Yeliz Akmaca 
The meme coin market ended August with weak momentum and mostly sideways trading. Last week saw only a 1.3% gain, highlighting limited movement. However, on-chain data and technical indicators suggest potential changes ahead. Currently, three meme coins are standing out for investors: BONK, PENGU, and DOGE.
BONK: Whale Accumulation Signals Potential
Despite a 32% drop in the last 30 days, BONK shows signs of a rebound. Whale wallets increased holdings by 16.22%, reaching 2.51 trillion BONK. At a current price of $0.0000215, this accumulation exceeds $7 million. Exchanges recorded 1.61% outflows, showing that retail selling continues. This divergence often precedes stronger moves, making BONK a coin to watch.
Technically, a breakout above $0.0000239 could drive upward momentum, while $0.0000282 represents a larger trigger. Falling below $0.0000195 would invalidate the bullish setup. The Bull Bear Power indicator shows weakening bearish pressure, supporting potential gains.
PENGU: Silent Whale Buying
PENGU, associated with the Pudgy Penguins NFT brand, fell nearly 25% this month but has been mostly flat over the past week. Large holders continue to accumulate, increasing their balances by 1.77% to 2.45 billion PENGU. The top 100 addresses added 0.13%, totaling 74.66 billion. Meanwhile, exchanges lost 2.55% of supply, worth $12.6 million, reflecting ongoing retail exits.
The Parabolic SAR trend indicator has flipped bullish, appearing below price candles. Key levels to watch are $0.031 and $0.036. Surpassing these could pave the way to $0.041 and a strong recovery. Falling below $0.028 would invalidate the bullish scenario.
DOGE: Mega Wallets Strengthen
Dogecoin, the OG meme coin, has been relatively stable. It declined 2.2% over the past month but gained 2.4% last week and is up 9% over three months. Mega wallets holding 1 billion DOGE or more increased balances from 71.24 billion to 71.62 billion DOGE, worth around $84 million.
Technical analysis shows a breakout above $0.2449 could trigger higher momentum. On the downside, falling below $0.2058 risks a slide to $0.1884. Bull Bear indicators show bears losing ground over the past week, similar to a setup that previously drove price from $0.20 to $0.24.
With these patterns, BONK, PENGU, and DOGE are among the meme coins to watch. Whale accumulation, on-chain metrics, and technical levels indicate potential market moves.
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