The cryptocurrency market has seen a correction in recent weeks, with meme coins dogwifhat (WIF) and Bonk (BONK) being hit particularly hard.
Both coins have lost over 50% of their market value and are now ranked outside the top 50 on CoinMarketCap.
While the prices of these two tokens have plummeted, investors are taking Pepe Unchained as an alternative investment today as its presale surges to $3.4 million.
In recent weeks, dogwifhat and Bonk have both experienced significant declines in their market values, despite previously holding market caps of around $2 billion.
This drop has caused them to fall below cryptocurrencies like Filecoin, Cronos, and Cosmos, sparking increased interest and concern among investors.
Dogwifhat (WIF) has faced significant challenges in recent weeks, experiencing a substantial decline of 35.91% over the past month. This downward trend has continued with a 21% decrease in the past week, culminating in a further drop of 1.99% today.
Despite briefly climbing back to the 49th position, WIF’s market cap remains precarious. It has fallen 1.40% and could easily slip back outside the 50th spot, highlighting its continued vulnerability.
Technical analysis shows that dogwifhat is currently displaying a falling wedge pattern, which is typically seen as bullish and suggests potential upward movement. Additionally, $WIF is within a large bull flag formation, indicating a positive longer-term outlook.
However, confirmation of this bullish trend would require a breakout above the crucial $3.14 level. For investors considering a dollar-cost averaging (DCA) strategy, several critical market structure points offer potential buying opportunities.
dogwifhat has tested multiple support levels during its recent decline, with these levels historically proving strong. They represent attractive targets for DCA entries. Should $WIF continue its descent, the next notable support level to monitor is around $1.
Buying at this level could potentially yield substantial returns if the coin returns to previous all-time highs, offering a potential 4.6x to 5x return on investment.
Bonk has shown notably different market behavior from dogwifhat. Examining its technical indicators reveals potential buying levels. Bonk (BONK) is currently experiencing significant upward momentum, bolstered by a strong trend line.
However, a breach of this trend line might prompt a retracement towards the 200 EMA, potentially establishing a new resistance level.
For investors employing a dollar-cost averaging (DCA) strategy, strategic entry points include trend line support, which serves as a promising entry due to its continuation suggesting ongoing upward momentum.
Identifying key support levels from previous price action offers additional opportunities to accumulate Bonk at lower prices, enhancing profit potential upon the coin’s next upward movement.
If Bonk returns to its previous all-time highs, investors could potentially earn returns of approximately 3.45x their initial investment. This significant upside potential makes Bonk an attractive option for meme coin investors.
It’s important to consider the broader market context as well. Any downturn in Bitcoin could similarly impact dogwifhat and Bonk, so investors should be prepared for potential volatility and adjust their strategies accordingly.
As dogwifhat and Bonk grapple with volatility, Pepe Unchained emerges as a potential game-changer. This innovative Layer 2 blockchain, built on Ethereum, aims to redefine the meme coin landscape with its groundbreaking features.
Pepe Unchained seamlessly bridges Ethereum and its native chain, effectively eliminating Ethereum’s high transaction fees while boosting transaction speeds by 100x.
Additionally, it will feature a dedicated blockchain explorer akin to Etherscan and Solscan, enhancing transparency and user accessibility. The success of its presale, which has already raised $3.4 million, underscores strong investor confidence and interest in the project.
Get ready to interact with Pepe's new Layer 2 blockchain soon 👉🐸 pic.twitter.com/WSJbABtVBb
— Pepe Unchained (@pepe_unchained) July 12, 2024
Adding to its appeal, Pepe Unchained offers a lucrative staking program with an impressive 548% APY. Investors can earn rewards in the form of $PEPU tokens, distributed at a rate of 608.82 $PEPU per Ethereum block.
These rewards will be distributed over a two-year period and will be claimable once the claim function goes live. Pepe Unchained’s robust infrastructure positions it well to host future meme coin launches, potentially attracting substantial market activity.
The project’s solid brand identity and comprehensive audits further bolster its credibility. For investors seeking opportunities, the Pepe Unchained presale offers an early entry point using Ethereum, USDT, BNB, or even a credit card.
This provides a chance to participate in a project poised for significant growth in the burgeoning meme coin sector. To participate in the $PEPU token presale, visit pepeunchained.com.
In the midst of the cryptocurrency market correction, meme coins like dogwifhat (WIF) and Bonk (BONK) have seen significant declines in value, prompting investors to seek alternative opportunities.
The emergence of Pepe Unchained offers a fresh perspective. Its innovative approach, strong presale performance, and potential to become a major player make it a project worth watching.
Investors seeking high returns in the highly volatile crypto market should consider Pepe Unchained as a potential cornerstone for their meme coin portfolio.
The post $WIF and $BONK Prices Plummet – Opportunity to Buy the Dip or Time to Explore Alternative Meme Coins Like $PEPU? appeared first on ReadWrite.
