Last week unveiled the potential of the meme coin market, even amid the general market correction. Bitcoin briefly reached $60,000, and the segment hit a market cap of $40 billion. Currently, the segment stands at $37.69 billion, with top meme coins under correction.
Decline and Recovery of the Meme Coin Market
Amid the growing bearish trend, DOGE is down 4%, SHIB by 3.66%, and pressure is mounting on low-cap coins. However, this presents opportunities to acquire undervalued meme coins that may bounce back and create a new generation of meme coin millionaires.
Ponke (PONKE)
Ponke has a market cap of $138 million, currently trading at $0.2494, which is 65% below its all-time high. Over the past year, the meme coin increased by 2,125%, reaching a high of $0.71578. Considering the ongoing recovery, Ponke has the potential to reach the $1.001 mark.
WHY
The WHY token has a market cap of $112 million, and is currently trading at $0.000002683, with a 2.63% rise over the past week. WHY shows a long-term sideways trend with resistance at $0.0000030. A V-shaped recovery is evident on the daily chart, with Fibonacci retracement targeting $0.0000035 and $0.000004432.
Meme coins are making a comeback. Investors are closely monitoring their dynamics, assessing the potential for growth and recovery to new heights.
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