Meme Coins: Can They Keep the Momentum Going?

The recent surge in the meme coin market has left many wondering if it’s just a case of hype tied to President-elect Donald Trump’s return to the White House. Since Trump’s election, the crypto market has seen a fresh wave of bullish momentum, with Bitcoin hitting an all-time high of $93,400 on November 13.

The meme coin market has more than doubled in under a month, with the total market cap now surpassing $124 billion. Familiar names like Dogecoin, Bonk, and Pepe have been at the forefront of this surge, recording key gains. In the last 30 days, DOGE has skyrocketed by 166%, trading at $0.375, while PEPE has gained over 100%, reaching $0.000021.

Understanding the Meme Coin Surge

The recent surge in the meme coin market can be attributed to several interconnected factors. Here are some of the key drivers behind the recent growth:

  • BONK’s token burn plan: BONK DAO’s announcement of burning 1 trillion BONK tokens by December 25 has been a major driver behind the token’s growth. Token burning, a common strategy in crypto markets, involves sending tokens to an inaccessible address, effectively removing them from circulation.
  • Solana’s growing role: Solana’s growing adoption by meme coins has seen record activity, with data sharing by analyst Patrick Scott revealing that five of the top ten protocols by fees over the past 24 hours as of November 18 were hosted on Solana.
  • Dogecoin and market sentiment: Dogecoin reached a multi-year high of $0.4359 following President-elect Trump’s announcement of the creation of the Department of Government Efficiency, or “DOGE.”

Further Gains Incoming?

Analysts have decoded patterns, forecasting the next moves in the meme coin market. Here are some of the key predictions:

  • Dogecoin: eyeing $1? Recent analysis reveals that DOGE is forming a Descending Triangle pattern, which could be the precursor to major bullish moves.
  • Bonk: the Solana meme star: Traders are warning of short-term risks, but some analysts believe that Bonk

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