The past seven days were exhilarating for the crypto market as Bitcoin continued forming new ATH despite an exhausting bullish momentum. However, the dying momentum did not affect the meme coins which went on to post rallies as high as 3,000%.

BeInCrypto has analyzed three such meme coins that have risen significantly and, at the same time, formed new all-time highs.

Act I: The AI Prophecy (ACT)

ACT has soared as the top-performing meme coin this week, driven by its recent Binance listing. This milestone fueled a remarkable rally, with the cryptocurrency experiencing an unprecedented 3,000% surge over seven days, making it a standout in the market.

Currently trading at $0.74, ACT reached a new all-time high of $0.95 during its rally. The altcoin has established a solid support level at $0.60, signaling potential stability amidst the ongoing momentum, provided market conditions remain favorable.

However, ACT’s hype-driven rally leaves it susceptible to corrections. Should investors opt to lock in profits, the meme coin could lose its $0.60 support and slip further to $0.44, challenging its recent gains and raising concerns about sustained growth.

Peanut the Squirrel (PNUT)

PNUT has emerged as one of the top-performing cryptocurrencies, surging by an astounding 1,579% over the past week. This incredible rally placed the meme coin among the top 100 crypto tokens, with its price currently trading at $1.91, drawing significant attention from investors and market watchers.

The impressive performance saw PNUT set multiple all-time highs this week, with the latest high recorded at $2.50. If the bullish momentum sustains, the meme coin could continue climbing, potentially setting new ATHs and further solidifying its position in the market.

However, should PNUT lose the critical support level of $1.69, it may face a significant correction. Such a decline could pull the price down to $0.44, erasing recent gains and invalidating the current bullish outlook.

Department Of Government Efficiency [DOGE(GOV)]

DOGE(GOV) price surged by an impressive 244% over the past week, marking an all-time high of $0.545. After facing minor corrections, the meme coin is now trading at $0.353, with investor sentiment showing mixed signals about its short-term trajectory.  

The altcoin maintains support at $0.161, providing a safety net amid potential profit-taking by investors. However, if selling pressure escalates, DOGE(GOV) could experience a sharp decline, potentially dropping to $0.049. Such a drop would erase much of the recent gains, increasing bearish momentum.

On the other hand, if DOGE(GOV) holds above the $0.161 support level, it could regain upward momentum. Successfully sustaining this level might allow the meme coin to revisit its all-time high of $0.545, invalidating the bearish outlook and paving the way for further gains.  

This week in crypto, a lot happened across different ecosystems, with momentum reinvigorated by the broader market’s prevailing bullish sentiment. Besides Bitcoin’s (BTC) testing unchartered territory, the following are some of the updates you won’t want to miss.

For starters, Bitcoin established a new local top at $93,265 on Binance amid other BTC-related chatter. Other notable updates include developments on Telegram’s Hamster Kombat (HMSTR) and the Binance listing controversy.

Why HMSTR Soared Over 50%

Over the last seven days, the HMSTR token has soared over 50%, driven by the anticipated launch of the Hamster Kombat Season 2 airdrop. This play-to-earn (P2E) game rewards players in HMSTR tokens, combining engaging gameplay with tangible financial incentives.

The game’s success lies in its unique appeal, catering to the growing intersection of gaming and decentralized finance (DeFi). The rise also reflects broader trends in niche gaming tokens gaining popularity, particularly when aligned with a dedicated community. Analysts highlight the importance of timing and novel strategies in HMSTR’s unexpected ascent.

Nevertheless, some remain skeptical about season 2 of the project’s airdrop after the first one failed to impress participants.

“Hamster Kombat’s Season 2 won’t succeed unless they fix the big mistake of disqualifying 65%+ of their players. It feels like a planned move to get rid of many users after gaining from their effort. Yes, cheaters should be punished, but their system has failed to spot the real cheaters. Many who used key generators are still eligible, while honest players who spent months collecting 100-200 keys were unfairly disqualified,” said Keyur Rohit on X.

Shiba Inu’s S.H.I.B. Proposal

The Shiba Inu ecosystem is also featured in this week’s crypto trends, following the proposal to create a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) in the US. As BeInCrypto reported, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu network, made the revelation.

The “S.H.I.B.” proposal seeks to transform Shiba Inu into more than just a meme coin by positioning it as a leader in blockchain innovation. The initiative emphasizes fostering a decentralized environment for developers, investors, and tech entrepreneurs.

