The meme coin market continues to evolve with the emergence of new tokens. Interestingly, a copy of a famous meme coin took the top spot this week, leaving the original behind.
BeInCrypto has compiled the top meme coins of the week and analyzed what investors should expect from them going forward.
First Neiro on Ethereum (NEIRO)
While Neiro Ethereum has already made headlines over the past month, Binance listed a new coin with the same ticker this week. This NEIRO managed to chart a 2,459% rise.
Unlike Neiro Ethereum, which is trading at $0.086, First Neiro on Ethereum is changing hands at $0.000804. However, the latter’s rally may not last long as the overall trading volume has dipped by 117% in merely 72 hours.
Read more: Which Are the Best Altcoins To Invest in September 2024?
Thus, NEIRO could be looking at a drop in the coming days as investors move to sell. This could send the price to $0.000600.
Billy (BILLY)
Second, on the top-performing meme coins list is Billy, an altcoin that registered a 157% rise. This brought the altcoin to trade at $0.048, marking a multi-week high.
BILLY is now aiming to breach the resistance level of $0.048, which it is currently stuck under. This could enable a rise to $0.067, the next major barrier for the meme coin.
Read More: What Are Meme Coins?
Failure to breach $0.048 could result in the altcoin falling back to support at $0.035. The drawdown would wipe out a chunk of the profits noted recently, and a drop below $0.035 would also invalidate the bullish thesis.
Baby Doge Coin (BabyDoge)
Following Billy closely was Baby Doge Coin, which managed to post a 109% rise in the past week. Interestingly, a part of BabyDoge’s rally has already been wiped away by the 14% decline observed in the last 24 hours.
The meme coin is now trading at $0.000000002004, above the support of $0.000000001968. The chances of a drop below this level are high, considering the broader market trends, and this could send BabyDoge to $0.000000001620.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
On the other hand, BabyDoge would invalidate the bearish thesis if it managed to bounce off $0.000000001968, sending the meme coin to breach the barrier at $0.000000002320.
The post This Week in Meme Coins: NEIRO Soars 2,400%, But There’s a Catch appeared first on BeInCrypto.
