TLDR:
PEPE coin price surged 16-26% following Arthur Hayes’ endorsement
Meme coin market cap reached $56 billion, up 19%
Technical indicators suggest further gains for PEPE, with potential 90% upside
Dogecoin showing bullish pattern, could reach $0.20
Increased whale activity and large transactions for major meme coins
The meme coin market is an upswing, with popular tokens like PEPE and Dogecoin (DOGE) leading the charge. This surge has caught the attention of investors and traders alike, as the total market capitalization of meme coins reaches an impressive $56 billion.
PEPE coin, in particular, has seen a remarkable increase in value, with its price jumping by 16-26% over the past week.
This surge comes on the heels of an endorsement from Arthur Hayes, a prominent figure in the cryptocurrency world. Hayes recently promoted several meme cryptocurrencies, including PEPE, which has helped to drive investor interest and boost the coin’s value.
Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!
On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.
Address:
0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4
— Lookonchain (@lookonchain) September 27, 2024
The surge in PEPE’s price has been accompanied by strong technical indicators, suggesting that there may be more room for growth.
The Relative Strength Index (RSI) for PEPE currently sits at 73.82, indicating that the asset is in overbought territory but still has potential for further gains. Some analysts are even predicting a possible 90% upside for PEPE if it can break through key resistance levels.
Dogecoin, another popular meme coin, is also showing signs of a bullish trend. Technical analysts have identified a falling wedge pattern in DOGE’s price chart, which often signals a potential upward breakout.
Some predictions suggest that DOGE could reach $0.20 if this bullish momentum continues.
The broader meme coin market is benefiting from increased whale activity and large transactions. Data shows that Dogecoin whales have accumulated 1.40 billion tokens worth close to $140 million in just two days. Similarly, PEPE has seen a spike in large transactions valued at $100,000 or more, with 417 such transactions recorded in a single day.
This surge in meme coins comes against the backdrop of a broader cryptocurrency market rally. Bitcoin, the leading cryptocurrency, has recently surpassed $65,000, which has helped to lift the entire crypto market.
Other meme coins like Shiba Inu (SHIB) and dogwifhat (WIF) have also seen significant gains, with SHIB up 16% and WIF rising by 7%.
The current market dynamics suggest a growing appetite for meme coins among investors.
With whales actively participating and a significant surge in Bitcoin and other major cryptocurrencies, the bullish sentiment around meme coins is likely to intensify in the coming weeks.
The post PEPE Coin Price Surges 26%: Meme Coin Market Reaches $56 Billion, DOGE & PEPE Lead appeared first on Blockonomi.
