Memecoins
Top 4 Meme Coins to Watch with Buying Signals
The meme coin market is in full swing as on-chain data indicates a buy signal for four prominent cryptocurrencies in this segment. Dogecoin (DOGE), Pepe Coin (PEPE), Bonk and dog hat (WIF) have emerged among the top ten cryptos in terms of open interest, according to recent derivatives data from CoinGlass.
Notably, this renewed interest highlights a growing trend among investors towards low-cost cryptocurrencies amid growing hype.
Four Coin Meme with Buy Signal
CoinGlass recently shared a derivatives chart on the X platform, highlighting the dominance of coins on the market. The chart shows that Dogecoin, PEPE, Bonkand WIF now occupy four of the top ten spots in terms of open interest, signaling a significant shift in investor sentiment towards these unconventional assets.
Meanwhile, the meme coin sector, known for its speculative nature, has seen substantial gains in recent months, further fueling investor enthusiasm. Furthermore, the buzz was further amplified by the skyrocketing GameStop Company (GME) stock, drawing parallels between meme coins and meme stocks.
Source: CoinGlass,
In particular, the piece on the theme of the frog, Pepe coin (PEPE) has reached new highs, reflecting the growing investor interest in this coin. On the other hand, Solana meme coins have also seen a surge in popularity, as evidenced by their surging prices.
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Price amidst risks and opportunities
Although the meme coin market presents lucrative opportunities, it also has 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 swings and speculative behavior.
As the industry continues to evolve, staying informed and vigilant is crucial for investors navigating the unpredictable world of meme coins. Meanwhile, despite the rise of Open Interest, Dogecoin Price fell 3.07% to $0.1646 at the time of writing, while Pepe Coin price plunged 4.8% to $0.00001599.
On the other hand, BONK price surged almost 12% to $0.00004216, with trading volume surging 65% to $1.12 billion. Simultaneously, WIF price also saw a 14% rise 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. In contrast, 1000BONK OI rose 16.66% to $527.18 million, while WIF OI rose 21.26% to $511.64 million.
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