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Discover how political endorsements and the Bitcoin 2024 Conference have propelled meme coins like MAGA AGAIN and Pepe Unchained into the spotlight.
Initially, these tokens saw bullish momentum, but they quickly faded as leading cryptocurrencies like Bitcoin plummeted dramatically shortly after.
This decline impacted meme coins, including the Book of Meme, which dropped over 50% from $0.0114 to $0.0053. However, the downtrend was short-lived, as the Book of Meme has already rebounded by over 30% and is now trading near $0.0070.
Let’s look at the technical indicators to discover which meme token might next experience explosive growth.
Highlights from Bitcoin Conference 2024
The Bitcoin Conference 2024 provided a platform for political figures to express their views on cryptocurrencies. Former US President Donald Trump made headlines with his bold statements, pledging that he would ensure the federal government retains its Bitcoin holdings if re-elected.
“Our government has ignored a principle that every Bitcoiner knows: Never sell your Bitcoin,” Trump stated during his keynote address.
At the Bitcoin2024 nashville conference, Donald Trump sounded a warning “NEVER SELL YOUR #BITCOIN ”#Bitcoin2024Conference #Bitcoin2024 #DonaldTrump #DonaldTrump2024 #Crypto #cryptocrash pic.twitter.com/Q4fMaVPaif
— Kings Web3 Court🤴 (@kingsweb3court) August 6, 2024
He envisions the United States becoming the “crypto capital of the world” and vowed to create a “strategic national Bitcoin stockpile.”
Trump’s commitment to the cryptocurrency industry is further underscored by his acceptance of Bitcoin donations for his campaign, reportedly amounting to $4 million. He also promised to ease regulations for cryptocurrency mining companies in the US, positioning himself as an advocate for the crypto sector.
Similarly, Robert F. Kennedy Jr. expressed strong support for digital currencies, proposing the creation of a national reserve of 4 million Bitcoins, starting with assets from government-held criminal seizures.
Robert Kennedy Jr. stated, “I will sign another executive order directing the US Treasury to purchase 550 Bitcoin daily until the US has built a reserve of at least 4 million Bitcoins.”
Our Take: This ambitious plan could revolutionize the U.S. financial strategy by integrating… pic.twitter.com/djm3oLQBOk
— HCM Capital (@HCM_Capital) July 27, 2024
Kennedy committed to purchasing 550 Bitcoins daily to achieve this goal, highlighting his belief in the potential of digital currencies.
Meme Coins Performance
Several meme tokens experienced significant price movements during the recent cryptocurrency market rally. MAGA AGAIN (MAGAA) surged approximately 84.80%, climbing from $0.0082 to $0.01515. This gain highlights the token’s increasing popularity and market interest.
Neiro Ethereum (NEIRO) also saw a substantial rise, gaining 74.40% over the week. Prices moved from $0.1514 to $0.2639, reflecting strong investor confidence.
Meanwhile, CAW (crow with a knife) posted a respectable 26.37% increase, advancing from $0.0598 to $0.075521.
However, despite these gains, some meme coins entered a correction phase as prices began to stabilize. Let’s jump and look at the technical side of Book of Meme.
Book of Meme: Bullish Signs and Key Levels
The Book of Meme coin has shown signs of recovery, rebounding from the support level of $0.0053, as illustrated on the chart. The coin was previously in an oversold zone, as indicated by the Relative Strength Index (RSI) at 42.58, suggesting limited selling pressure.
The price has now moved past the 23.6% Fibonacci retracement level at $0.0067 and is approaching the 38.2% Fibonacci retracement level at $0.0076.
If demand increases, the next target is the 50% Fibonacci retracement level at $0.0083, potentially rising to the 61.8% Fibonacci retracement level at $0.0091. The 50-day Exponential Moving Average (EMA) at $0.0088794 remains a significant resistance level.
The outlook for Book of Meme is bullish. It is above $0.00725, and further gains are possible if resistance levels are breached.
The recent performance of the Book of Meme coin highlights the volatility and rapid price movements typical in the meme token market.
While established coins can offer significant gains, their high market caps often mean new investors buy in at higher prices. This dynamic makes presales like Pepe Unchained (PEPU) and The Meme Games (MGMES) particularly attractive, as they provide opportunities to enter at a lower price point with potentially higher upside.
Pepe Unchained: Emerging Player in the Meme Coin Market
Pepe Unchained (PEPU) is introducing a Layer-2 blockchain on Ethereum. It aims to enhance the meme coin market by increasing transaction speed by 100 times and lowering fees.
The presale has already raised over $7.5 million. Tokens are priced at $0.0089461, offering early investors a chance to participate before potential price increases.
The project’s expanding social media presence, including nearly 10,000 Twitter followers and a 5,000-member Telegram community.
The Meme Games (MGMES): Olympic-Inspired Coin
The Meme Games (MGMES) token, inspired by the 2024 Olympic Games, brings a fresh perspective to the meme coin market. Positioned to become a standout in the meme coin space, MGMES has the potential to gain exposure among billions worldwide.
The Meme Games has launched its presale campaign, and early investors are benefiting from a discounted entry price, which has already risen from $0.009 to $0.0092.
The presale coincides with the Olympic Games and will conclude on September 8th, 2024. A decentralized exchange (DEX) launch is planned for September 10th. The presale has already surpassed the $345,000 mark, demonstrating strong investor interest and confidence in the project.
The project is gaining attention on social media, with its Twitter account boasting over 16,000 followers and a growing Telegram community of over 2,300 members.
Pepe Unchained and The Meme Games highlight the innovation and growth potential within the meme token space, offering investors exciting alternatives to more established high-cap coins.
