After the meme coin market rapidly shed $15 billion in market cap over the past week, things are turning even faster. 7 of the top 10 meme coins posted double-digit gains in the last 24 hours.
The largest jump came from $BRETT, which pumped nearly 35% overnight.
Now, traders who fled the meme coin market over the weekend are jumping back in, which could cause even more wild price gains. We’ll take a look at what’s happening in the meme coin market and highlight an opportunity meme coin traders won’t want to miss.
Meme Coins Make Sharp Reversal with Double-digit Gains
$BRETT is the meme coin traders can’t get enough of today after it posted a 34.5% gain in just 24 hours. Trading volume soared to over $120 million overnight, up from just $26 million last week.
However, $BRETT is far from the only meme coin making waves today. $PEPE is up 15%, $BONK is up 15%, and $MEOW is up 35%. In fact, every single one of the top 50 meme coins by market cap is in the green today—something that almost never happens.
The broad-based meme coin rally is a much-needed antidote to last week’s malaise, which saw the total market cap of meme coins drop from $51 billion to $36 billion. It comes amid a broader recovery in the crypto and stock markets, both of which are up this morning after sharp crashes yesterday on fears of a global recession.
For meme coins, there are still plenty of losses to be erased—indicating that the reversal could just be getting started. $BRETT’s current price of $0.0928 is still 31% below the token’s support price around $0.135.
Still, traders should be cautious around major meme coins today. $BRETT is continuing to push higher, but trading volume has fallen below $80 million—a sign that momentum could be wavering. In the past hour of trading, all 10 of the top 10 meme coins are down slightly.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Hard times create strong Bretthren <a href=”https://t.co/Pj3OZ3Oh6y”>pic.twitter.com/Pj3OZ3Oh6y</a></p>— Brett (@BasedBrett) <a href=”https://twitter.com/BasedBrett/status/1820555094649352411?ref_src=twsrc%5Etfw”>August 5, 2024</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
This could be a temporary pullback within the rally, as most traders are hoping. But it could also be a sign that the overnight pump is coming to an end already.
New Base Meme Coin Dawgz Raises $2.8M in Explosive Meme Coin Presale
While the rally in the meme coin market shakes out, traders’ best opportunities may be in meme coin presales. Presale tokens are available at fixed prices and aren’t as heavily affected by short-term price volatility as major meme coins are.
One of the top tokens to watch in the ICO market right now is Base Dawgz, a new ‘base jumping’ meme coin holding a simultaneous launch on Base, Ethereum, Binance Smart Chain, Avalanche, and Solana.
Token holders will be able to move $DAWGZ tokens seamlessly between chains, making this token invaluable for fast-paced trading and cross-chain development.
The project has already raised $2.8 million and has generated a ton of excitement among meme coin traders—a strong indication it could deliver a massive pump after launch. Crypto analyst Jacob ‘Crypto’ Bury said it has ‘massive’ potential and called it the next meme coin to 100x.
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Base Dawgz is building even more hype with an innovative share-to-earn system. Presale investors can connect their X accounts to Base Dawgz, then earn points towards a $DAWGZ airdrop when they share content from the Base Dawgz X account.
During the $DAWGZ presale, early investors can stake their coins to earn 956% APY and fill their bags with even more tokens ahead of the launch.
The next price increase in the Base Dawgz presale is just a few days away, so there’s no time to waste to lock in the best price for $DAWGZ.
