SHIB, BONK, FLOKI Price Analysis As Memecoin Rally Leads Crypto Market Cap to $2.5 Trillion – Crypto News

Crypto Price Analysis: The cryptocurrency market witnessed a volatile weekend led by the Bitcoin price consolidation below $64000. However, the temporary sideways trend benefited the crypto buyers in regaining strength as the BTC price is up 3.11% today currently trading at $65100 with a market cap of $1.27 Billion.

Amid this recent rally, the memecoin market has witnessed a staggering increase in trading activity, according to the latest data analytics from Santiment. In a trend that has caught the attention of crypto enthusiasts and traders alike, popular memecoins such as SHIB, PEPE, FLOKI, and BONK have seen their trading volumes surge by more than 3,000% over the past week.

📈 #Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz

— Santiment (@santimentfeed) March 4, 2024

This surge indicates a growing interest from the crowd, likely fueled by a mix of speculative trading and the intrinsic viral nature of meme coins.

According to the latest data from Coingecko, the total market capitalization of cryptocurrencies has reached $2.54 trillion, marking a 4.05% increase over the past 24 hours.

Also Read: BONK, PEPE, FLOKI, SHIB Price Reversal Soon, Meme Coin Party to End?

Rally Ahead for SHIB? Rounding Bottom Pattern Signals Strong Recovery

SHIB, the second largest meme cryptocurrency entered an intense recovery trendline in late February when the price rebounded from $0.00000936 support. The reversal bolstered by the boast meme sector, propelled the Shiba inu price to $0.000026 registering a 178% growth.

Moreover, the SHIB Futures Open Interest (OI) has experienced a remarkable surge, as reported by Coinglass, a derivatives market data provider. In two weeks, the SHIB OI metric escalated from $27.23 to $76.84, marking an impressive growth of approximately 182.19%.

A look at the daily time frame chart shows this rally is developing the rounding bottom pattern, as the chart setup represents the maturity of a downtrend and initiation of sustainable recovery. Under the influence of this pattern, the Shiba Inu price may prolong the rally to chase potential targets of $0.00003, followed by $0.000035.

Also Read: Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?

Bonk Coin Sets New All-Time High, Eyes $0.00006 Target after Bullish Breakout

The last correction trend in Solana-based meme cryptocurrency, Bonk, bottomed in early January above the $0.0000095 support. For nearly two months, the coin price witnessed a sideways trend, projecting the accumulation phase in market investors.

On February 5th, the BONK coin rebounded from the aforementioned support and propelled its value 245% to currently trade at the $0.0000329 mark. Similar to the Shiba Inu coin, the recovery displays the formation of a bullish reversal pattern rounding bottom pattern with neckline resistance at $0.000035. 

In the earlier hours today, the BONK price recorded 33% growth and reached a new All-time High of $0.00003594. A successful breakout above the pattern’s neckline resistance will intensify the recovery momentum and set the memecoin on a potential target of $0.00006.

Also Read: What’s Next As Bonk Crypto Price Soars 35% Alongside Pepe, SHIB

Floki Inu Price Skyrockets 466% Amidst Bullish Reversal Trend

Floki Inu (FLOKI), a canine-themed cryptocurrency entered its current recovery trend in early February when the price bounded back from $0.0000272. The reversal surged the coin price by 466% to reach the current trading price of  $0.000154.

Moreover, Floki’s Total Value Locked (TVL) has soared to a new record of $526 million across its ecosystem, showcasing significant growth and investor interest. This figure is distributed between Floki Staking, with $389.6 million, and FlokiFi Locker, holding $136.9 million. 

Floki’s TVL now surpasses the combined TVL of several other top meme coins, indicating a robust and rapidly expanding presence in the DeFi space. 

FLOKI REACHES ECOSYSTEM TVL OF $526M—ANOTHER RECORD HIGH#Floki has just crossed a total TVL of $526M across two of its key ecosystem products, just one day after reaching an ATH of $494 million:

– Floki Staking: $389.6M
– FlokiFi Locker: $136.9M

This impressive TVL, exceeding… pic.twitter.com/Qjdu4EYwrR

— FLOKI (@RealFlokiInu) March 4, 2024

However, such a rally is less likely to continue if not fueled by some external news or development. The momentum indicator projection and overbought value indicate the FLOKI price is poised for a minor pullback.

If the Floki price tops the current high of $0.000168, the buyers may face a pullback to $0.0001347, followed by $0.000113.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.