Memecoin Market Sees Significant Growth Led by Popular Tokens

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Throughout the week, the memecoin market experienced a significant surge, primarily driven by tokens inspired by popular names. The top three memecoin projects with the most growth in the past seven days are MAGA Again (MAGAA), Mother Iggy (IGGY), and Catwifhat (CAT). Here, we examine the notable details, data, and chart analyses.

MAGA Chart Analysis

MAGA Again, a token closely associated with the Republican presidential candidate Donald Trump and his political slogan Make America Great Again, saw its value increase by over 500% this week, making it the best-performing memecoin project of the past seven days. This surge is driven by the anticipation of Trump’s speech at the Bitcoin 2024 Conference this weekend.

However, this rise may be short-lived as real demand does not support the memecoin’s surge. This is based on the token’s Chaikin Money Flow (CMF) readings. At the time of writing, MAGAA’s CMF is at -0.37, below the zero line. If MAGAA starts to reverse, its price could drop to $0.026, but if it continues to rise, the token price could extend to $0.031.

MOTHER Chart Analysis

The price of Iggy Azalea’s Mother Iggy (MOTHER) memecoin project increased by 138% in the week under review. As of the date of this writing, the memecoin is trading at $0.070. The token’s price increase pushed it above its 20-day exponential moving average (EMA) and towards its 50-day simple moving average (SMA).

When an asset’s price trades above its 20-day EMA, it indicates strong short-term momentum. This confirms that buying pressure currently outweighs selling pressure. As it moves towards the 50-day SMA, it signals the possibility of a sustainable long-term uptrend. If MOTHER maintains this trend, its price could rise to $0.082. However, profit-taking activity could push the memecoin project’s price down to $0.027.

CWIF Chart Analysis

Based on the leading Solana-based memecoin Dogwifhat (WIF), Catwifhat (CWIF) experienced a 133% rise in the past seven days. At the time of writing, the cat-themed memecoin was trading at $0.0000012. This week’s price increase led to the formation of an ascending channel on the daily chart. This channel forms when an asset’s price moves between two upward-sloping parallel lines, considered a bullish sign.

CWIF’s positive Chaikin Money Flow (CMF) indicates that the rally will continue. This indicator measures how money flows in and out of an asset. At the time of writing, CWIF’s CMF reading at 0.06 indicates liquidity inflow into the memecoin market. If the inflow continues, the token’s value could rise to $0.0000012.

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