As the crypto industry experiences a bounce back in its value, the meme coins have started to gain significant price action in their values. Memecoins have always been the spotlight of the industry as they attract a large number of investors due to their nature and their price volatility.
Despite November concluding on a positive note, major memecoins struggled to gain market momentum. The bears and bulls constantly fought over power during November. This resulted in the top tokens displaying massive price fluctuations.
Top memecoins recorded constant price fluctuations, resulting in them witnessing multiple pump-and-dump situations during November. Category leader, Dogecoin price displayed the highest gains by adding approximately 20% in value, followed by Shiba Inu price which struggled to cross 5% during the entire month.
On the other hand, the most hyped memecoin of the year, the Pepe coin price recorded a loss of over 3% during the past month, indicating a decline in investor’s interest in this coin.
The technical indicator, MACD, displays a rising red histogram, indicating the top coins are currently witnessing a higher selling pressure in the market. Further, the averages show a bearish convergence (taking the mean of each token), suggesting a high possibility of the memecoins category facing a correction in the coming days.
Conclusion:
The increasing whale activity and the inflow of new investors in the market is an indication of the rising adoption of this payment system by the world. Further, the meme category has displayed significant price volatility during the last month.
Overall, the Memecoin category has recorded a significant bullish sentiment in the market as major coins have gained significant value in their respective price. The category is predicted to undergo massive price action in the coming year as these coins recording a new ATH is inevitable.
