Bitcoin kicked off April with a tumble, yet Solana meme coin markets remain supercharged. In the latest development, SNAPCAT price has exploded after going viral, but retail investors are already shifting their attention to the next big launch.
This article will analyze SNAPCAT’s current price trends and see whether the latest incarnation of Dogecoin represents a more promising investment opportunity.
Lfg
— Wright360 (@kmslade__81) April 2, 2024
SNAPCAT is a simple meme coin, with a play on the popular messaging app Snapchat, however, the project unlocked viral success after promising to create an ecosystem where cats could send snaps to each other.
While it remains unclear whether this could be the breakthrough humanity has long awaited, the comedic idea of cats sending Snapchat messages has clearly won over some fans – with more than 7,000 holders invested in the project since launch – sending the project surging to Hot #4 on DEXTools.
SNAPCAT Price Analysis: Can the Latest Solana Meme Coin Skyrocket Defy Crypto Market Retracement?
As price reels from the new all-time high, SNAPCAT is currently trading at a market price of $0.29 (Representing a 24-hour change of +129%).
This comes after SNAPCAT launched at just $0.008 on April 1, in a comedic move that gained strong traction in the first 4-hours, with SNAPCAT price hammering up to hit a local high at $0.37.
Initial retracement saw a lengthy consolidation in defense of support at $0.1 – eventually providing a launchpad for skyrocketing price action at 6 AM UTC on April 2.
SNAPCAT rallied a further +460% from here to hit an all-time high at $0.59, however, with early backers sat atop whopping +71,150% gains, a sell-off was inevitable and retracement has since set in.
Currently price action is trading -46% down from the recent ATH, with 7,000 holders fighting to hold the line at the $0.30 support level.
Indeed, with strong trading volume at $17.21m, a successful defense of support at this level could set the stage for another skyrocket that could see SNAPCAT’s market cap leap from $3m to $10m in a 3.5x move.
However, this depends on a relatively small unlocked liquidity pool of just $196k – which could expose some holders to illiquidity in the event of a further sell-off.
For this reason, smart money investors are shifting their attention to the Dogecoin20 presale – which has achieved similar viral traction in the meme coin sector and now stands poised ahead of major CEX listings alongside the Bitcoin Halving event on April 20.
Don’t Miss Your Last Chance To Participate In The Dogecoin20 Presale: 17 Days Until CEX Listing
The recovery of meme coin markets in 2024 has been nothing less than impressive, and this resurgence is fueling interest in Dogecoin20, a new ERC-20 token currently in its presale phase – offering retail investors the chance to get in early at an ultra-low market cap.
Developers describe the Dogecoin as part of the “Dogecoin family of meme coins”, however, unlike DOGE, there is more utility to Dogecoin20 holders since they can stake and earn rewards.
Additionally, Dogecoin20 attempts to differentiate itself from other meme coins by offering a capped supply and a staking mechanism, features not present in Dogecoin – this could incentivize long-term participation and address concerns about inflation.
But the real opportunity lies in Dogecoin20’s market cap (around $10m), which is just a fraction of Dogecoin’s $26.6 billion.
Imagine if Dogecoin20 repeated just 1% of Dogecoin’s success, that would mean a 30x return for presale investors – an easy target in bull market conditions.
Dogecoin20 will likely capitalize on the “replica play” on DOGE and possibly attain the same viral success.
Strategically, the meme coin creators are tapping into high expectations ahead of the Bitcoin halving event.
Dogecoin20 will launch on April 20, around 24 hours after the event.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
