The meme coin market has caught fire this week, with 2023 phenoms Bonk and Pepe up 186% and 240%, respectively.
However, new emerging meme coins are also gaining ground, with multi-chain sensation Smog catapulting 113% this week.
BONK and PEPE Explode but Analyst Says It Is Still Early
Despite a monumental performance, a prominent analyst believes that meme coins remain in the early stages of the market cycle, providing much more room for growth in the coming weeks.
Currently, Bonk is up 17.2% today, 186% this week and 292% this month. Meanwhile, Pepe is down 2.4% today but up 240% this week and 703% this month.
The meteoric rise of both these cryptos was ignited by a broader market bullishness, with industry leader Bitcoin currently flirting with its all-time high (ATH) after tapping $68.6K today.
Analyst and CEO of Because Bitcoin, Max Schwartzman, was an early proponent of the recent Pepe breakout. In late February, the analyst speculated that Pepe “has the highest probability of being this cycle’s ‘Why didn’t I buy it’ bag.”
At the time, it was trading at $0.0000013. As such, its current price of $0.000007211 represents a 454% gain.
This illustrates the analyst’s adept understanding of the ongoing market climate, and the good news for market participants is that he expects an uptrend continuation.
In a recent tweet, Max said it’s “brain off-season,” alluding that it is far too early for Pepe holders to sell.
According to the analyst, “this is crypto’s equivalent of the dot com bubble.” He then urges readers to study the 1995-2000 NASDAQ. During this period, the NASDAQ rendered outsized gains, pumping by 400%.
However, traders are also optimistic that Bonk will also continue to surge. A recent tweet from Unknown Trader predicts that BONK will undergo an uptrend continuation toward the $0.000048 level.
Based on its current price of $0.00003937, this provides room for 21% growth.
However, as highlighted by Max Schwartzman, the fact that Bitcoin and Ethereum have yet to attain new ATHs means the market cycle remains in its early stages, presenting lots of opportunities for growth.
Nevertheless, traders may seek to rotate their profits into other projects showing strength. One promising alternative is Smog, a multi-chain meme coin that has soared 113% this week.
Multi-Chain Smog Soars 113% With Investors Drawn to Airdrop and $89M Market Cap
Spreading its wings over the Ethereum and Solana networks, the Smog has enjoyed immense success since launching in February.
The dragon-themed meme coin currently holds an $89 million market cap, priced at $0.1171.
It is up 13.48% today, 119% this week, and 140% this month. Yet, with a market cap less than 25x smaller than Bonk’s or Pepe’s, combined with accessibility on both blockchains, analysts are massively bullish.
In a recent video, YouTuber Jacob Bury speculated the project could 100x, citing its multichain approach and generous airdrop.
According to its website, 35% of the total Smog supply is allocated to the airdrop. This has prompted significant excitement and community participation, leading to over 30K X followers and 16K Telegram members.
In a bid to foster a long-term community, Smog has launched a staking mechanism with a 42% APY. This incentivizes holders to lock their tokens up, minimizing sell pressure and enabling the SMOG price to flourish.
17,653,635 SMOG tokens are already staked. Such a significant amount reflects a market appetite for passive rewards and a deep-rooted belief in the project’s potential.
Currently, investors can get a 10% discount by purchasing Smog from the project’s website. However, they must be fast because this offer ends soon.
