The second week of November 2024 recorded many interesting events for the cryptocurrency market, to the point that many altcoins in the top 100 achieved significant gains. However, according to TinTucBitcoin's observations, the altcoins with the strongest growth are all meme coins.
For some market observers, this may not come as a surprise as meme coins appear to have led the way in several of this cycle’s growth spurts. The top three altcoin gains include Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).
Peanut the Squirrel (PNUT)
PNUT, a token that has recently been gaining attention, tops the list of the highest-growing altcoins in terms of market capitalization with a staggering 2,091% increase in the past seven days. This spectacular surge was largely due to the surprise listing on Binance, which sent shockwaves through the market.
While the development has been controversial, the market capitalization of the meme coin has surpassed the $1 billion mark and is just a few steps away from hitting $2 billion. On the 4-hour chart, PNUT's price stands at $1.84, down 25% from its all-time high.
Overall it seems that PNUT price may experience profit taking. If this happens, the value of the Token could fall to $1.33.
Peanut the Squirrel 4 Hour Analysis. Source: TradingView
However, if the bullish trend turns around, this argument could be negated. In that case, PNUT could rise to $2.16 or even hit a new high of $2.50.
Baby (BABY)
The price of PEPE has skyrocketed by 118% this week, reaching a new record high. This performance secures its place among the top altcoins of the week. As discovered by TinTucBitcoin, the token is growing for two reasons.
First, the American brokerage firm Robinhood announced its listing. At the same time, Coinbase also confirmed the same on its trading market. As a result, PEPE's price moved from $0.000013 to $0.000023 in just a few days.
On the daily chart, PEPE has been facing resistance at $0.000023, indicating that selling pressure is trying to push the price down. However, buyers also seem to be defending the support at $0.000021.
Pepe's Daily Analysis. Source: TradingView
If the bulls gain the upper hand, this meme coin could rise to a new high around $0.000026. Conversely, if selling pressure increases, this thesis could be invalidated and PEPE could fall to $0.000016.
Bonk (BONK)
Bonk has surged more than 100% this week, securing its place among the top-performing altcoins amid the meme coin rally. As previously reported by TinTucBitcoin, the main driver behind this surge was its listing on Binance US.
The listing sparked demand for the Solana-based meme coin, causing an impressive performance. Like Pepe, the price of BONK also surged to a new record high.
Currently trading at $0.000043, the daily chart shows the token above both the 20- and 50-day exponential moving averages (EMA). The EMA measures the direction of the trend over a period of time. When the price is below it, the trend is down.
Bonk Daily Analysis. Source: TradingView
However, since BONK is above both of these lines, it indicates that the trend is bullish. If this remains, the price of this altcoin could rise to $0.000049. Conversely, a pushback from sellers could invalidate this view and the price could fall to $0.000037.
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