The second week of November 2024 recorded many exciting events for the cryptocurrency market, so much so that many altcoins in the top 100 achieved significant gains. However, according to TinTucBitcoin’s observations, the fastest growing altcoins all belong to the meme coin category.
To some market observers, this may not come as a surprise as meme coins appear to have been at the forefront of some of this cycle’s growth. The top three growing altcoins include Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).
Peanut the Squirrel (PNUT)
PNUT, a token that has recently attracted attention, tops the list of the fastest growing altcoin capitalization with a staggering 2,091% increase over the past seven days. This spectacular increase is mainly due to the surprise of the listing on Binance, creating shock waves in the market.
Although this development has been controversial, the meme coin’s market capitalization has surpassed the $1 billion mark and is just a few steps away from reaching $2 billion. On the 4-hour chart, PNUT’s price stands at $1.84, down 25% from its all-time high.
Overall, it seems that PNUT price may be experiencing profit taking. If this happens, the value of the Token could fall to 1.33 USD.
However, if the optimistic trend returns, this argument may be negated. In that case, PNUT could rally to $2.16 or even reach a new high of $2.50.
Pepe (PEPE)
The price of PEPE has skyrocketed 118% this week, reaching a new record high. This performance secured its place among the week’s strongest growing altcoins. According to TinTucBitcoin’s findings, this Token is growing for two reasons.
First, American brokerage firm Robinhood announced its listing. At the same time, Coinbase also confirmed the same on its trading marketplace. As a result, the price of PEPE moved from 0.000013 USD to 0.000023 USD in just a few days.
On the daily chart, PEPE has been facing resistance at $0.000023, showing that selling pressure is trying to pull the price down. However, buyers also appear to be defending the support at $0.000021.
If buyers prevail, this meme coin could rise to new highs around $0.000026. Conversely, if selling pressure increases, this thesis could be invalidated and PEPE could fall to $0.000016.
Bonk (BONK)
Bonk is up more than 100% this week, securing its place among the fastest growing altcoins amid a wave of meme coin growth. As previously reported by TinTucBitcoin, the main driving force behind this increase is the listing on Binance US.
This listing stimulated demand for the Solana-based meme coin, causing impressive performance. Like Pepe, BONK price also rose to a new record high.
Currently trading at $0.000043, the daily chart shows the token is above both the 20 and 50 day exponential moving averages (EMA). EMA evaluates the direction of a trend over a period of time. When price is below it, the trend is down.
However, since BONK is above both lines, it indicates that the trend is bullish. If this holds, the price of this altcoin could rise to $0.000049. Conversely, a pushback from the sellers could invalidate this observation and the price could fall towards $0.000037.