Once again, meme coins are dominating the narrative as the crypto market enters the second phase of the bull cycle, overshadowing even Bitcoin's return to the $71,000 range.
Some meme coins are experiencing significant double-digit percentage growth.
For instance, consider PEPE, which just a week ago was trading at a modest $0.000008947. Today, it has surged by an impressive 63.63% to hit $0.00001467, establishing a new all-time high.
Similarly, Solana's leading meme coin, BONK, was priced at $0.00002367 on May 16. By May 23, it had rallied by 46.39%, reaching a market value of $0.00003465.
Other prominent meme coins in the Solana ecosystem, such as Dogwifhat (WIF) and BOME, have also experienced a notable 30% increase in their seven-day trajectory. Meanwhile, Shiba Inu, the second most valuable meme coin, has been relatively stagnant while WIF, BOME, PEPE, and BONK surged.
Currently, Shiba Inu shows a 3% loss in its cumulative seven-day trajectory, making it the only major meme coin yet to embark on its bullish resurgence alongside Bitcoin's revival.
However, market analysts remain optimistic about Shiba Inu's potential for explosive gains in the near future. Analysts, including Clifton, have highlighted the formation of a bullish pennant on Shiba Inu's chart. Similar observations have been made by analysts Davie and "Word of Charts" in their separate analyses of Shiba Inu.
In financial markets, a bullish pennant formation suggests that an asset is likely to continue an uptrend that started earlier, despite encountering temporary resistance. In Shiba Inu's case, SHIB saw a strong uptrend in early March, pushing its value to $0.000045 before losing momentum.
These analysts anticipate that Shiba Inu could surpass the $0.00005 threshold during its resurgence. Presently, SHIB is trading at $0.00002533, reflecting a 3% decline in the last 24 hours.
May 2024, Cryptoniteuae