Memecoins
Top 4 Meme Coins to Watch with Buy Signals
The meme coin market is buzzing as on-chain data indicates a buy signal for four major cryptocurrencies in this segment. Dogecoin (DOGE), Pepe Coin (PEPE), Bonk e dogwifhat (WIF) have emerged among the top ten cryptocurrencies by open interest, according to recent derivatives data from CoinGlass.
Notably, this surge in interest highlights a growing trend among investors toward low-cost cryptocurrencies amid growing publicity.
Four meme coins with buy signal
CoinGlass recently shared a chart of derivatives on the X platform, highlighting its dominance meme coins in the market. The chart showed that Dogecoin, PEPE, Goodand WIF now occupy four of the top ten spots by open interest, signaling a significant shift in investor sentiment towards these unconventional assets.
Meanwhile, the meme coin sector, known for its speculative nature, has posted substantial gains in recent months, further fueling investor enthusiasm. Furthermore, the buzz was further amplified by the surge GameStop Corporation (GME) stocks, drawing parallels between meme coins and meme stocks.
Source: CoinGlass,
In particular, the frog-themed coin, Pepe coin (PEPE) has reached new highs, reflecting growing investor interest in this coin. On the other hand, Solana meme coins have also seen a surge in popularity, as evidenced by the surge in their prices.
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Price between risks and opportunities
While the meme coin market presents lucrative opportunities, it also carries inherent risks. Investors should exercise caution and conduct due diligence before venturing into this volatile sector. Despite recent gains and positive developments, the meme coin market remains susceptible to extreme price fluctuations and speculative behavior.
As the industry continues to evolve, staying informed and vigilant is crucial for investors navigating the unpredictable world of meme coins. In the meantime, despite the surge in Open Interest, Dogecoin price fell 3.07% to $0.1646 at the time of writing, while Pepe Coin price it slumped 4.8% to $0.00001599.
On the other hand, BONK price increased nearly 12% to $0.00004216, with its trading volume up 65% to $1.12 billion. At the same time, the price of WIF also recorded a 14% increase to $3.72.
According to CoinGlass data, DOGE Open Interest (OI) fell 4.5% to $1.01 billion, while 1000PEPE Coin Open Interest fell 5.4% to $773.59 million. On the other hand, OI 1000BONK increased by 16.66% to $527.18 million, while OI WIF advanced by 21.26% to $511.64 million.
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