This week marks a new beginning for the cryptocurrency market as Donald Trump returns to the presidency of the United States with pro-cryptocurrency policies. The market shows optimistic sentiment as most meme coins experience price increases, particularly Dogecoin linked to Trump supporter Elon Musk. Other meme coins like Bonk and Pepe also show double-digit price growth while NEIRO has made a strong comeback.
Here’s an overview of the top meme coins this week, showcasing how the market is volatile and skyrocketing as the US election results are announced, along with insights into their future.
Dogecoin
Price change: In the past 7 days, the price of Dogecoin has surged over 22% to $0.1967 on November 8.
News: DOGE increased by 2.61% in the past 24 hours as of the evening of November 8, while trading volume decreased by 26.45% to $3.77 billion. The market cap of this meme coin increased by 2.58% to $28.85 billion.
Forecast: This token has attracted cryptocurrency whales throughout the week, who bought this meme coin in anticipation of Trump's victory, causing its price to skyrocket unprecedentedly. Dogecoin's trading volume increased by 957% on the US election day, November 5, indicating growing interest from investors in this meme coin. As speculation about Elon Musk joining the Trump administration grows stronger, Dogecoin is likely to see further growth. Analysts predict that if this token maintains its current upward momentum, it could reach $4, with some even saying it could rise to $23.
Shiba Inu
Price change: Shiba Inu has emerged as one of the strongest performing coins this week, increasing by 7.76% over the past days and trading at $0.00001895 on November 8.
News: Although the SHIB token hasn't performed well compared to Dogecoin and others, it has maintained its position as the second largest meme coin this week. The price of this digital asset increased by 0.21% in the last 24 hours while its trading volume decreased by 13.67% to $564.64 million. As of Friday, Shiba Inu's market cap is $11.61 billion, up 25% over the past 24 hours.
Forecast: This week, Shiba Inu saw an unprecedented surge of 3676% in the daily burn rate, indicating a growing SHIB ecosystem. As this increase in burn rate coincided with a price increase of 7.17% on that day, it shows the community's determination to reduce the SHIB supply to increase its value. Therefore, analysts are predicting strong growth for this meme coin in the coming days, with some suggesting it could rise by 2000%.
Pepe
Price change: Pepe is the third best-performing meme coin this week, thanks to an increase of over 20% in the past 7 days, reaching a price of $0.00001079 on November 8.
News: This meme coin has increased by 3.13% in value in the past 24 hours while trading volume increased by over 9% to $1.47 billion. The market cap of the PEPE token surged by 2.77% in the past 24 hours to $4.52 billion as of the evening of November 8.
Forecast: With a price volatility of 7.17%, Pepe has the potential to increase by nearly 30% in the next 5-7 days to reach $0.00001396 by November 13. This meme coin is showing a 'Greed' score of 69 on the Fear and Greed Index while market sentiment suggests a bullish trend. All of this indicates a strong likelihood of price increases in the coming week.
Dogwifhat
Price change: Dogwifhat remains solid on the list with a meager increase of 0.07% over the past 7 days, bringing its value into the trading range of $2.32 as of November 8.
News: WIF has decreased by 1.18% in value in the past 24 hours while trading volume increased by 7.61% to $493.89 million. The market cap of this meme coin is $2.32 billion as of November 8.
Forecast: This week, Dogwifhat traded 22% lower than the price predictions of major analysts. The price of the token has fallen over 4% in the month. As this coin is exhibiting a greed score of 69 along with neutral market sentiment, it is likely to surge after testing the resistance level of $2.47. In the next 5-7 days, WIF is expected to increase by over 30% to reach $3.04.
Bonk
Price change: Bonk is one of the strongest performing stocks during the US election week, increasing by 12.81% and trading at $0.00002212 on November 8.
News: Although BONK recorded weekly gains, its price is trending downward in the past 24 hours, dropping by 0.82%. The trading volume of this token also decreased by 4.09% during this time, reaching $211.45 million while the market cap stood at $1.65 billion.
Forecast: With a price volatility of 7% over the past 30 days and a greed score of 69, the BONK token is expected to increase by 225.68% in the next month to reach $0.00007236. The meme coin will increase nearly 30% in the next 5-7 days to trade at $0.00002886.
Popcat
Price change: Popcat(SOL) is one of the meme coins that did not benefit from Trump's victory in the US elections as it fell sharply by 4.80% to $1.53 on November 8.
News: POPCAT has decreased by 0.20% in the past 24 hours, but trading volume increased by 25.52% to $158.08 million. This meme coin has a market cap of $1.50 billion, down 0.30% in the last 24 hours.
Forecast: The price volatility of this meme coin is slightly higher than other coins at 9.64%. However, it has a greed score of 69 similar to other digital currencies on the list. Therefore, analysts predict a 30.16% increase in the next 5-7 days, bringing this coin to a price of $1.99.
Floki
Price change: Floki increased by 0.22% during the US election week and traded at $0.0001377 on November 8.
News: Although the meme coin surged this week, it began to decline in the last 24 hours of November 8, dropping by 5.62%. FLOKI's trading volume also decreased by 5.26% to $225 million while the market cap stood at $1.32 billion.
Forecast: Floki has the potential to grow by 29.44% in the coming week, reaching $0.00018. Although this meme coin has a greed score of 69 indicating investor interest, market sentiment is showing a downward trend. Therefore, analysts are advocating for a cautious approach.
Neiro
Price change: This week, First Neiro on Ethereum has re-entered the list of top meme coins thanks to a commendable increase of 48.21% in the past 7 days, bringing its current value to $0.002193 on Friday.
News: Although NEIRO has been on a bullish trend this week, it has been caught in a downward trend over the past 24 hours, decreasing by 8.35%. This was accompanied by an 11.31% drop in trading volume, reaching $874.76 million on November 8, while the market cap fell to $922.17 million.
Forecast: NEIRO is on a bullish trend, expected to pull the price up to $0.002973 in the next 7 days despite a volatility of 14.21%. This marks a 29% increase in the next week.
Brett
Price change: Brett (Based) increased by 1.66% this week, reaching $0.0908 on November 8.
News: The meme coin has decreased by 2.10% in the past 24 hours while trading volume increased by 4.72% to $54.38 million. The BRETT token currently has a market cap of $899.95 million.
Forecast: Despite a greed score of 69, BRETT is still nurturing bearish sentiment with a volatility of nearly 10%. This will lead to a growth of 29% in the coming week as the price attempts to reach $0.122633.
Cats in a dogs world
Price change: Although its value decreased by 0.86%, MEW still managed to secure a spot on the list of top meme coins this week, trading at $0.009257 on November 8.
News: Cats in a dogs world is currently trending downward, having decreased by 3.34% in the past 24 hours while the trading volume of the meme coin surged nearly 29%, reaching $199.75 million. MEW currently has a market cap of $812.33 million.
Forecast: With a volatility of 14.77% and a greed score of 69, MEW is nurturing bullish sentiment despite the current downward trend. This could lead to the token increasing by 30% to $0.01235 in the coming week.
End of thoughts
The meme coin market, driven by high volatility and speculative trading, continues to show a dynamic trend. Dogecoin (DOGE) leads the price surge with a 22% increase for the week, driven by speculation around influencers like Elon Musk and political events. Shiba Inu (SHIB) and Pepe (PEPE) closely follow with significant price increases and investor interest, as indicated by rising trading volumes and burn rates.
However, tokens like Popcat (POPCAT) and Brett (Based) (BRETT) are showing a downward trend despite the community-driven momentum. Analysts expect the momentum to continue if favorable conditions persist, but investors should be cautious of the speculative nature and extreme volatility in this space.
