Meme coins have been thrust into the spotlight once again as the controversial MELANIA token makes headlines once again. A Fortune report shows a group of traders that bought millions of dollars worth of MELANIA gained nearly $100 million in profits by selling the meme coin at its peak.
Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) rallied alongside Bitcoin (BTC) as the largest cryptocurrency beat the $100,000 milestone and climbed past the resistance on Thursday. DOGE, SHIB and PEPE’s price dipped slightly, down 2%, 1.60% and 3.51% on the day.
Dogecoin, Shiba Inu and Pepe rally
The top three meme coins ranked by market capitalization observed nearly double-digit gains on Thursday after Bitcoin crossed the $100,000 milestone. DOGE, SHIB and PEPE gained 10%, 9% and 23% on the day, breaking past key resistances on the daily timeframe.
On Friday in the early hours, the three meme coins erased part of their gains and faced a correction, likely a result of profit-taking by traders.
The two dog-themed cryptocurrencies and the internet meme based-frog are in the spotlight as traders’ portfolios
Solidus Labs’ report shows 98.6% of meme tokens launched on Solana’s Pump.fun launchpad and 93% of liquidity pools on Raydium exhibited signs of what is considered “fraudulent activity.” Fraudulent activity includes pump-and-dump schemes and rug pulls that are common in the meme token ecosystem.
Bitcoin is back above $100,000 ignites crypto bull run
Bitcoin climbed to $103,268 early on Friday, breaking past sticky resistance at $100,000. One of the biggest drivers of Bitcoin’s breakout is US trade announcements, the return of certainty to tariff negotiations between the United States and several nations and the Federal Reserve’s decision to keep interest rates unchanged.
The next two resistances for Bitcoin are $106,457, a key level for BTC since it hit its previous all-time high and R2 at $109,588. BTC is less than 5% away from the first key resistance. A key technical indicator, the MACD flashes green histogram bars above the neutral line, signaling an underlying positive momentum in Bitcoin’s price trend.
Bitcoin’s rally to $100,000 was accompanied by a rally in top meme tokens across exchanges.
MELANIA makes headlines for wrong reasons
MELANIA, the meme coin launched by the United States’ First Lady is making headlines for allegations of a group of traders dumping the token at its peak for nearly $100 million in gains within days of launch.
A Fortune report shows a vast majority of the MELANIA token was exchanged for USD Coin (USDC), a stablecoin backed by the US Dollar. Another report by the Financial Times alleges that traders purchased millions of MELANIA tokens minutes before the token was publicly launched, raising concerns of “insider groups,” and their trading activity.
MELANIA price is down 97% from its all-time high, trades at $0.3437 on Kraken at the time of writing.
Dogecoin, Shiba Inu and Pepe price forecast
Dogecoin is poised to extend gains by another 12% and test resistance at R1, $0.21465, one of the key levels for the meme coin. Another resistance is R2, at $0.24040, as seen on the daily timeframe.
Both R1 and R2 are the upper and lower boundaries of FVGs on the daily price chart. DOGE could find support at $0.16358, as seen in the DOGE/USDT chart.
RSI and MACD support a bullish thesis for Dogecoin, RSI reads 63 and is sloping upwards and MACD flashes green histogram bars above the neutral line, meaning that Dogecoin has a positive underlying momentum in its price trend.
Shiba Inu could extend gains by another 10%, and the SHIB/USDT daily price chart looks bullish. SHIB faces resistances at R1 and R2, $0.00001532 and $0.00001688. These are two key resistance levels for Shiba Inu on the daily timeframe. A 10% rally would lead to a re-test of R1 and R2 would come into play as the target for Shiba Inu price.
Shiba Inu could find support at $0.00001215, as seen in the chart below. RSI and MACD support the thesis for price gain.
PEPE stands out among the top 3 meme coins with the highest likelihood of gains, 27%. PEPE is positioned for a double-digit price rally and a test of resistance R1 at $0.00001206, the upper boundary of an FVG on the daily timeframe. PEPE could re-test resistance at $0.00001336, and in the event of a correction, the $0.00000828 level could act as support.
RSI is sloping upwards and reads 72, MACD flashes green histogram bars above the neutral line. Both momentum indicators are aligned with an extension of PEPE price rally.
Top 5 meme coins to watch
As Bitcoin continues its climb past the $103,000 level and beyond, traders expect that BTC will revisit the previous all-time high above $109,000. In that case, the top five meme coins to watch, apart from DOGE, SHIB and PEPE are Official Trump (TRUMP), Bonk (BONK), Fartcoin (FARTCOIN), Pudgy Penguins (PENGU) and FLOKI (FLOKI).
The meme coins based on the Solana and Base chain could potentially rally higher alongside Dogecoin, Shiba Inu and Pepe while market traders’ sentiment remains bullish and Bitcoin rallies. A flash crash in Bitcoin could usher a market correction, typically the most speculative category of tokens suffer steep corrections meaning meme tokens could observe a notable decline.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
