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BNB Chain Joins Memecoin Craze – Memecoins Rebound Following Dip

Last Updated April 3, 2024 11:09 AM
Valdrin Tahiri
Last Updated April 3, 2024 11:09 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The BNB chain announced its “Meme Innovation Battle” program on April 2.
  • Memecoins have been the best performing narrative in 2024.
  • Which memecoins are leading the bounce after yesterday’s dip?

The BNB chain announced  its “Meme Innovation Battle” in order to draw developers to its ecosystem. The move also aims to foster a creative environment allowing the memecoin ecosystem to thrive.

Memecoins have been the best performing narrative this year. With BNB and Avalanche launching similar programs to incentivize developers to join their chains, memecoins are well positioned to continue outperforming other narratives.

What is BNB Chain’s Incentive Program?

The competition period will start on April 10 and continue until May 10. Then, the top 10 will be announced over a 5-day period, concluding with the final results on May 16.

The total prize pool will depend on the trading volume and can reach up to $1 million. The first place will receive 40% of the total rewards, the second place 30%, the third 15% and the remaining 15% will be split equally in the places from 4 to 10.

Best Performing Narratives
Narrative Performance | Credit: Dune

Memecoins have by far been the best performing narrative in the last three months. However, the leaders are in the Solana or Ethereum blockchains.

No memecoins in the BNB chain are ranked in the top 100 biggest cryptocurrencies. The chain hopes to remedy with its “Meme Innovation Battle” incentive program.

Memecoins Rebound After Dip – Who Is Leading the Charge?

The overall cryptocurrency market has bounced after reached a local bottom yesterday. Out of the six biggest memecoins, the two that have increased the most since the dip are WIF and BONK.

The two Solana memecoins have also been the overall leaders in the market cycle. FLOKI and SHIB follow them, while DOGE and PEPE round out the smallest gainers.

Memecoin Gainers Chart
Custom 30-Minute Chart Credit: TradingView

The entire memecoin basket has fallen slightly since its high of $0.84 on March 31 (red icon). An ascending parallel channel contains the movement.

While the daily RSI generated bearish divergence, a drop already occurred as a result of the divergence. Unlike the RSI, the MACD has not generated any bearish divergence, which could allow the upward trend to continue.

Memecoin Basket Price
Custom Daily Chart | Credit : TradingView

There is a confluence of support levels at the channel’s support trend line, created by the trend line and the $0.60 horizontal support area. So, the trend can be considered bullish as long as the price does not close below this level.

Memecoin Gains Can Continue

To conclude, WIF and BONK have been the memecoin leaders in the ongoing crypto market bounce and the overall rally this year. New initiatives from the BNB chain and Avalanche support the memecoin ecosystem, while the memecoin basket price sits above long-term support.

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