Meme coins like DOGE, SHIB, and WIF have experienced significant losses in the past five days, with double-digit decreases in their value. On the other hand, Ethereum-based altcoins such as ENS, LDO, and PENDLE have seen a rise amidst the bearish market conditions. This shift in the market suggests that investors may see a potential uptick in ETH-related altcoins as the decision on the spot Ethereum ETF approaches.
The recent bull run has been favorable for meme coins across both the Ethereum and Solana blockchains, leading to the creation of high-value meme coins like dogwifhat (WIF), BOOK OF MEME (BOME), and MAGA (TRUMP). However, due to the current market situation, meme coins have taken a hit.
In the last five days, popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) have seen drops of 13%, 15%, and almost 20%, respectively. This trend is reflected in their month-to-date performance, with losses ranging from -20% to nearly -40%.
Conversely, capital has shifted towards Ethereum-based altcoins, with ENS, LDO, and PENDLE showing promising gains. ENS has surged by 26%, while LDO and PENDLE have climbed by 20% and 15%, respectively, in a short period.
ENS price is expected to rally further by 15%, as it has already increased by 21% in the past 48 hours, breaking through key resistance levels. Investors may consider accumulating ENS in a specific price zone for potential profits. However, a breach of certain support levels could lead to a decrease in value for ENS.
Overall, the market dynamics are shifting, with meme coins facing challenges while Ethereum-based altcoins show resilience and potential for growth. Investors should closely monitor these trends to make informed decisions in this fluctuating market.