- Meme coins like DOGE, SHIB, WIF etc., are down double digits in the past five days.
- Ethereum-based altcoins like ENS, LDO and PENDLE have risen amid bearish market conditions.
- Investors can expect ETH-related altcoins to heat up as the spot Ethereum ETF decision nears.
The bull run has favored meme coins, be it on the Ethereum or the Solana blockchain. This phase has spawned multi-million dollar meme coins like dogwifhat (WIF), BOOK OF MEME (BOME), MAGA (TRUMP) and so on. However, due to the recent market outlook, meme coins have suffered a massive blow to the body.
Meme coins shed weight
In the last five days, Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) have been down 13%, 15% and nearly 20%, respectively. The month-to-date performance shows these coins' performance ranges from -20% to nearly -40%, denoting the current state of the meme coin sector.
Meme coin price performance
Capital rotates into ETH-based altcoins
As mentioned in a previous FXStreet publication, the choppy market moves are culling not just meme coins but eager bulls as well. But one sector of altcoins has shown incredible potential to recover from the past week’s downward trend – Ethereum-based altcoins.
Ethereum Name Service (ENS) price has shot up 26% in under five days. Lido DAO (LDO) and Pendle (PENDLE) have both climbed 20% and 15% in the same period.
ETH alts performance
ENS price likely to rally another 15%
ENS price has shot up 21% in the past 48 hours and breached the $24.34 resistance level. As eager holders rush to book profits, investors can likely expect a pullback that retests the aforementioned level. Interestingly, this barrier is also engulfed by an imbalance, extending from $22.87 to $24.77.
Ideally, interested investors can accumulate ENS in this zone. The resulting recovery rally could see the ETH-based altcoin bounce 16% and tag the next key hurdle at $28.42.
ENS/USDT 4-hour chart
On the other hand, if ENS price breaches the June 18 swing low of $21.39, it would produce a lower low and invalidate the bullish thesis. Such a development could see ENS drop 12.50% to retest the June 12 swing low of $18.74.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.