If successful, this move could elevate the Shiba Inu ecosystem, providing long-term utility for its tokens. It could also reshape perceptions of meme coins in the crypto market.

Kusama’s proposal for a strategic blockchain hub in the US is designed to serve as a “Silicon Valley for crypto.” The estimated budget is $2.35 billion over five to ten years amid plans to establish the US as a global center for blockchain technology and sustainable development. Against this backdrop, the network plans to involve Donald Trump’s Department of Government Efficiency (D.O.G.E), which Elon Musk will co-lead.

“[It is] a visionary approach that our foundation WILL officially propose to this new administration now that this has been announced, and I believe that even a fraction of the funds gathered through D.O.G.E. will pay for these innovations,” Kusama stated.

Binance Listing Drama

Binance, the largest crypto exchange by trading volume metrics, was recently under scrutiny following its decision to list low-cap Solana-based meme coins PNUT and ACT. These tokens experienced sharp price surges post-listing, leading to accusations of market manipulation.

Critics argue that such listings often result in pump-and-dump schemes that benefit insiders. Binance, however, maintains that its listing process is rigorous and aimed at supporting diverse blockchain projects.

This controversy raises questions about centralized exchanges’ responsibilities and transparency, especially in volatile markets dominated by speculative trading.

Notably, the ACT rallied a thousand-fold in the immediate aftermath of the listing announcements. While the controversy caused the tokens to lose some of the ground covered, they are both trying to recoup some of the gains lost.  

Peter Schiff Calls Out Bitcoin

Renowned economist and Bitcoin skeptic Peter Schiff once again criticized the cryptocurrency. He recently claimed the pioneer crypto lacks intrinsic value and cannot serve as a reliable hedge in economic downturns.

Schiff argues that Bitcoin’s volatility undermines its position as “digital gold,” favoring traditional assets like precious metals instead. While Schiff’s views resonate with many traditional investors, Bitcoin proponents counter. They say that its decentralized nature and finite supply offer unique advantages, particularly in an era of uncertainty about fiat currency.

The Bitcoin skeptic also quashed hopes of a possible Bitcoin reserve in the US, contrary to Donald Trump’s previous assertions. According to Schiff, a Bitcoin reserve in the US would lead to a series of inflationary shocks that could destabilize the economy.  

“That would cause the market to crash, forcing the US government to print even more dollars to buy more Bitcoin to prevent the price from crashing, thereby diminishing the value of its Bitcoin reserve. Of course, a reserve of something you can never sell and must continuously buy is worthless as a reserve. To maintain the pretense that its Bitcoin reserve has actual value, the US government would be forced to keep buying, destroying the value of the dollar in the process,” Schiff explained.

More recently, Schiff made another quip at the Trump Media & Technology Group (TMTG), sarcastically urging them to bet on Bitcoin.

El Salvador’s Bitcoin Pivot

Meanwhile, while Peter Schiff remains skeptical about Bitcoin, El Salvador’s decision to adopt BTC as legal tender continues to yield notable benefits. Recent developments reveal that the country leveraged Bitcoin-driven economic gains to repurchase sovereign debt at a discount.

This milestone highlights the potential for cryptocurrency to bolster national finances despite initial skepticism from global financial institutions. President Nayib Bukele’s administration credits Bitcoin’s role in improving tourism, remittances, and investor confidence. This signals the success of the country’s bold experiment in integrating cryptocurrency into national policy.

According to data on Arkham, the El Salvador government now boasts a Bitcoin portfolio of 5,935 BTC, which is valued at $520.50 million at current market rates.

Ethereum price started a downside correction below the $3,250 zone. ETH is now consolidating near $3,000 and might attempt a fresh increase.

• Ethereum started a short-term downside correction below the $3,250 zone.
• The price is trading above $3,200 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $3,000 zone.

Ethereum Price Hits Support

Ethereum price failed to extend gains above the $3,450 zone and started a downside correction like Bitcoin. ETH declined below the $3,320 and $3,250 support levels.

The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It might soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,120 level.

The first major resistance is near the $3,200 level. There is also a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD. The main resistance is now forming near $3,265 or the 76.4% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

A clear move above the $3,265 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,040 level. The first major support sits near the $3,000 zone.

A clear move below the $3,000 support might push the price toward $2,950. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,040

Major Resistance Level – $3,200