🔥💥Similar Debuts of PEPE and FLOKI: Is a Weekly Comeback Possible?
Although assets such as #PEPE and #FLOKI remain in the red zone, Memecoins are trading sideways after an attempt to change the bearish outlook of cryptocurrencies midweek.
On-chain data is showing similar outflows from both memecoins this week as the broader Sunday tries to rebound from previous liquidations. PEPE was down 4% in the last 24 hours, with a daily trading volume of $ 545 million. On the other hand, FLOKI fell by 4%, but with less daily volume of $ 192 million
PEPE and FLOKI See Red
This downward trend can be seen as investors move away from memecoins, erasing the gains recorded in the market last week. Both assets have recorded 10% outflows over the past seven days, showing signs of strong correlation. Correlation is the result of a general market sentiment.
Pepe's monthly position is down 9.2%, but some analysts and his community point to previous highs. The fall in asset prices is seen as a buying opportunity before a rise is registered in the market. This week, social media domains were marred by bulls writing “buy the dip” in anticipation of more annual runs.
FLOKI has risen by 57% in the last 30 days following the rise on factors and the increase in crypto prices. This week FLOKI received news of the asset being used in Binance's Pay transactions. The fact that it can be used as a paying option for multiple vendors, combined with greater integration, has increased floki's momentum. Like PEPE, FLOKI is influenced by the wider constructor of movements.
Possible Weekly Return
Memecoins are known for increased volatility, with listings leading to a frenzy that often leads to asset fluctuations. PEPE and FLOKI have increased in previous months after entering the markets. The past quarter has seen huge institutional inflow into cryptocurrencies, with the price of Bitcoin rising to an all-time high and assets reaching new levels.
