Memecoins
Pepe Coin (PEPE) leads the Memecoin rally with double-digit gains
TLDR
- Pepe coin (PEPE) has seen a significant increase in price, up 12.6% in the last 7 days and 10% in the last 24 hours.
- Pepe’s open interest increased by 14% across all trades, with 65.82% of traders going long on the coin.
- Several memecoins, including Popcat (POPCAT) and Mog Coin (MOG), have seen double-digit growth over the past 24 hours.
- Dogwifhat (WIF) rose more than 25% after hitting a multi-month low earlier in the week.
- This memecoin rally comes amid a broader cryptocurrency market downturn, with Bitcoin struggling to build bullish momentum.
Memecoins have broken away from the recent bearish trends in the cryptocurrency market, posting substantial gains over the past 24 hours.
This surge comes at a time when major cryptocurrencies like Bitcoin are struggling to maintain momentum, with Bitcoin recently hitting its monthly low of $58,554 on June 24.
Leading the charge is Pepe Coin (PEPE), which has seen a notable price increase of 12.6% over the past seven days, including a 10% jump in the past 24 hours. According to the latest data, PEPE is trading around $0.00001189. This upward move interrupts a period of sideways trading for the meme-inspired cryptocurrency.
Pepe Coin Price at Coingecko
Pepe’s recovery is supported by several bullish indicators. The coin’s open interest (OI) increased by 14% across all trades over the past 24 hours, signaling growing investor engagement. The Long/Short ratio for PEPE jumped to 1.93, with 65.82% of traders taking long positions, indicating predominantly bullish sentiment among investors.
Technical analysis of PEPE’s price action reveals promising signs. The coin has broken above the 50-day simple moving average (SMA), generally considered a bullish sign.
PEPE’s 24-hour trading volume increased by 105%, suggesting a significant increase in investor interest. The relative strength index (RSI) for PEPE is currently at 48 and rising, having broken above its moving average on the daily time frame, potentially setting up for further upside movement.
Some analysts are even more optimistic about PEPE’s prospects. Crypto analyst Decilizer suggests that Pepe may be preparing to “cut a zero” from its price if Bitcoin remains bullish. This exponential growth potential is characteristic of the volatile nature of memecoins.
$PEPPER is gaining strength in the charts, preparing for another upward move. If Bitcoin remains bullish, this memecoin might just shave a zero off its price. $SHIB AND $DOJECT they are stepping up to lead the charge.
Previously there had been an 11-fold increase in profits. #memecoin pic.twitter.com/VmS9v3c7yL— Decilizer (@decilizer) June 25, 2024
But Pepe isn’t the only memecoin seeing green in a sea of red. Several other meme-inspired cryptocurrencies have posted impressive gains over the past 24 hours. Solana-based Popcat (POPCAT) saw a staggering 50% increase, while Mog Coin (MOG) saw a 39% price increase.
Dogwifhat (WIF), another memecoin that made headlines in early 2024 after reaching a market capitalization of $4 billion, also joined the rally.
After falling to a multi-month low of $1.47 earlier this week, WIF rose more than 25% on June 25, recovering most of its recent losses. The token reached a daily high of $1.94 before settling around $1.83.
Other notable stocks include Floki (FLOKI) up 11% and Bonk (BONK) up 16%. More established memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also seen positive movements, albeit to a lesser extent. DOGE achieved a price increase of 2.4%, while SHIB recorded a modest gain of 0.15%.
