Popular meme coin Pepe (PEPE) has surpassed Dogwifhat (WIF) to become the third largest meme coin after gaining a massive 47% upward momentum. Today, April 24, 2024, an on-chain analytics firm Lookonchain posted on X (formerly Twitter) that the whale wallet address 0x803 associated with rektdolphineth has accumulated 211.6 billion PEPE worth $1.72 million in the past 24 hours.
The prices of meme coins such as Bonk Inu and dogwifhфat are rising sharply, while leading Dogecoin and ShibaInu are showing more modest gains.
Analysts predict that the asset class could see further gains following Bitcoin’s recent halving, which has historically led to market surges.
MEME coin in the spotlight
Memecoins have been the stars of cryptocurrencies during this bull cycle, with many seeing significant price increases over the past few months. April 24 was another bullish day for most currencies in the crypto space.
Leading assets in the category, including Solana-based BonkInu (BONK), dogwifhat (WIF), Cat in a DogsWorld (MEW), and BOOK OF MEME (COME), saw daily price surges of 27%, 17%, 23%, and 12%, respectively.
Pepe (PEPE) — the third-largest meme coin by market cap — rose 15%, while FlokiInu (FLOKI) gained about 14%.
The largest assets in the group - Dogecoin (DOGE) and Shiba Inucoin (SHIB) - posted smaller gains and lagged behind the others. Elon Musk's favorite coin gained 2% on a daily basis, while its competitors saw little price movement over the past 24 hours.
The total market capitalization of the Meme Market industry currently exceeds $58.5 billion, a 4% increase compared to the figure on April 23.
Why is the price of PEPE rising?
It is worth noting that the whale has accumulated PEPE from decentralized exchanges such as Binance and centralized exchanges such as Gateio and Uniswap at an average price of $0.000007291, worth about $1.54 million. In addition, the total unrealized profit of the whale exceeds $173,000, equivalent to 11% of the total investment. However, Lookonchain also emphasized that the whale may continue to accumulate PEPE.
Following this massive accumulation, PEPE experienced an upward momentum of more than 18%. In addition to PEPE, the entire crypto meme space also rose by more than 5%, and the 24-hour trading volume also increased by 40%, indicating that investors and traders have a strong interest in meme coins.
At the time of writing, top meme coins including Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) have also experienced huge upward momentum of over 20%, 15%, and 30%, respectively. Currently, PEPE is trading at nearly $0.0000079, with an upward momentum of over 18% in the past 24 hours. Looking at PEPE's performance over a longer period of time, PEPE has experienced an upward momentum of over 50% in the past 7 days, while its upward momentum in the past 30 days was only 6%.
PEPE technical analysis and key levels
According to expert technical analysis, PEPE looks bullish as it has broken out of the flagpole price action pattern on the weekly timeframe. If PEPE closes above $0.0000079 on the weekly timeframe, then there is a high chance that it could rise by more than 36%.
However, top cryptocurrencies such as Bitcoin, Ethereum, Solana, etc. seem to be struggling to gain momentum. In the past 24 hours, Bitcoin has experienced 0.6% positive momentum, while Ethereum and Solana have experienced 2.5% positive momentum.
Further rise expected
Some analysts have recently predicted that SHIB, DOGE, WIF, and many other meme coins could experience a larger bull run in the near future. One factor suggesting this could happen is the Bitcoin halving that took place last week.
The event, which cuts in half the reward for miners validating blockchain blocks, has historically been a precursor to a sharp recovery in the cryptocurrency market as a whole.
For example, DOGE was worth less than a cent at the time of its last halving in 2020, and a year later, its value soared to nearly $0.70.
Summarize
If Bitcoin continues to remain robust, we can expect market appetite to recover as well, so in the coming weeks, as memecoins heat up again, we’ll have confirmation as to whether the sector is on the rise again!
