The total meme coin market capitalization has surpassed $46 billion, with these coins showing much potential to rally even when the broader cryptocurrency market is down.
The meme coin hype has faded slightly because of the recent downturn in the digital asset space. However, these coins are still garnering much interest from traders looking to scoop up quick returns within a short time.
Last week, the co-founder of Mechanism Capital, Andrew Kang, said that meme coins constitute the highest portion of coins and will create fresh all-time highs later this year.
Kang also said that despite the potential rally by meme coins, these coins were many in the market. Therefore, investors must be selective about the meme coins they invest in.
Some meme coins in the market that one can consider buying for potential gains include the following:
PEPE (PEPE)
At the top of the list is the PEPE meme coin. PEPE ranks as the third-largest meme coin, with a more than $4 billion market capitalization.
PEPE was among the worst-hit tokens during the bear market, which recently gripped the cryptocurrency market. The meme coin is down by 25% over the past month.
PEPE is the best play in the market right now because of the pending final approvals for spot Ether exchange-traded funds (ETFs).
The US Securities and Exchange Commission (SEC) is set to approve spot ETH ETFs soon, which will draw interest to the Ethereum ecosystem.
PEPE is created on the Ethereum network. As such, investors looking to invest in ETH and scoop profits from the ETF run must also consider diversifying into PEPE.
PEPE whale investors are already moving coins around as they anticipate price changes. Therefore, if a spot ETH ETF is approved, the price could move either way, readying PEPE for a volatile price action.
PEPE’s Relative Strength Index (RSI) has moved below 50 to the neutral level. The movement of the RSI line shows that buyers are entering the market, and the meme coin could be entering a neutral zone.
The movement of the Bollinger bands also shows that they are narrowing, indicating that momentum could be flowing back to the market. The price has broken the upper band, showing a bullish trend.
With the ETH ETF news coming up and whales scooping up more tokens, PEPE could be among the cryptos that could make you a millionaire this year.
MAGA (TRUMP)
The other meme coin that also makes a good investment in a potential bull market is MAGA (TRUMP). This meme coin has been on an uptrend in the past, but these gains have been washed down by the bear market that has seen it drop by around 48% in the last month.
This meme coin came to the limelight following a wave of PolitiFi tokens whose price action follows the news around the US political climate. These coins perform depending on the political temperatures.
Former US President Donald Trump has become a household name in the cryptocurrency industry because of his pro-crypto remarks.
The former US President seeks to woe crypto voters and add them to his vote basket during the November elections.
The TRUMP meme coin rallies depending on how Trump fairs in the elections. For instance, after the former US president won the Presidential debate, the meme coin created notable price gains.
TRUMP was trading at $6.17 at 14:00 EST after a slight gain of around 1%.
Therefore, with the US Presidential election nearing, the TRUMP meme coin could be a good play as it could make notable gains if TRUMP wins the presidential elections.
FLOKI (FLOKI)
The other Ethereum-based meme coin that can also make you a millionaire is FLOKI.
In the past bull cycles, FLOKI has remained at the top of the meme coin rally and even outperformed most other coins.
Therefore, with the cryptocurrency market showing signs of an upward correction after the recent price dip, FLOKI might be one of the best plays.
FLOKI has an RSI of 48, showing that while the sellers are still in the market, the price action remains neutral.
Buyers and sellers are fighting for control, and the trend will be determined by any news about FLOKi or the broader cryptocurrency market.
The Moving Average Convergence Divergence (MACD) line is negative. This indicates that it is in bearish territory, and more price declines could be on the way.
However, the MACD histogram bars show a potential reversal as they sit in the positive territory.
In this case, increased buying support could drive the prices higher and make FLOKI among the top gainers in the market.
DogWifHat (WIF)
DogWifHat (WIF) is another meme coin one should get when seeking exposure to the Solana ecosystem. WIF has been among the top performers this year.
Its debut on the Solana blockchain spearheaded a rapid growth that has seen meme coins on the network surpass $6 billion.
WIF has wiped out most of its gains, with the price dropping by 14% in the past week. However, the low price has allowed investors to buy during the dip and accumulate more coins.
This could result in notable price gains once the Solana ecosystem comes to the limelight again.
Looking at the price indicators, WIF is in the oversold region, with the RSI level below 40. This RSI level shows that traders have been selling WIF, with the selling pressure being behind the recent negative price action.
The bearish thesis is also confirmed by the MACD line, which is below the zero region and indicates weak momentum. However, the MCD histogram bars are in the green zone, showing an attempt by buyers to drive prices higher.
The Solana ecosystem is also poised to benefit from the hype around spot ETH ETFs. Therefore, these gains could drive the price of WIF higher and result in notable gains.
