Pepe Leads the Charge: Pepe [PEPE], the Ethereum-based token, has seen an astonishing rise of 15.97%, now trading at $0.0000112. With the total crypto trading volume doubling to around $1.65 billion, Pepe’s market cap has also surged by 23% to cross the $5 billion mark, making it the 22nd largest cryptocurrency.
Broader Market Uptick: Other memecoins are not far behind, with Floki [FLOKI] on Solana jumping 12.74% to $0.0001765, and its market cap nearing $1.79 billion. Dogwifhat [WIF] also rose 14.04% to $2.08, though it remains 55% below its March high of $4.85.
Metrics to Watch:
– Pepe’s RSI has recently exited the overbought zone, suggesting cooling but continued interest.
– Dogwifhat’s Chaikin Money Flow is up, indicating increased money flow into WIF.
– Market Dynamics: Despite the price spikes, social sentiment has dipped, with more negative than positive comments circulating about these coins. Meanwhile, Bitcoin’s recent success has slightly decreased its market dominance to 52.63%, indicating more action in the altcoin sphere.
Sector Snapshot:
The global cryptocurrency market cap has risen to $2.34 trillion, with a 1.6% increase.
The meme coin sector itself has seen a substantial 13% increase in the last 24 hours, reaching a market cap of $53.1 billion.
Outlook:
The resurgence of memecoins is tightly coupled with Bitcoin’s performance, as a thriving Bitcoin often boosts confidence and interest in the wider altcoin and memecoin markets.
Stay tuned for more updates and dive into the bustling world of memecoins with us!
