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26/05/2024Top Cryptocurrencies to Watch This Week: PEPE, NOT, ONDO
Last week saw multiple top cryptocurrencies experience a second round of price surges, continuing the recovery trend from the previous week. This upward momentum resulted in the global cryptocurrency market capitalization growing by $140 billion, marking a 5.7% increase to $2.57 trillion. Here are our picks for the top cryptocurrencies to watch this week, following notable movements recorded by these assets:
PEPE Hits New All-Time High for Second Straight Week
Pepe (PEPE) has been on a sustained uptrend since mid-April despite the instability witnessed across the broader market during this timeframe. Market data confirms that the meme coin sensation has recorded four consecutive intraday gains on several occasions, from April 20 to 23, from May 1 to 4, and from May 11 to 14.
Despite not replicating a similar streak this week, Pepe soared by 45.86% on May 21 and 22 while the rest of the market faced a pullback. The frog-themed meme coin hit a new all-time high of $0.00001161 two weeks ago and secured another all-time high last week when it rallied to $0.00001577 on May 25. This price upswing bucked the overall bearish trend in the market triggered by Bitcoin’s (BTC) retracement from the $71,000 high on May 20.
Pepe has surged 75.88% over the last seven days, making it the biggest gainer among the top 100 assets during this period. The meme coin is now in a price discovery phase, commanding a 24-hour volume of $1.946 billion at press time, the seventh-largest in the crypto market.
Pepe’s Accumulation/Distribution metric confirms that last week’s upsurge was majorly driven by massive demand. The metric held a value of 615.79 trillion PEPE as of May 19 but spiked to 775.91 trillion tokens by the end of the week. PEPE now trades at $0.00001606, aiming to secure its hold on this threshold.
NOT Experiences Further Decline
Notcoin (NOT) began the week with a massive 16.1% slump on May 19. The coin, first introduced in November 2023 as a closed beta within Telegram, suffered an intense selloff campaign shortly after its debut. The token collapsed by 55% post-launch as airdrop farmers rushed to cash in. This selloff campaign continued last week.
Despite the broader market’s upsurge on May 20, Notcoin failed to recover most of its losses, only increasing by a meager 2.57% before resuming its downward trajectory. The newcomer shed another 10.63% of its value last week, closing the week below the $0.005 price territory. A 10.01% recovery on May 25 was not sufficient to offset the week’s losses. At its current value of $0.004964, NOT is down 86.76% from its peak of $0.0370 reached on Binance on the day of its debut.
ONDO Clinches New All-Time High
Ondo (ONDO) emerged as one of the best performers of the previous week. Like the broader market, the asset began the week on a bearish note, dropping 3.82% on May 19. However, it capitalized on the market rebound to recover this loss, closing May 20 with an impressive 8.29% increase.
While the rest of the market retraced the gains that day, Ondo — the native token of the RWA tokenization platform Ondo Finance — saw a mild correction before resuming its uptrend. It eventually clinched a new all-time high of $1.16 on May 24. The asset has since surpassed this level, joining PEPE in price discovery mode. With a current price of $1.28, ONDO is up 40.73% over the past seven days, making it the fifth-largest gainer within this timeframe.
Ondo has now recovered the 23% loss it suffered in April, up 71.88% this month. However, Ondo’s position above the $1.28 level remains delicate, especially with a 77.29 RSI suggesting overbought levels. The asset is due for a correction, but the bulls will need to find support at the 23.6% Fibonacci retracement level ($1.1873) to defend against any steep declines to the lower spectrum of the $1 threshold.
Market Implications and Future Outlook
The notable movements of PEPE, NOT, and ONDO illustrate the volatile nature of the cryptocurrency market. PEPE’s impressive gains highlight the potential for meme coins to capture investor interest and achieve significant price surges. In contrast, NOT’s decline underscores the risks associated with new and speculative assets, particularly those that experience rapid selloffs post-launch.
Ondo’s performance demonstrates the growing interest in tokens associated with real-world asset (RWA) tokenization, a sector that could see substantial growth as blockchain technology continues to integrate with traditional finance. The ability of ONDO to recover previous losses and achieve new highs reflects its potential appeal to investors seeking innovative financial solutions.
As the cryptocurrency market evolves, these assets will be essential to watch. Their performance will provide insights into broader market trends, investor sentiment, and the potential for new and emerging technologies to shape the future of finance.
In conclusion, while the past week has seen significant gains for some cryptocurrencies and declines for others, the overall market remains dynamic and full of opportunities. Investors should remain vigilant, conducting thorough research and considering the inherent risks before making investment decisions. The continued monitoring of assets like PEPE, NOT, and ONDO will be crucial in navigating the ever-changing landscape of the cryptocurrency market.
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