Memecoins
PEPE and POPCAT recover as GameStop boosts memecoins: what will be the next step?
- Memecoin season is back with a vengeance that could actually kick off a strong bull run.
- PEPE and POPCAT are up more than 20% in the last twenty-four hours.
Yesterday was a historic day for the financial markets as Roaring Kitty, the legendary meme retail stock investor, made an iconic return with a single tweet that sent GameStop’s GME soaring more than 100% in just a few hours.
The performance was so powerful that it had to be stopped for volatility reasons.
Almost immediately, the memecoin market caught the bug and coins started to increase too, and a whole new swathe of coins were released into the market. Is this how the running of the bulls begins?
Source: CoinGecko
PEPPER, POPCAT: Top Earners
The two best performing meme coins are the Solana [SOL]-based Pepper [PEPE] AND Popcat [POPCAT]both having increased by more than 20% in the last twenty-four hours.
What is particularly interesting is the timing and nature of the rise of these coins.
Meme coins often thrive on social media influence and community-driven hype, a place where people like Roaring Kitty have a lot of power.
Most Holy data shed light on the activity within the memecoin market. Examination of the data reveals an unusual spike in trading volumes, noting an increase of more than 34% across major meme assets.
Source: Santimento
Pepe has seen the most trading activity over the past day. I like coins Shiba Inu [SHIB] AND Dogemoneta [DOGE] saw the largest increases in social volume, 46.49% and 34.12%, respectively.
Data from CoinGlass shows that PEPE Open Interest increased by 28.6% to $120.8 million. This increase suggests that traders are very confident about PEPE’s future.
However, the rapid increase in Open Interest and trading volume could also indicate increased speculation, which could cause further ups and downs and possible sharp price drops.
Source: Coinglass
Community sentiment and perspectives
While most of the cryptocurrency market has seen some declines, meme coins in the Solana ecosystem are following a different trend. PEPE is ranked #1 globally on Twitter, with over a million tweets about it.
The general sentiment among traders and investors, as per data from Santiment, is bullish. Today, over 60% of the community is optimistic about meme coins.
TradingView data for the POPCAT/USDT pair shows distinct periods of both upward and downward movements.
The asset saw a sharp rise from around $0.4850 to a peak near $0.5250, followed by a pullback and subsequent recovery phases.
Given the recent recovery and stabilization around the $0.5115 level, combined with the overall uptrend observed from the lower points, market sentiment appears cautiously bullish.
Source: TradingView
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As for PEPE, if it manages to maintain its position above the recent support level at 0.00001030 USDT and break through the resistance at 0.00001100 USDT, it could continue to rise towards much higher price levels.
However, if resistance holds and selling pressure increases, a retracement towards the support level or above could occur.
Source: TradingView