The meme coin market concluded August on a subdued note, gaining only 1.3% in the past week and largely remaining unchanged. Over the last 30 days, prominent tokens are significantly in the negative — with PEPE down 13%, TRUMP 12%, BONK over 32%, and SPX more than 42%.
While the sentiment is lackluster, on-chain metrics and technical analysis indicate a potential shift. As we enter September, three meme coins are highlighted for their accumulation trends and price patterns.
Bonk (BONK)
Despite a 32% decline over the past 30 days and minimal movement last week, BONK appears to be gearing up for a bounce-back. Whale wallets have expanded their holdings by 16.22%, increasing their total to 2.51 trillion BONK.
At the current price of $0.0000215, this increase represents over $7 million.
Simultaneously, exchanges reported a 1.61% outflow, indicating that retail investors are continuing to sell while whales accumulate. This divergence typically precedes stronger movements, which is a primary reason BONK is one to watch in September.
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The current BONK price is around $0.0000216, a critical support level that has turned into resistance. A breakout above $0.0000239 could trigger upward momentum, with $0.0000282 being a significant catalyst.
Nonetheless, a drop below $0.0000195 would invalidate the bullish outlook.
With the Bull Bear Power (BBP) indicator indicating diminishing bearish strength, BONK might be poised for an upward move in September.
Pudgy Penguins (PENGU)
PENGU, associated with the Pudgy Penguins NFT brand, has decreased nearly 25% this month and has mostly traded flat over the past week. Nevertheless, whales have been quietly accumulating, making it another meme coin to monitor in September.
Whale balances have grown by 1.77% to 2.45 billion PENGU, while the top 100 addresses have increased their holdings by 0.13% to a total of 74.66 billion. At a price of $0.030, these significant additions are valued at $4.2 million.
Exchanges, in contrast, experienced a decline of 2.55% in supply, valued at $12.60 million, highlighting ongoing retail exits and diminishing selling pressure.
From a technical perspective, the Parabolic SAR, a trend-following indicator, has turned bullish, now appearing below the PENGU price candles. Coupled with a 174% rally over the past three months, the uptrend appears to be intact.
Key levels to monitor are $0.031 and $0.036. A clear move above these could lead to $0.041 and a robust recovery for PENGU in September.
However, a decline below $0.028 would invalidate the bullish forecast, although it may attract short sellers. In any case, PENGU is indeed a candidate to watch this September.
Dogecoin (DOGE)
DOGE, the original meme coin, has shown relative stability in comparison to its counterparts. It is down just 2.2% over the past month, remained flat throughout August, yet has gained 2.4% this past week and is up 9% over the last three months.
Major holders have taken notice. Between August 27 and 28, substantial wallets (holding 1 billion DOGE or more) raised their balances from 71.24 billion to 71.62 billion DOGE — a 0.53% increase, representing around $84 million at $0.2230. Such accumulation positions DOGE as one of the meme coins to keep an eye on in September.
Moreover, for much of the past week, Dogecoin bears have shown signs of retreat, as indicated by the Bull Bear Indicator. The last time this setup occurred around August 20 and 21, the DOGE price surged from $0.20 to $0.24 in a matter of hours. A similar pattern could unfold again.
Currently, DOGE is trading between $0.2176 and $0.2248. A breakthrough above $0.2449 is crucial for any upside potential, while a drop below $0.2058 could lead to a decline toward $0.1884.
The post Top 3 Meme Coins To Watch In September appeared first on BeInCrypto.
