Memecoins
Pepe and Bonk lead memecoin recovery amid broader market decline
- Memecoins have seen a decline in overall market capitalization as prices have dropped.
- Bonk and Pepe have increased in the last 24 hours.
The market saw a significant decline on June 11th and memecoin they were not spared from the crisis. However, over the past 24 hours, Pepe and Bonk have outperformed the market, leading memecoins’ recovery.
Bonk, Pepe breaks with the memecoin trend
An analysis of the memecoin rankings up CoinMarketCap have shown significant declines in the value of most assets over the past seven days.
Dogemoneta (DOGE), which has the largest market capitalization among memecoins, fell more than 15% in the previous seven days and nearly 1% in the last 24 hours.
However, further analysis proved this Pepper AND Good had followed a different trend in the last 24 hours, showing signs of recovery.
Despite this short-term upside, they remain in the red over a longer time horizon. The chart indicates that in the last 24 hours Pepe has recovered over 8%, marking the highest recovery among the top 6 memecoin assets at the time of writing this article.
Furthermore, the analysis showed that Bonk had the second highest earnings in the last 24 hours.
Data indicated that at the time of this writing it had recovered by more than 7%. Similar to the frog-themed asset, Bonk’s decline has remained in double digits for the past seven days.
Pepe’s performance in the last 24 hours
An analysis of Pepper coin on a daily time frame showed that while the market was down on June 11, it saw an increase.
The chart indicated that the memecoin value increased by more than 5%, trading at around $0.00001137. As of this writing, it is up nearly 3% again, now trading at around $0.0000131.
Source: TradingView
Furthermore, the analysis showed that the memecoin support, represented by its short moving average (yellow line), remained strong.
Furthermore, recent climbs have pushed it into an uptrend. An analysis of its Relative Strength Index (RSI) indicated that it had slightly crossed the neutral line, indicating a weak uptrend at the time of writing.
And what about BONK?
An analysis of Good on the daily time frame showed that, like Pepe, it saw a slight increase in the previous trading session. However, it is in the current trading session that Bonk is experiencing a significant price increase.
At the time of this writing, Bonk was trading nearly 6% higher. The chart indicated that it was close to breaking above the yellow line, which has served as resistance until now.
Light Pepe’s [PEPE] Price forecast 2024-2025
Despite the significant price increase, Bonk maintained a bearish trend, although this trend seemed to be weakening.
Source: TradingView
An analysis of Bonk’s Relative Strength Index (RSI) showed that it is currently trading below the neutral line. However, at the time of writing, he was approaching the neutral line, indicating that the bearish trend was weakening.