Meme coins have taken a breather in the past 24 hours after rallying for a few days. So, what crypto to buy now as the market takes a pause?
The combined market cap of assets in this category has retreated by 1.8% in the past day and this could give late buyers a chance to scoop up the best meme coins at lower prices.
Despite today’s retreat, a handful of tokens have delivered strong gains in the past week. Fartcoin (FARTCOIN) currently leads the scoreboard with a 60% weekly jump, followed by SPX6900 (SPX), whose price has increased by 45.9% during this period.
Meanwhile, the sector’s leaders, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have seen significant gains as well of 12.5%, 10.5%, and 12.9% during this period.
In contrast, Official Trump (TRUMP) has notably lagged behind its peers with gains of just 0.6% gains in the past week as market participants fear that the token’s circulating supply will soon start to rise once insiders’ vesting periods begin to expire.
The approval of an exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) remains a potential catalyst that could propel the price of these assets to higher levels and help them recoup some of the territory they have lost since the market went on a selling spree.
The Bitwise Dogecoin ETF is currently the first candidate in line to get the green light from the regulatory agency. However, this approval may be delayed until the new Chairman of the SEC, Paul Atkins, is confirmed by the Senate.
According to Polymarket bets, there is a 69% chance that such a vehicle will be approved in 2025. However, the odds stand at a much lower level at 39% for an approval date before July 31.
Is Dogecoin (DOGE) The Best Crypto to Buy Now?
Dogecoin’s dominance of the meme coin space currently stands at 52.1%. As the largest token in this category by market capitalization, its performance is critical to the sector’s success and how the public perceives it.
From a technical standpoint, DOGE’s short-term outlook is bullish as the price broke above its descending triangle in the past few days. A double-bottom emerged once Dogecoin bounced off the $0.14 for a second time in mid-March ahead of this month’s interest rate decision by the U.S. Federal Reserve.
Despite today’s drop, momentum indicators are supporting a bullish outlook as the Relative Strength Index (RSI) is 21% above the signal line while the MACD’s histogram shows steadily increasing positive momentum readings.
A first target for DOGE if the rally keeps going could be set at $0.22 or a bit higher at $0.24 at the token’s nearest lower high. This results in an upside potential ranging from 15% to 26%.
Apart from Dogecoin, Solaxy (SOLX), a layer-two scaling solution for Solana, has emerged as one of the best cryptos to buy now as the project has raised more than $28 million to solve the network’s congestion issues once and for all.
Solaxy (SOLX) Could Explode Once Its L2 Becomes Widely Adopted by Wallets and Exchanges
Back in January when Official Trump (TRUMP) was launched, Solana experienced significant delays in clearing transactions and delivered errors in many instances to both users and exchanges.
To solve this, Solaxy (SOLX) introduces a novel mechanism that bundles Solana transactions offline to relieve the mainnet during peak usage times at a low cost to users.
The developing team has already provided encouraging updates about the L2’s progress. They have successfully tested asset transfers on the testnet and have partnered with top blockchain companies like Hyperlane and Sovereign Labs to finish up the project.
They have also engaged in negotiations with top wallet providers and exchanges to foster Solaxy’s adoption once the solution is available.
The demand for $SOLX will explode once it starts to be used massively. The success of its presale event, which has raised over $28 million since it was launched in December last year, is a reflection of Solaxy’s huge upside potential.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap SOL or USDT for this token or use a bank card to complete your investment.
