- Trump Coin ($TRUMP) surged 60% but bearish technicals hint at a potential correction.
- Pengu Coin skyrocketed 75% in a week despite no clear catalyst, with bullish short-term indicators but a cautionary long-term outlook.
- Floki Inu and Bonk gained 45% and 32% respectively, driven by aggressive marketing and new listings, though long-term trends remain mixed.
Several memecoins have seen their prices soar into the top 10 listed coins, as of April 30, and these rises were caused by unique events and now renewed investor interest. Here’s a look at the top gainers this week.
1. Trump Coin ($TRUMP)
After the announcement of a private gala dinner with President Donald Trump, the value of the Trump Coin has increased by 60% to coin holders that are in the top 220. The top 25 buyers will get VIP receptions and special tours at the event, on May 22 at Trump National Golf Club. But it is in line with Trump’s wider cryptocurrency ventures, such as launching an exchange called World Liberty Financial. Yet, the analysts worry that the coin’s value may come down after the event since the rally seems to be fueled by speculation, as opposed to representative value.
The price of Trump Coin stands at around $13 at the moment and the technical indicators are very bearish. RSI is 41.43 showing weak momentum. The Average Directional Index at the moment is at 56.36, which is a high of a strong downward trend.
2. Pengu Coin
In recent week, Pengu Coin has surged by a staggering 75%. The basis for this surge is still unclear, but the fast price movement attracted a lot of trader and investor attention. However, the coin has registered big gains, yet it is still way off its all-time high, which indicates the volatility and the speculation in the coin.
At the price of approximately $0.01106, Pengu Coin is already in impressive momentum. The short term outlook appears bullish according to the technical indicators. The RSI is currently at 57.49 and is in moderate upward pressure but not overbought territory. However, a sell signal still exists in accordance with the 200 day moving average which still reflects a long term trend reversal. In the long term, the trading of Pengu Coin has an overall uptrend but may be considered for further caution before a correction or exhaustion.
3. Floki Inu (FLOKI)
Currently, Floki Inu has seen a boost of 45% this week. Currently, the coin is trading at $0.0000841, and the resistance levels the coin is fighting with are at $0.0001365 and $0.0001490. Further bullish action could result if these levels are broken above.
Currently, Floki Inu is trading at $0.00008394, close to the bottom of oversold territory. The RSI of 36.02 may be an indication of a potential target to enter bullish investors waiting for a bounce. The coin is so close to its 50-day Simple Moving Average or $0.00009225 that its 50-day Simple Moving Average may sustain a short-term recovery from the current price. The long-term momentum however is still bearish since the 200-day SMA is higher at $0.000154. Simply put, the chances of short-term speculative trades on Floki Inu are there, until it breaks above the 200-day average the trend is negative in the long term.
4. Bonk (BONK)
Following its listing on the Revolut trading platform, Bonk Coin has increased in price by 32%, in turn, easily giving more people access to it. We are trading at $0.0000276 which is potential resistance at $0.00003 and then $0.000036 and $0.0000428. It’s a good sign to see that the listing has significantly increased trading volume, which means that investors are very interested in it.
The cryptocurrency market is unfairly associated with the speculative nature of the memecoin rallies, following which events or announcements can result in these sudden price spikes. Any such volatile asset should be done by investors with caution and thorough research.
