In the latest Solana meme coin explosion, a new Muppets show-themed token – Kermit (KERMIT) – has surged 600x in just 24-hours, but KERMIT price analysis suggests a new dog coin could be a better play.
This article will provide an analysis of KERMIT’s current price trends and look to see whether a new dog-themed coin, Dogecoin20, represents a more promising investment opportunity at this time.
Amid heightened activity in Solana meme coin markets, Kermit token has made an impressive entry to the market, with sentiment bolstered by the frog theme – which positions this token alongside popular Ethereum-based tokens like Pepecoin (PEPE).
KERMIT Price Analysis: As Kermit Token Forms Strong Pan-Handled Pattern – How High Could Skyrocket Go?
As KERMIT attempts to push up once more, Kermit token is currently trading at a market price of $0.020 (representing a 24-hour change of +533,106%).
This comes after the novel new Solana meme coin launched at just 00:00 (UTC) on March 19, in a DEX listing which caught almost immediate traction, exploding +600,000% to hit an all-time high at $0.029 in the first hour.
In the subsequent 17-hours of trading, retracement and consolidation have dominated price action after resistance from the all-time high sent KERMIT price tumbling -76% down to lower support at $0.00675.
Yet, well-defended consolidation at these levels has set the stage for a recovery by KERMIT – which now stands in a bullish panhandle pattern amid a +173% bounce from support.
All eyes are now on overhead resistance below the all-time high at $0.027, which forms the main barrier to a second rally leg – especially as buy-pressure remains strong representing 60% of transactions over the past hour.
Yet, some cause for concern emerges due to the project’s extremely high market cap, which stands at a lofty $18.9m – reducing overhead growth potential from here.
Even if the project was to undertake a major move to $100M market cap from here, this would only represent around a 5x return for traders at this stage – suggesting the importance of an early entry.
For this reason, FOMO investors are turning their attention to an earlier opportunity with massive mileage – the Dogecoin 2.0 presale – offering the opportunity to get in on the next skyrocket at $3m market cap!
