Amid the ongoing ups and downs in broader markets, the memecoins present themselves as a beneficial asset. They can head for big gains in the second half of 2024.
The memecoin sector saw a strong boost in the 1st quarter of the current financial year.
Moreover, the memecoins suffered a correction in the 2nd quarter. As we proceeded in the third quarter, a few meme coins started to break out of a correction phase and soared higher.
Neiro Ethereum (NEIRO), MonaCoin (MONA) & ShibaBitcoin (SHIBTC) have outshined the markets with a strong performance in the previous week. Let’s analyze the potential price trajectory and the gains investors may anticipate soon.
Memecoins Making a Mark: Neiro Ethereum (NEIRO)
NEIRO is a cryptocurrency with a total supply of 1 billion tokens. As per CoinMarketCap, It is being touted as the next big opportunity in the crypto space, drawing comparisons to Dogecoin’s rise. It features zero buy/sell tax and no team tokens, indicating a community-driven approach.
Neiro Ethereum price rallied the previous week, gaining over 33.48%. The bulls seemed to dominate the previous week, which may continue this week.
When writing, its market capitalization was $236.72 Million, ranking 220th among all the cryptocurrencies. The daily transaction volume stood close to $35.42 Million, with a 4.82% growth in a day.
Additionally, the volume-to-market cap ratio of 14.93% suggested high volatility. It had a circulating supply and a total supply of 1 billion NEIRO tokens.
MonaCoin (MONA)
MonaCoin (MONA) is an open-source, decentralized cryptocurrency and peer-to-peer (P2P) payment network. It was launched in 2014. It is a hard fork of Litecoin and was built on the Lyra2RE (v2) algorithm.
MonaCoin emerged as the 2nd top performer in the previous week, adding nearly 23%. The coin exchanged hands for close to $0.277 at press time, gaining nearly 9.40% a day.
MonaCoin still boasts a positive development of nearly 23% a week after an impressive intraday surge. The bounce back from the lower levels affirms the presence of buyers which may help crypto conquer higher levels.
Moreover, if the MonaCoin price breaks below the recent support of $0.273, it may snap off the recent gains. Short-term traders and investors need to look closer near the crucial zone.
ShibaBitcoin (SHIBTC)
ShibaBitcoin (SHIBTC) is a utility token for the largest NFT Marketplace Aggregator. It promotes decentralization and offers reduced transaction fees, premium features, and staking rewards.
ShibaBitcoin emerged as the third top memecoin gainer this week, rising by 0.9% a week. The price noted a selloff in the earlier sessions, followed by a recovery in the later sessions.
It had a live market capitalization of $60.447 Million at press time. Besides, it ranked 391st in the cryptoverse.
Also, the transaction volume has surged by 8.72% a day to $4.80 Million a day. Out of 1 billion SHIBTC tokens, nearly 86.461 Million are currently in circulation.
Read the full article here
