial issues of BAYC. One of the most popular NFT collections has promoted the integration of APE into payments for non-fungible tokens and related services. BAYC’s influence led to the token’s growing popularity in the first months of its existence and attracted investors who wanted to take advantage of the latest trends in the cryptocurrency market. During its heyday, APE broke the $20 mark, but this representative of meme coins for sale could not stay above $10.
Anyone can influence the further development of the project because ApeCoin is equivalent to a share in the management of BAYC. Despite this utility, the token has fallen victim to the crypto community’s fluidity of preferences. A drop around $1 followed the rise of APE. The decline is the result of an internal struggle within the Bored Ape Yacht Club ecosystem and several external factors.
The decreased use of APE for settlement payments reflects the overall market trend of declining investor interest in NFTs. The cooling market for these digital assets has led to a slow downward trend on the price chart in the past two years. Changes in regulatory oversight therefore do not predict an imminent ApeCoin boom $1.31 per token it is not a “sweet” price.
Shiba Inu (SHIB-USD)
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Dog-themed meme coins have proven to be valuable assets that can add a few zeroes to the wealth of cryptocurrency enthusiasts. Shiba Inu (SHIB-USD) began circulating among wallets as an analogue of Dogemoneta (DOGE-USD). However, this token quickly gained attention due to its charismatic branding and discussions on social media. The growth of the community and the involvement of participants have contributed to the formation of a multi-billion dollar market capitalization. Yet, a repetition of the Result 2021 seems unlikely even in the current bull market.
March 2024 brings SHIB trading to life, but the trend of 2021-2023 it is still reflected in the token capitalization graph. Its wavy shape underlines the high volatility of the digital asset and the decline in the peaks of these waves suggests adding the token to the list of meme coins to sell. Despite its skyrocketing market capitalization, SHIB cannot boast of stable growth and resistance to market changes.
Coupled with the decline in interest in dog meme coins, Shiba Inu’s position may falter, as the project provides only a limited number of benefits to users. The speculative nature of this digital asset has allowed the price to rise rapidly during hype cycles, as it has in the months September-October 2021 and February-March 2024. However, the situation now seems more similar to the period of end of 2021 – beginning of 2022when investors were tearing their hair out, watching prices drop from $0.000079 to $0.000008.
Bonk (BONK-USD)
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Good (BONK-USD) appeared during the period of negative market sentiment after the collapse of FTX. The 2022 airdrop distributed half of the token supply among Solana ecosystem participants. Such a generous gesture during the crypto winter laid the foundation for the rapid rise of the project, but did not guarantee a sustainable and continuous growth of the token. Double drops in price in a few days are the norm for this asset.
Like most meme coins for sale, Bonk has limited real-world application. Despite efforts to increase utility, BONK’s primary use is speculative trading and community engagement. The support of participants in social networks determines the upcoming prices of the token. At the same time, the enthusiasm for dog tokens will not last forever, since the story becomes less interesting if it is told over and over again without improvements and additions. The project merely provided additional tools to raise the price at a time of increased competition among meme coins. Without innovations and expanded ways to engage the community, the community will not withstand pressure from other actors.
The “Coinbase effect” helped the project reach its peak December 2023and the overall bullish trend pushed Bonk to its upside all-time high (ATH) in March 2024. However, a turn to bearish sentiment would mean BONK will drop to the lower support level. Such a critical test for bulls could be fatal for token holders.
As of the date of publication, Julia Magas does not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Guidelines for publication.
Julia Magas is a writer covering the latest trends in finance and technology. Her work is published in numerous financial media outlets such as Nasdaq, Cointelegraph, Investing, SeekingAlpha, FXEmpire and Beincrypto. She primarily covers cryptocurrency and blockchain technology with a focus on performance, innovations and market trends.