Meme Coin Rush: Markets Up 100% as AI Scotty Breaks $1.6M – Too Late to Join?
A pre-Bitcoin-halving crypto market surge has ignited a meme coin rush amongst investors, but some have outperformed others.
This article will provide an analysis of current meme coin price trends and look to see whether a newer AI crypto coin, Scotty the AI, represents a more promising investment opportunity at this time.
This meme coin pump and "old" coin pump is bringing a lot of retail back into the market.
This is obviously bullish for prices overall.
But it's also reflexive.
Price goes up > retail comes back > retail buy "old" coins that pumped last bull/meme coins etc.
Take note.
— Miles Deutscher (@milesdeutscher) March 4, 2024
The return of large-scale retail participation in meme coin markets has been highlighted by prominent crypto analysts as a bullish market for the year ahead, with recent pumps for old-school meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepecoin (PEPE) spotlighting favorites for new retail investors.
Legendary token Dogecoin (DOGE) has climbed an eye-watering +86% over the past week, amidst a large-scale bounce from 20DMA support.
Now trading at a market price of $0.16 (representing a 24-hour gain of +5.55%), DOGE has delivered an impressive +102% return over the past month due to its prominent market position as the largest cryptocurrency.
Despite these alluring gains, Dogecoin is showing some signs of rally fatigue on the short-time frame, with the RSI indicator severely over-heated at 93.31 – a retracement is clearly demanded.
Further challenge emerges from Dogecoin’s huge market cap, which currently stands at just over $23bn, suggesting limited growth potential from here.
Second biggest meme coin by market cap, Shiba Inu (SHIB) has also seen massive price increases over the past
