TLDR
Pepe coin (PEPE) has seen a significant price increase, rising 12.6% in the last 7 days and 10% in the past 24 hours.
Pepe’s open interest increased by 14% across exchanges, with 65.82% of traders going long on the coin.
Several memecoins, including Popcat (POPCAT) and Mog Coin (MOG), have recorded double-digit growth in the past 24 hours.
Dogwifhat (WIF) surged over 25% after reaching 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 cryptocurrency market trends, recording 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 touching its monthly low of $58,554 on June 24.
Leading the charge is Pepe coin (PEPE), which has seen a remarkable price increase of 12.6% over the last seven days, including a 10% jump in the past 24 hours. As of the latest data, PEPE is trading around $0.00001189. This upward movement breaks a period of sideways trading for the meme-inspired cryptocurrency.
Pepe’s resurgence is supported by several bullish indicators. The coin’s open interest (OI) has increased by 14% across exchanges in the last 24 hours, signaling growing investor engagement. The Long/Short ratio for PEPE has jumped to 1.93, with 65.82% of traders taking long positions, indicating a predominantly bullish sentiment among investors.
Technical analysis of PEPE’s price action reveals promising signs. The coin has crossed above its 50-day simple moving average (SMA), typically considered a bullish signal.
PEPE’s 24-hour trading volume surged by 105%, suggesting a significant uptick in investor interest. The relative strength index (RSI) for PEPE is currently at 48 and rising, having crossed above its moving average on the daily timeframe, potentially setting up for further upside movement.
Some analysts are even more optimistic about PEPE’s prospects. Crypto analyst Decilizer suggests that Pepe could be gearing up to “slash a zero” from its price if Bitcoin remains bullish. This potential for exponential growth is characteristic of the volatile nature of memecoins.
$PEPE is gaining strength on the charts, gearing up for another upside move. If Bitcoin stays bullish, this memecoin might just trim a zero from its price. $SHIB and $DOGE are stepping up to lead the charge.
Previously there was an 11x surge in profits. #memecoins 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) recorded a staggering 50% surge, while Mog Coin (MOG) saw a 39% price increase.
Dogwifhat (WIF), another memecoin that made headlines earlier in 2024 after reaching a $4 billion market cap, has also joined the rally.
After falling to a multi-month low of $1.47 earlier this week, WIF surged over 25% on June 25, recovering the majority of its recent losses. The token reached a daily high of $1.94 before settling around $1.83.
Other notable performers include Floki (FLOKI) with an 11% growth and Bonk (BONK) with a 16% surge. Even the more established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw positive movement, though to a lesser extent. DOGE achieved a 2.4% price increase, while SHIB recorded a modest 0.15% gain.
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