Bitcoin News Today: Meme Coins Pudgy Penguins PENGU and Bonk BONK Predicted to Surge 66% and 43%

An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes more rallies are in store for two meme assets. The analyst, known as Bluntz, practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally. Bluntz predicts that the memecoin Pudgy Penguins (PENGU) will rise about 66% from current levels before completing a five-wave surge. According to the analyst's forecast, PENGU will soar to $0.055. At the time of writing, PENGU is worth $0.0327. Bluntz also suggests that PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily. The trader anticipates this to test prior all-time highs and potentially beyond over the next month or so. Bluntz also mentions that PENGU has insane normie appeal and basically launched in a meme bear market, so it never had a proper price discovery run, but he thinks its time has come.

Another memecoin on the trader’s radar is Bonk (BONK), which he thinks is following in the footsteps of PENGU. Bluntz predicts that BONK will soar to $0.000043. At the time of writing, BONK is trading at $0.00003. Bluntz also mentions that from all the major memes, BONK and PENGU are two of the strongest that have taken out their major May high resistances already. He also mentions that PENGU is leading and showing the way for BONK over the coming weeks. Bluntz is long both of these coins.

As for the broader altcoin market, the trader says he’s keeping an eye on the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC. Bluntz hints that the bearish divergence on the Bitcoin dominance chart is now playing out, suggesting that altcoins are poised to rise faster than BTC in the current bullish environment. A bearish divergence is a signal indicating waning momentum for an asset or index. Bluntz also mentions that BTC.D proper breaking down now, love to see it. At the time of writing, BTC.D is hovering at 63.73%.

An analyst has predicted that two of the strongest memecoins are poised for further rallies, while also hinting at potential explosions in the altcoin market. The analyst highlighted that the meme coin space is experiencing renewed interest, with PEPE and TRUMP coins demonstrating significant community support. PEPE, in particular, has shown unpredictable price movements, with whales accumulating the coin, which could lead to a breakout if the trend continues. The TRUMP coin, backed by a $100 million investment, has also gained traction due to its cultural significance and strong community backing.

BlockDAG, another meme coin, has raised $340 million in its presale, with 23.8 billion coins sold. The project has seen a 2,660% return on investment since its first batch and offers a potential 3,025% return during its global launch. BlockDAG's success is not just about numbers; it has also formed real-world partnerships with sports teams, providing fans with interactive experiences through blockchain technology. These partnerships, along with confirmed listings on major exchanges, position BlockDAG as a strong contender in the meme coin market.

The analyst's predictions suggest that the altcoin market could see significant growth, with newer meme coins like Bitcoin Hyper ($HYPER) and Snorter Token ($SNORT) potentially experiencing explosive growth. The analyst's forecast is based on the current trends and community support for these meme coins, which could lead to further rallies and potential explosions in the altcoin market. The analyst's predictions are based on the current trends and community support for these meme coins, which could lead to further rallies and potential explosions in the altcoin market.