Analyzing the Current State of Meme Coins: DOGE, PEPE, FLOKI, and Discovering TIF
At the end of April, BTC entered a correction. The party for the meme coins has started. Various meme coins have risen. And now that the bulls in the market are decaying again, is there still a chance for meme coins?
Today we have chosen three meme coins for brief analysis. They are PEPE, FLOKI and DOGE, among which DOGE has experienced many times.
PEPE
https://twitter.com/pepecoineth
After listing in Binance, PEPE has made a long-time dump, rebounded in mid-June, and then fluctuate until this Monday. During the fluctuation, we can find that once a long green candle appeared, there would be a long-term fall (shown in the yellow area). This shows that although the bears were not strong, the persistence of the bulls was weak. This is also a characteristic of meme coins. The magnitude of the fall decayed last weekend and the bulls strengthened on Monday.
Conclusion: Mostly fluctuation. PEPE remains neutral on a large scale. Both bulls and bears are weak, and the gap is not wide. So we draw this conclusion. We set the resistance level at 0.00000178 and the support level at 0.00000085.
FLOKI
https://twitter.com/RealFlokiInu
FLOKI is more bearish than PEPE. The rebound that started in late June only covered the one-day loss on Jun.10. And in the yellow area, the characteristics of bulls decay also appeared. The price approached the support level as indicated by the green dotted line, the bulls did not strengthen as before, on the contrary, the bears strengthened. Not only did the long red candle on Jul.24 took the price below the dotted green line, but also near yearly lows. Even so, the bulls did not strengthen. Last week, the price remained fluctuating. The bears stopped attacking, but the bulls did not strengthen.
Conclusion: Mostly falling. FLOKI is bearish on both large scales. But bears decayed on a small scale, so we come to this conclusion. We set the resistance level at 0.0000266 and the support level at 0.0000205.
DOGE
DOGE is an old-school meme coin. After Elon Musk joined, it is not even a pure meme coin. Although the DOGE will be largely influenced by Musk, it is still possible to judge the current situation through technical analysis.
In 2023, Doge almost maintained a range (grey area). Although the range is downward, the slope wasn’t steep, and the strength of the bulls was obvious in the process. So when the price fell to the lower rail of the range again in early June, Doge began to rise with fluctuation. Price rose further above the mid-line after quickly covering losses. During the rise (shown by the green line), the bears were weak, and the price rose last Tuesday. Although the bears have strengthened, the callback is not destructive. The price has remained volatile throughout the last week.
Conclusion: The high probability rise is not over. DOGE is neutral on a large scale and bulls was dominant on a small scale. The price is not facing strong resistance at the current price level. So we come to this conclusion. We set the resistance level at 0.096 and the support level at 0.06. Bears were unlikely to strengthen before the price approaches the upper rail of the grey area.
Of course, as a meme coin, the trend is only a small part of it. The utility and tokennomics are more critical.
DOGE, for example, is in unlimited supply. Compared with other meme coins, the supply and demand logic of DOGE will reduce its long-term value. But from the perspective of utility, DOGE has created a blockchain to serve the crypto market. And in the real world, you can even use DOGE to buy goods in Tesla stores.
Similarly, the utility of FLOKI is gradually expanding. FlokiFi is a decentralized financial system derived from Floki, which includes dapps such as metaverse, NFT marketplace and education.
What about PEPE. It’s a meme baby. Tokens are more used for transactions. Pepe’s token supply is 430 trillion, of which 93.1% is used to provide liquidity, and the rest is reserved for subsequent development. The ratio of 93.1% is high, which can prevent the price from being initially manipulated by the issuer. This also laid the foundation for the development of PEPE.
So it is not difficult to find that a sustainable meme coin needs selfless tokenomics as the basis and a good plan for future utility.
TIF
https://twitter.com/tif_memecoin
Finally, we found an interesting meme coin, TIF. The fair launch is on the polygon network. Unlike other meme coins, TIF can be used as a standard currency for transactions and will be used to donate to charities.
In the tokenomics of TIF, 90% of the coins will be allocated to the liquidity pool, which is higher than most meme coins. Such a high ratio ensures that the price is less likely to be manipulated by the project party. It is more conducive to long-term development.
We just share what we see. But when investing, you need DYOR.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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