๐ตMemecoins cash in on ETF hype as PEPE, FLOKI, WIF rise: Will this last?
๐ถ Memecoins Make a Comeback
The memecoin sector, heavily impacted by the recent market drawdown, is bouncing back as the market recovers.
๐ PEPE Leads the Charge
Pepe (PEPE), an Ethereum-based token, surged 15.97% to $0.0000112. This increase coincided with a broader market trend, with total daily crypto trading volume doubling to $1.65 billion. Pepeโs market cap skyrocketed by 23%, surpassing $5 billion, making it the 22nd largest cryptocurrency. The RSI fell recently, indicating PEPE left the overbought territory.
๐ FLOKI and WIF Rally
Floki (FLOKI), a Solana-based memecoin, saw a 12.74% price rise to $0.0001765, with its market cap approaching $1.79 billion and a daily trading volume of $453 million. Dogwifhat (WIF) climbed 14.04% to $2.08, with a daily trading volume of $632 million. WIF is still down 55% from its all-time high of $4.85 but shows increased money flow as indicated by the CMF.
๐ Newcomer BRETT
BRETT, launched four months ago, is up 12%, trading at $0.1334. Despite the price surge, overall social sentiment around FLOKI, PEPE, and WIF declined, with negative comments surpassing positive ones.
๐ Bitcoin's Influence
Bitcoinโs significant rise over the past few days has influenced the memecoin sector, although its market dominance decreased slightly to 52.63%. The global crypto market cap increased by 1.6% to $2.34 trillion, while the memecoin sector surged nearly 13% in the past 24 hours, reaching a market cap of $53.1 billion. This surge is often linked to Bitcoinโs performance, which boosts investor confidence and interest in altcoins, including memecoins.
